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Consumer Bankers Association Urges CFPB to Exempt Lenders from FDCPA

  • Written by Joey Pizzolato for Auto Finance News

The Consumer Bankers Association has become the latest financial organization to submit formal comments to the Consumer Financial Protection Bureau regarding the Fair Debt Collection Practices Act.

In the letter, the trade group urges the CFPB to add language that explicitly exempts creditors and first-party servicers from the bureau’s final ruling. “Although the [notice of proposed rulemaking] states that the proposed rules are intended to apply only to third-party ‘debt collectors’ as that term is defined in the FDCPA, there are several aspects of the [proposed rule] that are likely to create confusion about whether some provisions may be applied to creditors and other parties not covered by the FDCPA,” the organization wrote.

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