The CFPB's annual report to Congress summarizes the CFPB's activities to administer the Fair Debt Collection Practices Act (FDCPA) in 2022 as the primary federal regulator of the consumer debt collection industry. This report also highlights consumer protection issues in medical debt collection. This report also includes activities conducted by the Federal Trade Commission (FTC) in 2022 in relation to debt collection.
The Consumer Financial Protection Bureau has reviewed the disclosure fees a credit reporting agency (CRA) can charge in the new year, increasing the amount from 2023 by $1 to $15.50.
With an amendment to its Safeguards Rule, the Federal Trade Commission has joined other federal agencies regulating cybersecurity breaches. Our Privacy, Cyber & Data Strategy Team analyzes how the amendment will affect nonbanking financial institutions and how it dovetails – and conflicts – with myriad other federal and state data breach notification regulations.
The CFPB views our responsibility to consumers with limited English proficiency as a whole-agency effort to address their unique needs in the financial marketplace. The varying missions of each CFPB office require customized approaches that support the mandate to educate and empower all consumers, provide information and assistance to traditionally underserved consumers and communities, enforce fair lending laws, and promote an equitable marketplace for all consumers.
The financial report provides readers with the summary results of the CFPB’s operational activity, and it is the principal statement of our accountability to the American people, the United States Congress, and the President of the United States. Our commitment to transparency and accountability is evident in the Bureau earning its thirteenth consecutive unmodified (clean) audit opinion on our comparative financial statements for fiscal years 2023 and 2022.
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