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The Consumer Financial Protection Bureau on Thursday sought to bring debt collectors and credit bureaus under its purview, marking the first time the often controversial industries would be subject to federal supervision.
Under its proposed rule, the CFPB would oversee the nation’s largest debt collectors, the primary credit reporting agencies such as Experian, Equifax and TransUnion, and other lesser-known consumer reporting agencies. It is the first attempt by the watchdog agency to define which businesses in the vast swath of nontraditional financial institutions will be subject to the same examination process as banks.
The Consumer Financial Protection Bureau on Thursday sought to bring debt collectors and credit bureaus under its purview, marking the first time the often controversial industries would be subject to federal supervision.
That is a blatant lie.
Debt collectors have always been under federal supervision by the Federal Trade Commission.
There are currently aspects of this "industry" that are going un-checked.
The link you posted was successful only because the FTC can and has dictated the who, what, when, where and hows of calls placed by collectors.
Don't get so worked up...it is not a blatant lie. And like many other threads here, this is nothing more than a article I thought some would be interested in.
Oh yes definitely. We need MORE regulation.
We just don't have enough oversight.
One agency overseeing is not enough; we need several agencies which overlap in authority doing more regulating so that even more gets overlooked because each will think the other is doing that job.
We do need more oversight of parts of the debt collection agencies. Zombie debt agencies. If the statute of limitations is up the debt is dead. End of story. Noone should even get a call on a 10 year old claim. The tricks this part of the industry uses to try to re-age ancient debt are loathesome.
Recent debt is another matter. If it is under the statute of limitations it is fair game within the law.
I would support *some* oversight of student loan debt collection activities. Federally-backed loans are not dischargeable through bankruptcy (in most cases), therefore I believe that being overly aggressive towards students is for the most part uncalled for. It's not like they can run from the debt. The IRS already has policies in place to garnish wages and intercept tax returns. Harrassment is not necessary.
We do need more oversight of parts of the debt collection agencies. Zombie debt agencies. If the statute of limitations is up the debt is dead. End of story. Noone should even get a call on a 10 year old claim. The tricks this part of the industry uses to try to re-age ancient debt are loathesome.
Recent debt is another matter. If it is under the statute of limitations it is fair game within the law.
What "statute of limitations on debt" are you referring to?
Interesting. I do think credit scores have become far too important. It's a good metric, but it's not the only one. And I have a fantastic credit score, and the debt limits I get approved for on credit cards is alarming. Will be interesting to see what they are actually looking to do.
P.S. - they must be careful on how they approach institutions like "payday loan" places. Some people certainly get abused, but there are people that use these places as tools to get them through hardships. Planet Money podcast did an awesome story on this topic. It changed the way I viewed them (not completely, but somewhat).
I would support *some* oversight of student loan debt collection activities. Federally-backed loans are not dischargeable through bankruptcy (in most cases), therefore I believe that being overly aggressive towards students is for the most part uncalled for. It's not like they can run from the debt. The IRS already has policies in place to garnish wages and intercept tax returns. Harrassment is not necessary.
I actually agree with you here. That loan will follow the student until it is paid in full. I know, it took me 16 years
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