Consumer Financial Protection Bureau (CFPB)

On July 21, 2010, the Dodd-Frank Act was signed into law, creating the federal Consumer Financial Protection Bureau (CFPB). The CFPB is charged with promoting consumer protection and regulating a number of the financial consumer protection laws.

Senior staff at the CFPB have told us that they will focus on research and regulation with a complaint tracking system along with disclosure of unacceptable practices. While the agency could impose serious impediments to the industry, DBA’s proactive approach in working with the CFPB has been educational for both of us and we have worked collaboratively to find solutions to problems and issues that work for both sides. DBA continues to meet with staff to understand their goals and educate them on the important role our industry plays in the overall health of the economy.

This page contains CFPB documents that provide guidance to debt buyers, collection agencies and law firms. Check back often as this information will be updated regularly.

» Supervisory Highlights

» CFPB Compliance Bulletin 2015-06: Requirements for Consumer Authorizations for Preauthorized EFTs

» Semi-Annual Report (Fall 2014)

The two sections of the CFPB’s 831-page Examination Manual most relevant to the industry total just 41 pages:

⇒ Notes from the FTC-CFPB Debt Collection Roundtable (PDF)
⇒ The Secret Deal that Paved Way for the CFPB (PDF) (Washington Post)

News & Activities

ABA Seeks Changes to CFPB Complaint Portal and Database (4/14/15)
CFPB Releases Annual Report on the Consumer Response Complaints Database (4/13/15)
Annual Report on FDCPA Enforcement and Administration Released by CFPB (4/1/15)
⇒ CFPB to Require Credit Reporting Agencies to Name Bad Actors (12/11/14)
⇒ Amendment to the Gramm-Leach-Bliley Act (GLB) Annual Notice Requirements (11/7/14)
⇒ CFPB Orders GE Capital to Pay $225 Million for Deceptive Credit Card Practices (6/19/14)
⇒ CFPB Study Finds Medical Debt Overly Penalizes Consumer Credit Scores (5/20/14)
⇒ The CFPB: A Toxic Workplace Begets Toxic Policies For Consumers (4/6/14)
⇒ U.S. Consumer Bureau Failed on Supervision Timeframes, IG Says (4/1/14)
⇒ How the CFPB Seeks to Shape the Message (4/1/14)
⇒ The CFPB – What Have We Learned? (3/30/14)
⇒ CFPB Report: Collection Agencies Go After Non-Debtors (3/27/14)
⇒ Consumer Regulator, GOP Spar Over Employee Discrimination Probe (3/27/14)
⇒ Cleaning Up Debt Collection (3/24/14)
⇒ CFPB and FTC Push Back Against Debt Buyers (3/18/14)
⇒ CFPB Staff Evaluations Show Sharp Racial Disparities (3/6/14)


Disclaimer Notice:  The materials on or accessed through this web page should be used as a point of reference and shall not be treated as a definitive resource on the subject matter. DBA International always recommends consulting with corporate and/or independent legal counsel on any subject matter involving statutory or regulatory requirements.