CFPB Withdraws 2nd Debt Collection Disclosure Survey Proposal

Last week, on the day of the deadline to submit comments, the Consumer Financial Protection Bureau (CFPB) quietly withdrew its proposal to conduct a consumer survey about debt collection disclosures. 

The CFPB's plan - originally proposed earlier in 2017 - was to conduct a web-based survey of 8,000 individuals as part of its research on debt collection disclosures, and to use the information gathered from the survey “to help assess whether it can improve the clarity of forms used during debt collection to facilitate consumer decision making,” as well as to help inform the development of future consumer disclosures. 

A first round of comments on the proposal closed in June. insideARM wrote this article about the survey and those comments, highlighting one by AFSA (the American Financial Services Association). The gist of their submission was that – just so long as the survey relates only to third party collectors -- they are pretty much fine with it. The association said the biggest problem they see with the CFPB’s approach to debt collection is that it treats collectors and creditors the same way. They suggested this is not appropriate because of the difference in motivation to treat customers with respect.

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