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Lenders to CFPB: FDCPA should not apply to creditors collecting their own debts
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Banking, Consumer Protection
Wednesday, March 5, 2014
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Groups representing banks and credit unions urged the Consumer Financial Protection Bureau not to extend provisions of the Fair Debt Collection Practices Act to creditors collecting their own debts. The FDCPA generally applies to third-party debt collectors. However, the CFPB indicated in a recent rulemaking proposal that it might consider extending certain consumer protections to ensure that borrowers are treated fairly by all debt collectors, regardless of whether the collector is the creditor, a collector working on behalf of the creditor or a debt buyer. Read on for the details.
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