Despite the seemingly never ending political bickering, our Congress is poised to make substantial changes to the Fair Debt Collection Practices Act (FDCPA”, 16 U.S.C. Section 1692 et al. Indeed, the House Financial Services Committee is currently working on H.R. 864, known as the Stop Debt Collection Abuse Act of 2017, that would introduce substantive changes to the FDCPA, including significantly broadening its scope. At the same time, a parallel piece of legislation, known as S. 575, is being guided through the Senate’s Committee on Banking, Housing and Urban Affairs. The FDCPA was last amended more than a decade ago. Accordingly, the changes being proposed are certainly welcome and overdue.
The FDCPA was signed into law 40 years ago. To date, however, this law remains a cornerstone in the federal consumer protection efforts—it promotes ethical business practices in the debt collection industry. It is “an extraordinarily broad statute.”
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