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The Consumer Financial Protection Bureau ("CFPB" or "the Bureau") is pleased to submit to Congress its third annual report summarizing its activities to administer the Fair Debt Collection Practices Act ("FDCPA"), 15 U.S.C. § 1692 et seq. The Bureau shares overall FDCPA enforcement responsibility with the Federal Trade Commission ("FTC" or "Commission"). The FTC has provided the Bureau with a letter summarizing its debt collection activities during the past year. Information about the FTC's activities is incorporated into this report, and the FTC's letter is included as Attachment A. The Bureau is grateful to the FTC for assistance in preparing this report. As detailed in this report, the Bureau and FTC closely collaborate to promote efficient and effective coordination on debt collection matters. This report:(1) provides background on the debt collection market; (2) summarizes the Bureau's consumer response function and the number and types of consumer complaints about debt collection that the Bureau and the FTC received in 2013; (3) describes the Bureau's debt collection supervision program; (4) presents developments in the Bureau's and FTC's law enforcement and advocacy programs; (5) discusses the Bureau's and FTC's education and outreach initiatives; and (6) discusses the Bureau's ANPR, as well as additional Bureau and FTC research and policy initiatives.
The Consumer Financial Protection Bureau ("CFPB" or "the Bureau") is pleased to submit to Congress its third annual report summarizing its activities to administer the Fair Debt Collection Practices Act ("FDCPA"), 15 U.S.C. § 1692 et seq. The Bureau shares overall FDCPA enforcement responsibility with the Federal Trade Commission ("FTC" or "Commission"). The FTC has provided the Bureau with a letter summarizing its debt collection activities during the past year. Information about the FTC's activities is incorporated into this report, and the FTC's letter is included as Attachment A. The Bureau is grateful to the FTC for assistance in preparing this report. As detailed in this report, the Bureau and FTC closely collaborate to promote efficient and effective coordination on debt collection matters.This report (1) provides background on the debt collection market; (2) summarizes the Bureau's consumer response function and the number and types of consumer complaints about debt collection that the Bureau and the FTC received in 2013; (3) describes the Bureau's debt collection supervision program; (4) presents developments in the Bureau's and FTC's law enforcement and advocacy programs; (5) discusses the Bureau's and FTC's education and outreach initiatives; and (6) discusses the Bureau's ANPR, as well as additional Bureau and FTC research and policy initiatives.
This is a print on demand edition of a hard to find publication. This annual report summarizes the admin. and enforcement actions the FTC has taken under the Fair Debt Collection Practices Act (FDCPA), during 2009. These actions are part of the FTC¿s ongoing effort to curtail deceptive, unfair, and abusive debt collection practices. Such practices cause substantial consumer injury, including payment of amounts not owed, unintended waivers of rights, invasions of privacy, and emotional distress. The FDCPA prohibits deceptive, unfair, and abusive practices by third-party collectors. This report summarizes: (1) the types of consumer complaints the FTC received in 2009; (2) recent developments in FTC law enforcement; and (3) the FTC¿s 2009 consumer and industry education and policy initiatives. Illus.
The Consumer Financial Protection Bureau is pleased to submit to Congress its first annual report summarizing its activities to administer the Fair Debt Collection Practices Act, during the past year. These activities represent the Bureau's inaugural effort to curtail deceptive, unfair, and abusive debt collection practices in the marketplace prohibited by the FDCPA. Illegal collection practices cause substantial harm to consumers, who may pay amounts not owed, unintentionally waive their rights, suffer emotional distress, and experience invasions of privacy. Such practices can even place consumers deeper in debt.
The Federal Trade Commission receives more complaints about rogue debt collecting than about any activity besides identity theft. Dramatically and entertainingly, Bad Paper reveals why. It tells the story of Aaron Siegel, a former banking executive, and Brandon Wilson, a former armed robber, who become partners and go in quest of "paper"—the uncollected debts that are sold off by banks for pennies on the dollar. As Aaron and Brandon learn, the world of consumer debt collection is an unregulated shadowland where operators often make unwarranted threats and even collect debts that are not theirs. Introducing an unforgettable cast of strivers and rogues, Jake Halpern chronicles their lives as they manage high-pressure call centers, hunt for paper in Las Vegas casinos, and meet in parked cars to sell the social security numbers and account information of unsuspecting consumers. He also tracks a "package" of debt that is stolen by unscrupulous collectors, leading to a dramatic showdown with guns in a Buffalo corner store. Along the way, he reveals the human cost of a system that compounds the troubles of hardworking Americans and permits banks to ignore their former customers. The result is a vital exposé that is also a bravura feat of storytelling.