"Watchdog" Program Over Collection Companies Begins in 2013
Posted on Nov 2, 2012 11:20am PDT by Brandon Grim, Esquire
2013 will mark the beginning of the Consumer Financial Protection Bureau's
("CFPB") "watchdog" role over debt collection agencies.
In addition to scrutinizing collection companies over their methods of
aggregating the debts of consumers, the CFPB will oversee the debt collection
companies that deal directly with the United States government's own
Education Department, where over $850 billion in student loans is currently
set for collection.
The number of complaints by consumers against
debt collection companies has risen exponentially in recent years, but 2013 marks the
inauguration of the CFPB's oversight of debt collectors. This quite
possibly may be the result of consumers finally saying, "I've
had enough," and reaching out to do something about it.
In an attempt at combating debt collection companies, the United States
government, by and through the 2010 Dodd-Frank Act, established the Consumer
Financial Protection Bureau. In short, the CFPB's mission is "to
make markets for consumer financial products and services work for Americans."
If you are facing issues involving aggressive debt collection agencies
or any other debt related case, consider seeking the council of an attorney
from The Law Office of Michael P. Forbes, PC to guide you through the process.
Contact the firm today.
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