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Final Debt Collection Rule

By October 29, 2012May 22nd, 2024No Comments

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.

201210 cfpb debt collection final rule PDF