Tomorrow inaugurates a new level of scrutiny of the consumer debt collection industry. The Consumer Financial Protection Bureau (CFPB) as of Jan. 2 will have the authority to do comprehensive examinations of the largest debt collectors in the country. Of course, until now the industry has faced its share of enforcement actions by state and federal law enforcement agencies, such as attorneys general and the Federal Trade Commission (FTC) — but the CFPB is the first federal agency capable of supervising debt collectors, which gives it a new tool to gather information about how the debt collection industry operates. ...

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Consumer Financial Services
Mortgage Banking