October 2012-The CFPB has released a final rule defining larger participants for the debt collection market. The CFPB will have supervisory authority over any firm with more than $10 million in annual receipts from consumer debt collection activities. The CFPB estimates this authority will apply to 175 debt collection firms, which collectively account for more than 60% of the debt collection industry’s total activities.
OLA Comment: Small Business Lending Data Collection Under the Equal Credit Opportunity Act (Regulation B) Docket No. CFPB 2021-0015