New CFPB Rule Sets Up Brawl With Debt-Collecting Law Firms

Law360, New York (October 24, 2012, 8:40 PM EDT) -- New rules allowing the Consumer Financial Protection Bureau to start policing debt collectors, including the law firms that do the legwork, could spur challenges from lawyers arguing that the agency has no right to regulate them under the Dodd-Frank Act, experts say. 

The CFPB on Wednesday unveiled a final rule for regulating any firm that takes in $10 million in receipts from consumer debt collection activities that is set to take effect in January. Along with companies that focus on debt collection, the rule includes supervision...
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