By  Updated on Wed Oct 24, 2012

CFPB to Oversee Debt Collectors Starting in 2013

As anticipated, the  Consumer Financial Protection Bureau has released new rules for debt-collection companies and said it will begin overseeing the controversial industry starting Jan. 2.

Some 175 collection firms — accounting for roughly 63 percent of the market — will be monitored, according to the Washington Post.

Examiners at the bureau will begin assessing whether debt collectors are complying with requirements of federal consumer financial law, including providing consumers with disclosures and accurate information. They will also investigate whether debt collectors have harassed or deceived consumers in the pursuit of payment.

Earlier this year the CFPB announced its intention to regulate the industry.

For more on the new regulations, take a look at this fact sheet from the CFPB.

 

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