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1/22/14 - 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. Federal and state regulators 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 — including a proposed rulemaking that could reshape debt-collection practices.

Defining and consistently implementing responsible and effective debt collection has never been easy. But the coming reforms will require debt collectors of all kinds to re-evaluate their strategic and operational practices and oversight frameworks. Please click below to read a Sightlines InFocus by Susan Eckert and P-R Stark that discusses steps companies can take to prepare for the changes ahead.