Several local, state and Federal laws and regulations govern the debt collection industry and have established guidelines that protect consumers, agencies and service providers.

CBE’s commitment to Defining the future of debt collection includes an active role in our industries legislation to encourage an ethical approach to debt collection.  Internally, our Code of Ethics, Core Values and training programs support our absolute commitment to compliance and excellent customer service. 

The Fair Debt Collection Practices Act (FDCPA)

FDCPA 15 U.S.C. 1692 was created in 1977.  Its purpose is to eliminate abusive collection practices in the collection of consumer debts, promote fair debt collection, and provide consumers with information for disputing and obtaining validation of debt information in order to ensure a debt’s accuracy.  The Fair Debt Collection Practices Act provides guidelines in which debt collectors may conduct business, defines the rights of consumers when working with debt collectors, and underlines penalties for violations of the Act.

For more information, please visit the Federal Trade Commission's detailed information at www.ftc.gov/bcp/edu/pubs/consumer/credit/cre27.pdf

Fair Credit Reporting Act (FCRA)

In 1970, Congress established the FCRA to govern the conduct of debt collectors and Consumer Reporting Agencies, ensuring credit activity is reported accurately and that private information remains confidential.

For more information, please visit the Federal Trade Commission detailed information at www.ftc.gov/os/statutes/031224fcra.pdf

Federal Trade Commission (FTC)

Established in 1914, the FTC is an independent agency of the United States government which focuses primarily on consumer protection and the elimination and prevention of what regulators perceive to be harmful business practices.

For more information, please visit the FTC website at www.ftc.gov

Consumer Financial Protection Bureau (CFPB)

The establishment of the CFPB takes aim on the overall plan of the current governmental administration to overhaul financial regulations. The CFPB will assume certain consumer regulatory responsibilities relating to the financial services community. It is proposed to have the authority, accountability and empowerment to make rules, supervise business activities, examine balance sheets, and enforce consumer financial protection laws.  Most financial institution that provide mortgages, credit cards, student loans, auto loans, payday loans, and other consumer products, including payday lenders and mortgage brokers, will fall under the agency's jurisdiction.

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