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ABA: The American Bankers Association
Compliance News

ABA Opposes CFPB's Premature Debt Collection Data Survey

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In a letter to the Consumer Financial Protection Bureau, ABA objected to the bureau’s request to the Office of Management and Budget to conduct a debt collection survey, citing the need for the CFPB to solicit public feedback before moving forward. The CFPB’s survey, which attempts to measure consumer understanding of model debt validation notices and model debt collection disclosures, has not been subjected to broad public comment as required under the Paperwork Reduction Act, ABA pointed out. The association added that consumer testing should only move forward once the CFPB has heard from all interested parties via a notice and comment process.