CFPB Moves Full Bore Against Debt Collectors, Bank Partners

July 15, 2013
American Banker  
debt settlement news

The Consumer Financial Protection Bureau (CFPB) is taking a hard line against the debt collection industry, threatening enforcement, new rules, and public excoriation in a move to crack down on business it sees as rife with questionable consumer practices. The agency released bulletins on July 10 showing it was examining every financial company it can -- including lenders, debt buyers, debt collectors, and even law firms that sue on behalf of banks. Observers say CFPB director Richard Cordray went beyond any other regulator in highlighting "first party" responsibilities, similar to the agency's March missive notifying lenders that they were on the hook for any potential fair lending violations of potential partnerships.
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