Collections & Credit Risk Article: Viewpoint: How The CFPB Will Impact Collections
Tags: Consumer Credit Information, Debt Recovery
The Consumer Financial Protection Bureau is open for business, of course, but it still promises to be awhile before the collection industry gets a clear idea of how the regulatory agency intends to oversee it.
The Fair Debt Collection Practices Act has prevailed over the industry for more than 30 years, with the Federal Trade Commission serving as the regulatory watchdog. But the FTC has power only to enforce the Act, not to write regulations. And while it receives consumer complaints about collectors and review them, the FTC's job mostly involves submitting an annual report to Congress about its enforcement efforts on behalf of consumers.