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.