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Expert Analysis

CFPB May Look To NY For Its Own Debt Collection Rules

Law360, New York (January 7, 2015, 1:21 PM EST) -- The New York Department of Financial Services has issued its much-anticipated final regulations on debt collection practices for third-party debt collectors and debt buyers.[1] Announced by New York Gov. Andrew Cuomo on Dec. 3, 2014, as "reforms that will protect consumers against abusive and deceptive debt collection practices,"[2] the regulations impose significant new requirements on certain companies that engage in debt collection in the state. These regulations follow new default judgment debt collection rules recently issued by New York's court system, aimed at addressing abuses in debt collection litigation....

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