Indiana Assets & Opportunity Network
Increasing Asset Acquisition for Low-Wealth Hoosiers

Policy

Network Policy

SIGN-ON: Comment on the Proposed Rulemaking (NPRM) to Implement their Fair Debt Collection Practices Act (FDCPA)

The Consumer Financial Protection Bureau (CFPB)'s Fair Debt Collection Practices Act is critical to protecting consumers across the nation from abusive collection practices. However, the Network believes the newly proposed rule would protect debt collectors more than everyday American consumers. 

According to the National Consumer Law Center, the median debt owed by Hoosiers is $1,509; the majority of debt is related to medical expenses or student loans. In Indiana, 34 percent of all Hoosiers have a debt in collections. This figure balloons to 56 percent of Hoosiers with a debt in collections when viewed through the lens of those living in communities of color.

In 2016 alone, the CFPB fielded 8,348 complaints by Hoosiers regarding abusive debt collection practices, including (but not limited to) calling after receiving a “stop calling” notice; repeated calls; making false representation about debts; failing to identify self as a debt collector; falsely threatening illegal or unintended act; and more.

Given the fact that Indiana's current laws do not provide sufficient protections against predatory debt collection practices, we must unite and implore the CFPB to protect consumers by shielding them from abusive practices.

Join us in urging the CFPB to protect consumers by promoting fair debt collection practices. Click here to sign your name to our letter to the CFPB.

Kathleen Taylor