Reuters:
The U.S. consumer agency will begin closely supervising about 175 debt collectors for the first time starting in January, widening the new watchdog's oversight of consumer lending.
The Consumer Financial Protection Bureau (CFPB) said on Wednesday it had finalized plans to oversee larger firms in the industry to make sure debt collectors treat Americans fairly.
The agency said it will determine whether debt collectors properly disclose the amount owed, maintain accurate data about consumer debt, and address consumer complaints quickly.
"We want all companies to realize that the better business choice is to follow the law - not break it," CFPB Director Richard Cordray said in a statement.
The 2010 Dodd-Frank financial law created the bureau and directed it to oversee consumer financial products such as mortgages, student loans and credit cards.
It also allowed the CFPB to extend its oversight to larger non-bank companies participating in consumer financial markets.
MORE
The U.S. consumer agency will begin closely supervising about 175 debt collectors for the first time starting in January, widening the new watchdog's oversight of consumer lending.
The Consumer Financial Protection Bureau (CFPB) said on Wednesday it had finalized plans to oversee larger firms in the industry to make sure debt collectors treat Americans fairly.
The agency said it will determine whether debt collectors properly disclose the amount owed, maintain accurate data about consumer debt, and address consumer complaints quickly.
"We want all companies to realize that the better business choice is to follow the law - not break it," CFPB Director Richard Cordray said in a statement.
The 2010 Dodd-Frank financial law created the bureau and directed it to oversee consumer financial products such as mortgages, student loans and credit cards.
It also allowed the CFPB to extend its oversight to larger non-bank companies participating in consumer financial markets.
MORE