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"Watchdog" Program Over Collection Companies Begins in 2013

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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