CFPB’s 2024 FDCPA Compliance Report: Key Insights
Table of Contents
As required by amendments to the FDCPA made by Section 1089 of dodd-Frank, the CFPB recently released its annual report to Congress on FDCPA compliance. We highlight key information from the bureau regarding complaints received in 2024, publicly reported examination results, and enforcement actions by other agencies.
Complaint Volume and Trends
The CFPB received approximately 207,800 debt collection complaints last year. This is nearly double the 109,900 complaints received in 2023, though the bureau did not offer commentary on this notable increase. Complaints related to debt collection represented 7% of all complaints received by the CFPB in 2024.
Common Complaint issues
The CFPB continues to categorize complaints based on the issues identified by consumers. As in previous years,the most frequent complaint centered around disputed debts – consumers claiming they do not owe the debt. Specifically, 45% of all complaints filed in 2024 concerned debts consumers disputed.
Key Findings from the CFPB Report
The CFPB also reported the following:
- of the 207,800 complaints filed with the bureau, 77% (or 159,700) where forwarded to companies for review and response.
Examination and Enforcement Actions
The report also details examination findings and enforcement actions taken by other agencies. This provides a broader view of FDCPA compliance efforts across the industry.
Key Takeaways
- Debt collection complaints nearly doubled in 2024 compared to 2023.
- Disputed debts remain the most common source of consumer complaints.
- The CFPB forwarded a significant majority of complaints to companies for review.
Published: 2025/12/16 20:25:09
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