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Collection and Credit Firms Facing Broad New Oversight

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    Collection and Credit Firms Facing Broad New Oversight

    From the New York Times
    Large debt collectors and credit reporting companies would face regular federal oversight for the first time under a broad new proposal announced on Thursday by the consumer finance watchdog.

    The Consumer Financial Protection Bureau proposed a draft rule that would allow the agency to supervise two significant corners of the financial industry that until now have largely evaded federal scrutiny.

    The draft, which limits the parameters of the new powers to the largest debt collection and credit reporting players, is the most significant proposal yet to emerge from the consumer agency and is the first of several efforts under way to police nonbank financial companies.

    “Our proposed rule would mean that those debt collectors and credit reporting agencies that qualify as larger participants are subject to the same supervision process that we apply to the banks,” Richard Cordray, the new director of the bureau, said in a statement.

    The proposal now enters a 60-day comment period. The bureau expects to finalize the rule by July, the two-year anniversary of the agency’s creation.

    If I can find the actual Federal Register article, with the address for comments, I'll update my post.

    Wonder if the Consumer Financial Protection Bureau will also tackle student loan debt?
    Filed Ch 7 pro se Oct 2010 . Filed student loan AP pro se Feb 2011 . Discharged Feb 2011 . AP trial 1/10/2012 . $28K in student loans dismissed Jan 2012 . ECMC appealed. Appeal hearing 7/2012. Original judgment upheld 9/2012.

    #2
    This is good news.

    I think the internet has allowed everyone to see just how abusive debt collectors have been over the years, and now the government is finally starting to catch up with them, and put a stop to their abusive practices.
    The world's simplest C & D Letter:
    "I demand that you cease and desist from any communication with me."
    Notice that I never actually mention or acknowledge the debt in my letter.

    Comment


      #3
      Great. Just what we need, more bureaucracy at the federal level.

      "Halt! Put down the 100 watt incandescent and slowly flush your 1.5 gallon toilet."
      Well, I did. Every one of 'em. Mostly I remember the last one. The wild finish. A guy standing on a station platform in the rain with a comical look in his face because his insides have been kicked out. -Rick

      Comment

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