The Consumer Financial Protection Bureau, the new watchdog created by the 2010 Dodd-Frank Wall Street Reform and Consumer Protection Act, has proposed regulations that will give it unprecedented examination and supervision powers over debt-collection companies.

Ballard Spahr attorney John L. Culhane, Jr., said he expects the CFPB to make a big impact by going after a large debt collector that has faced a large number of complaints and lawsuits.

“It’s crystal clear they’re going to be aggressively enforcing,” Mr. Culhane said. “If you’re a debt collector, this is the time to take a step back and look at what you’ve been doing, and really—if you haven’t already done so—clean up your act in anticipation of CFPB exams.”