Millions of debt-laden Americans could be given some respite from debt collectors under a new set of proposals being rolled out by the Consumer Financial Protection Bureau (CFPB), a watchdog government agency established in the wake of the 2008 economic crisis.

On Thursday, the CFPB set out proposed new rules for debt collectors to make sure they are collecting "the correct debt" and not harassing consumers.

"If the CFPB adopts a very restrictive attitude with regards to call frequency such that it causes creditors and third-party collectors alike to significantly reduce the frequency of contact they have with consumers who owe money, it may very dramatically affect the success of collection efforts in the sense of dollars that are collected from them," Christopher Willis, a partner at Ballard Spahr in Atlanta, told Bloomberg BNA before the CFPB announcement. "And that business impact could be larger than the burden of building systems or designing compliance around whatever the CFPB requires."