Brown Statement on CFPB Debt Collection Rule
WASHINGTON, D.C. — U.S. Sen. Sherrod Brown (D-OH) – ranking member of the U.S. Senate Committee on Banking, Housing, and Urban Affairs – released the following statement after the CFPB released their final Debt Collection rule:
“As working families struggle to pay for food, housing, and other necessities, debt collectors are flooding the courts with collection lawsuits and reporting record profits. The CFPB’s new debt collection rule fails to provide hardworking consumers with the protections they need to guard against abusive debt collection practices. While I am pleased that the CFPB did not include some of the most harmful provisions of the proposed rule, the final rule still allows collectors to make excessive phone calls to consumers—up to seven times a week for each debt—and unfairly puts the burden on consumers to “opt out” of harassing text, email, and social media messages. As the CFPB works to finalize a second debt collection rule, it must stand squarely with consumers by banning attempts to collect debt that is no longer legally collectable.”
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