Debt Collectors Now Subject to CFPB Oversight
This post was written by Roberta G. Torian.
The CFPB has announced that, effective January 2, 2013, it will assume oversight of debt collection agencies that have more than $10 million in annual receipts from consumer debt collection activities.
The CFPB examiners will be determining whether debt collectors:
- Provide required disclosures
- Provide accurate information
- Have a consumer complaint and resolution process
- Communicate civilly and honestly with consumers
If you would like more information on what this new regulation will mean for your business, please let us know.
A link to the announcement and its accompanying documents is here.
Roberta G. Torian is a partner in the Financial Services Regulatory Group, resident in the Philadelphia office. Roberta is formerly general counsel of Advanta Bank and senior counsel of PNC Bank, N.A., and has held numerous leadership roles in the American Bar Association, including Chairperson of the International Subcommittee of the Consumer Financial Services Committee.