CFPB highlights debt collection trends in annual FDCPA report

The Consumer Financial Protection Bureau’s (CFPB) 2024 Annual Report on its supervision and enforcement work related to the Fair Debt Collection Practices Act offered multiple valuable insights for mortgage lenders and compliance professionals, despite its primary focus being on medical debt collection practices. By staying attuned to what trends the bureau is focused on with respect to debt collection, compliance professionals can better ensure their debt collection policies and procedures do not allow for practices the CFPB might cite as unfair, deceptive or abusive.