The Consumer Financial Protection Bureau (CFPB) and the Office of the Comptroller of the Currency (OCC) will begin increased scrutiny of collection practices of financial institutions and debt collectors against consumers. Financial institutions and banks collect overdue debts regularly, and may collect the debts themselves, hire a third party debt collector or lawyer to collect debts on their behalf or sell the debts to third parties. According to new regulatory guidance, financial institutions must ensure consumers are treated fairly and debt collection is in compliance with laws, regardless of which option it chooses. The most important federal law governing debt […]
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