The clear takeaway from the Consumer Financial Protection Bureau’s first annual report to Congress on enforcement of the Fair Debt Collection Practices Act is that debt collection will be a major focus of both the CFPB and the Federal Trade Commission in 2012. In addition to giving FDCPA enforcement and rulemaking authority to the CFPB, the Dodd-Frank Act transferred from the FTC to the CFPB responsibility for preparing the annual FDCPA report. Submitted to Congress on March 20, the CFPB’s report incorporates information from (and includes as an appendix) a letter dated March 13 sent by the FTC to the CFPB summarizing the FTC’s debt collection activities in 2011 and early 2012. Our legal alert describes the highlights of the CFPB’s report.