This week, the House Financial Services Committee will vote on whether to open the floodgates to abusive litigation conduct by debt collection attorneys and debt buyers who work in their name. The Practice of Law Technical Clarification Act would unwind a bedrock protection for the 77 million Americans with debts in collection, including struggling families, elders, servicemembers and veterans.
Debt collection is a multibillion dollar industry that consistently generates the most consumer complaints to the Consumer Financial Protection Bureau (CFPB). Servicemembers and veterans are especially impacted by abusive debt collection activities, which were the subject of 42 percent of all complaints to the CFPB from military consumers. Why would Congress want to limit consumer protections against an industry that is clearly among the most abusive of consumers?