Firms Will be Held Accountable For Unlawful Debt Collection Practices
July 15, 2013
Debt collection practices are now fully and firmly on the CFPBs radar. Last week, the bureau warned all companies under its jurisdiction that they will be held accountable for unlawful conduct in collecting a consumers debts. In the first of two bulletins, the CFPB makes clear that any entity subject to the Consumer Financial Protection Act of 2010, whether a third-party collector or a creditor collecting its own debts, can be held accountable for any unfair, deceptive or abusive practices in collecting a consumers debts...