Anticipating a New Regulatory Regime For Debt Collection

More than 30 million Americans have debts in collection — the back end of the product life cycle that has long been among the leading sources of consumer complaints and litigation in the financial services industry. The Office of the Comptroller of the Currency and the Federal Trade Commission have stepped up reports, guidance, and enforcement actions to address persistent problems in this industry, and the Consumer Financial Protection Bureau has acted quickly to define its supervisory authority over debt collectors. <more>