NY Debt Collection Rules May Set Standard For CFPB

Law360, New York (August 4, 2014, 11:20 AM EDT) -- Debt collection remains a major focus for New York regulators. On July 16, the New York Department of Financial Services issued revised proposed debt collection regulations for third-party debt collectors and debt buyers. The DFS issued its initial proposed regulations approximately one year ago. The Consumer Financial Protection Bureau is working on its own debt collection rule and it is anticipated that certain provisions of the DFS' proposed regulations may be adopted by the CFPB....

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