Big Government Moves into Debt Collection – Part II

The proposed new debt collection laws released last month by the CFPB clearly states Dodd-Frank empowers the CFPB. They have “decided to consider issuing debt collection regulations that implement the FDCPA and other statutory authorities and that cover the activities of debt collectors and debt buyers. THEY’RE CHANGING THE RULES AND IT WILL IMPACT US, AGAIN. How? Significantly, Financially, Operationally, and it will once again shake up how we all do business by forcing us to invest in new technology to implement and track these complex rules. We’ll also be forced to retrain or hire new staff qualified to handle […]

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Big Government moving into Debt Collection – Part I

We thought the CFPB would be rewriting the FDCPA, but with the release of the 117 page “SMALL BUSINESS REVIEW PANEL FOR DEBT COLLECTOR AND DEBT BUYER RULEMAKING OUTLINE OF PROPOSAL UNDER CONSIDERATION AND ALTERNATIVES CONSIDERED” document on July 28th, it’s now clear they are just adding new language and new rules, still without an ultimate, final and specific roadmap. Seems like they’re also planning to keep the 1977 FDCPA document in tact. Its kind of like dating before marriage, they’re keeping their options open to do what they want and they’re reserving the right to change rules and change […]

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