FTC Releases Annual Report on its Debt Collection Enforcement

On February 17, 2016, the FTC provided the CFPB with its annual update of its activities in the debt collection field. The update was provided to assist the CFPB in preparing its annual report to Congress and makes clear that debt collection is a point of emphasis for the FTC and emphasizes its close collaboration with the CFPB and law enforcement.  Highlighted within the report was the FTC’s first initiative involving all three levels of law enforcement to crack down on illegal debt collection practices.  The initiative has included over 70 different law enforcement agencies and led to the commencement of more than 130 enforcement actions.  The FTC also filed 12 new FDCPA cases in 2015, which is the most in its history, and resolved nine cases, resulting in $94 million in judgments.  The report also proudly touts the Debt Collector’s Black List published by the FTC which includes every company and individual banned from debt collection.  Additionally, the FTC Report highlights the three debt collection dialogues conducted by the FTC this past year which brought together actors from all sectors, including debt collectors, collection attorneys, law enforcement agencies, and consumers.  Finally, the report confirms the close collaboration which is ongoing between the CFPB and FTC as to the impending debt collection rules.