New Federal Agency Will Monitor Debt Collection Companies

Posted on November 1, 2012 by Ken Laino

Debt collection companies will come under federal supervision beginning in January when the Consumer Financial Protection Bureau begins its oversight of large collection agencies.  The new federal agency will have authority to issue rules that will be binding on the larger debt collection companies throughout the United States.  An October 24, 2012 article in the New York Times by Edward Wyatt contains a good description of the new agency. 

 As I have said before, there is certainly nothing wrong with debt collection - - as long as it is done in a responsible and legal manner.  Due to abuses in this area, we now have new federal regulation.

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