The Consumer Financial Protection Bureau (CFPB), an agency meant to protect American consumers, is also back at it with yet another proposal that actually expands the freedoms of debt collectors. The CFPB’s proposed Debt Collection Practices rule would boost the frequency with which debt collectors are allowed to contact consumers, swelling the scale of collection calls to 7 calls per debt each week, and unlimited contact through text, email, or social media. That means that if you owed 3 separate debts, you could potentially be fielding 21 calls on these debts every week, not to mention an unlimited amount of texts or emails or even direct messages on your social media profiles. This proposed rule also would allow other abusive debt collection tactics, such as collection of “zombie” (expired) debts, providing “safe harbors” to debt collectors, and not mandating that collectors notify consumers about past due debt in any language other than English.
The CFPB needs to be reminded that they are an agency meant to protect the American public, not debt collectors. Submit your comment on this proposed rule by September 18!