BCFP’s Supervisory Highlights About Verification of Debt Potentially Conflict with 7th Cir. Guidance and Raise Questions of Practicality

On August 6, 2018, the Bureau of Consumer Financial Protection (BCFP or Bureau) released its Supervisory Highlights (Highlights) addressing its observations from December 2017 through May 2018. This Highlights issue is the first issued under Acting Director Mulvaney, and contains a very brief section on debt collection.  

The comments about debt collection relate to verification of debts. The Bureau observed that one or more debt collectors:

The Bureau noted that in response to its examination findings, one or more debt collectors are modifying their policies and procedures related to verification of debt.

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