Good News for Consumers–the CFPB’s Proposed New Rules for Debt Collectors

There is good news for the 70 million U.S. consumers who are behind in their bills and being pursued by a debt collector. The federal Consumer Financial Protection Bureau has proposed new rules that apply to the debt collectors that collect bills for other creditors. The current rules are outdated and inadequate. For example, when existing law was enacted, there was no voicemail, email or text messages. Back when the debt protection laws were written, debt collectors were sending consumers postcards, collect calls and telegrams! Here are the main new rules: Debt collectors would have to tell consumers they could...

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