Debt Collectors Get More U.S. Consumer Bureau Oversight

September 5, 2013

Richard Cordray, director of the Consumer Financial Protection Bureau (CFPB), on Sept. 4 announced that his agency will begin drafting new rules under a federal law governing the debt collection industry and will also "continue to pursue a lot of enforcement work we've been doing."

The 2010 Dodd-Frank Act that created the CFPB also authorized the watchdog to write regulations under the Fair Debt Collection Practices Act of 1977. The agency can oversee debt collection from when credit is extended -- such as via credit cards issued by banks -- through the purchase of charged-off debt by companies. The CFPB's work "will really matter to Americans who often feel harassed and oppressed, or are being chased over debts they don't think they owe," Cordray said.

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