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Consumer Financial Services Alert
CFPB Extends Comment Period for Advance Notice of Proposed Rulemaking on Debt Collection Rules

The CFPB extended the comment period for the Advanced Notice of Proposed Rulemaking regarding debt collection practices that was previously issued in November 2013 (see November 12, 2013 Alert) in order to allow more time for interested persons to respond to the ANPR. The original comment period was set to end on February 10, and now will end February 28, 2014. The extension comes after the CFPB received several formal requests from industry trade groups, in addition to other informal requests from other stakeholders. Though the CFPB considers this “the first of what [it] expects to be many opportunities for public input over time,” it granted the extension to allow responders more time to consider the issues raised in the ANPR.

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