NY Debt Collection Rules Could Become National Model
Law360, New York (December 3, 2014, 6:32 PM EST) -- New York's tough new debt collection rules announced Wednesday could set the standard not just for other states looking to rein in some of the industry's questionable practices, but also for the Consumer Financial Protection Bureau as it crafts its own regulations.
The rules unveiled by New York Gov. Andrew Cuomo and the state's Superintendent of Financial Services Benjamin Lawsky require debt collectors to provide far stronger disclosures and other protections to consumers, and in several cases, they go beyond the federal Fair Debt Collection Practices Act.
The regulations come as the CFPB continues to work on its own regulations for...
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