The Consumer Financial Protection Bureau was created under the Dodd-Frank reform bill passed in the wake of the 2008 financial meltdown. The CFPB's mission is to investigate and prevent predatory lending and debt collection practices similar to those that resulted in the sub-prime mortgages that triggered the meltdown. As part of that mission, CFPB also proposes new rules to regulate debt collection.
Many debtors are plagued by overzealous debt collection agencies. In fact, some people might be troubled years after they discharge a particular debt because many of these companies do not conduct due diligence investigations into the debts they collect. They harass people with multiple phone calls, obfuscate the methods with which people can contest debts and are vague on details regarding the debt.
In short, debt collection agencies can harass people into paying without disclosing details or permitting them an easy path to contest the debt.
The CFPB looks to change those practices by enacting stronger consumer protections and limiting the contact that debt collectors can make with consumers. The CFPB is also considering rules to require greater transparency regarding the collection practice, details of the debt and methods with which people may contest it.
If you are considering bankruptcy, you may want to speak to a bankruptcy lawyer. Declaring bankruptcy, once you understand the process, is relatively straightforward. However, it is still very overwhelming. Depending on the chapter that you file under, you may even still be liable for some debts. The earlier you consult with a lawyer, the sooner you can begin to understand the process.