CFPB Aims To Fill Gaps With Coming Debt Collection Rules

By Evan Weinberger (November 6, 2013, 7:55 PM EST) -- The Consumer Financial Protection Bureau signaled in a Wednesday notice that it intends to put banks and other firms that collect their own debt under closer scrutiny, as the agency tries to keep up with changes in industry practice and fill a hole in existing debt collection law, observers say.

In an advanced notice of proposed rulemaking, the CFPB said it intended to modernize and update the Fair Debt Collection Practices Act to account for the advances in technology and changes in the ways debts are collected that have taken place in the more than 30 years since the law went...

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