CFPB To Oversee Debt Collectors Starting Jan. 2

For the first time, a single federal government agency will oversee the debt collection industry starting next year, marking a monumental victory for the year-old Consumer Financial Protection Bureau.

The agency said Wednesday that starting Jan. 2, 2013, it will begin oversight of the largest debt collectors, making sure they are following the law collecting overdue bills. Most of the nation’s debt collectors, though, are small enough to duck the regulator’s oversight.

Read on.

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