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Feds propose regulations to debt collector industry

Posted on Monday, February 20th, 2012 at 7:04 pm    

Recently, the Consumer Financial Protection Bureau introduced a proposal that would increase regulations imposed upon the debt collection industry. The Federal Trade Commission receives more complaints about debt collectors than any other industry.

The CFPB’s proposal would allow them to analyze non-bank financial businesses in the same way and with the same scrutiny they do banks. The bureau’s director said in a statement last week, “Our proposed rule would mean that those debt collectors and credit reporting agencies that qualify as larger participants are subject to the same supervision process that we apply to the banks.”

Also, the FTC is expected to take action against a fraudulent debt collection agency and a call center in Indiana this week. Debt collectors can be punished for using abusive, threatening, or profane language and calling individuals at their workplace.

If you or someone you know would like to learn more about putting an end to debt collector harassment, contact the Joliet bill collector harassment lawyers of the Law Offices of Stuart B. Handelman, P.C. at 815-722-2201 to learn more about how we can help you.