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STOP Collector Blog From the law firm of Lemberg & Associates

Federal Regulators Consider How to Best Regulate Debt Collection Industry

Bloomberg reports that the ways in which the debt collection industry uses social media may be scrutinized by the Consumer Financial Protection Bureau (CFPB) and the Federal Trade Commission (FTC) in the coming year. With the passage of the Dodd-Frank Act in 2010, the CFPB was created. Among its designated functions is oversight of the Fair Debt Collection Practices Act (the FTC is still responsible for FDCPA enforcement actions, however).

On January 2, 2013, the CFPB began exercising its supervision authority over approximately 175 debt collection agencies, all of which have more than $10 million in annual receipts. CFPB examiners will be evaluating debt collection agencies for their practices surrounding proper disclosures to consumers, providing consumers with accurate information, and dispute resolution.

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Author
Sergei Lemberg

Sergei Lemberg is the principal at Lemberg & Associates, a consumer law firm that defends consumer rights in the areas of fair debt collection law, fair credit law, and lemon law, among others. He is regularly labeled by the debt collection industry as one of the “most active consumer attorneys” in the U.S.

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