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CFPB Crackdown on First-Party Collectors

Question: 
What role does the CFPB play in regulating the debt collection industry?
Answer: 

The CFPB can subject all debt collectors to supervision and examination in addition to enforcement actions. The Bureau is also working to release a proposed rule concerning FDCPA collectors' communications practices and consumer disclosures. Further, because 25% of the complaints the CFPB received between October 2017 and September 2018 were related to debt collection practices, you can expect the Bureau to continue cracking down on the industry.
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Learn more about Carly Souther’s webinar
New CFPB Expectations: Compliance in 2019

First published on 03/24/2019

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