Consumer Groups Ask CFPB to Extend New Rule Comment Period

  • Written by David Baumann for Credit Union Times

A coalition of consumer groups is asking the CFPB to extend the comment period for the agency’s controversial proposed debt collection rules by two months.

The coalition, which includes the Center for Responsible Lending, the Consumer Federation of America and the Consumer Law Center, asks the CFPB to extend the comment deadline from Aug. 19 to Oct. 19.

After years of research, the CFPB on May 7 released a 538-page proposed rule implementing the Fair Debt Collection Practices Act. The proposal specifies rules for third-party debt collectors covered under that law.

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