CFPB's Debt Collection Push Will Force Changes At Banks

Law360, New York (July 28, 2016, 9:26 PM EDT) -- Banks, credit card companies and other first-party creditors may have been left out of the Consumer Financial Protection Bureau's outline of new rules for debt collection released Thursday, but they will likely still face new pressures to improve their data retention and transfer processes under the coming framework.

The CFPB's outline would put new data requirements on third-party collections agencies, law firms and debt buyers, forcing them to better verify debts they attempt to collect from consumers, among a host of other changes the bureau is contemplating. Those changes would not apply to banks, credit card firms and other lenders who issue...

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