Who administers the Fair Debt Collection Practices Act (FDCPA)?

The Fair Debt Collection Practices Act (FDCPA) is a crucial piece of legislation designed to protect consumers from unfair, deceptive, or abusive practices by debt collectors. The act is administered by both the Consumer Financial Protection Bureau (CFPB) and the Federal Trade Commission (FTC), as each agency plays a unique role in overseeing and enforcing the provisions of the FDCPA.

The CFPB is responsible for enforcing the law, conducting investigations, and ensuring that the financial practices of collectors align with consumer protection standards. It also provides consumer education and resources about rights under the FDCPA.

On the other hand, the FTC actively enforces the FDCPA as well, focusing on preventing unfair or deceptive acts in commerce. It can take action against companies that violate the provisions of the act and has the authority to investigate complaints lodged by consumers regarding debt collection practices.

This dual administration means that both agencies work collaboratively and independently to uphold consumer rights and ensure compliance with the FDCPA, making option C the most accurate response. The other choices imply a singular responsibility that does not fully encompass the roles both agencies play in debt collection oversight.