CFPB To Oversee Debt Collectors Starting Jan. 2

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CFPB To Oversee Debt Collectors Starting Jan. 2

CFPB To Oversee Debt Collectors Starting Jan. 2

Do they even have the man/woman power for this? You know the excuse we’ve been hearing from the other regulators.

HuffPO-

For the first time, a single federal government agency will oversee the debt collection industry starting next year, marking a monumental victory for the year-old Consumer Financial Protection Bureau.

The agency said Wednesday that starting Jan. 2, 2013, it will begin oversight of the largest debt collectors, making sure they are following the law collecting overdue bills. Most of the nation’s debt collectors, though, are small enough to duck the regulator’s oversight.

Once the CFPB begins regulating large debt collectors, consumers like Cebilla DeCastro, 48, of Bronx, N.Y., will have the aid of the federal government to help fight illegal debt collection practices. DeCastro was forced to turn her phone off at night to stop the calls from debt collectors, even though she filed for bankruptcy protection months earlier. Though she didn’t owe any more money, these kinds of calls are not unusual. The debt collection industry is notorious for breaking the law and harassing consumers who owe or have owed money.

[HUFFINGTON POST]

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