NACA urges the CFPB to define debt collectors broadly

Publish Date: 
April 17, 2012
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Currently the CFPB has the authority to write new rules under the federal Fair Debt Collection Practices Act (FDCPA) and enforce the law to rein in the worst abuses of the debt collection and debt buying industries. But effective compliance not only requires enforcement and regulation but also supervision of “larger” debt collectors. The flexibility of supervisory and examination authority enables the CFPB to obtain the information it needs about operational issues and emerging threats to write well-informed, effective, and timely rules and meaningful enforcement actions over debt collectors, as well as other providers of the consumer products
and services it regulates.