CFPB Seeks Information on Debt Collection Disclosures and Household Balance Sheets

On February 4, 2019, the CFPB published two Federal Register Notices seeking approval to conduct surveys on debt collection disclosures and household balance sheets.

According to the Federal Register Notices, the CFPB relies on empirical evidence and research to improve its understanding of consumer financial markets for regulatory purposes.  For that reason, the CFPB is seeking approval to conduct the Debt Collection Quantitative Disclosure Testing survey to explore consumer comprehension and decision making in response to debt collection disclosure forms.  Specifically, the CFPB is seeking the Office of Management and Budget’s (OMB) approval to conduct a web survey of 8,000 individuals as part of the CFPB’s research on debt collection disclosures. According to the Federal Register Notice, the survey was initially proposed on June 5, 2017, but the request was subsequently withdrawn by the CFPB.  Consequently, the CFPB is publishing a thirty day notice for the survey and resubmitting the request to OMB.