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.