The U.S. consumer watchdog on Friday proposed establishing a national standard for how debt collectors must inform borrowers when they cannot be sued for expired debt.
Last May, the CFPB proposed a rule clarifying the methods by which debt collectors can contact borrowers. It also proposed banning collectors from suing or threatening to sue borrowers for debt that the collector knows, or should know, has expired. Debt collection groups including the American Collectors Association International and the American Financial Services Association have raised concerns that the May proposal wrongly pre-empts state laws and is beyond the CFPB's authority, according to the lawyers and public letters.
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