On March 22, 2021, the Consumer Financial Protection Bureau (CFPB) released its 2020 annual report to Congress on the administration of the Fair Debt Collection Practices Act (FDCPA). The CFPB’s annual report follows the Federal Trade Commission’s (FTC) annual letter to the CFPB regarding the FDCPA, publicly released on March 19, 2021. The annual report highlights both agencies’ efforts to protect and provide debt collection relief to consumers, particularly in light of the ongoing COVID-19 pandemic and resulting economic hardship.
In the latest Consumer Protection/FTC / Financial Services Litigation Advisory, Kathleen Benway, Kelley Connolly Barnaby, and Laura Komarek explore the reports from the CFPB and FTC on their work in 2020 and anticipate a tougher environment for debt collectors going forward.
