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Thursday, July 18, 2013

CFPB Testifies on the Subject of Debt Collections

Corey Stone the Assistant Director of the Office of Deposits, Cash, Collections, and Reporting Markets at the CFPB testified before the Senate Banking Committee regarding debt collections.
While many debt collectors play by the rules and treat consumers fairly and respectfully, others try to get ahead by flouting the rules. Our job is to root out bad actors and protect consumers against unfair, deceptive, or abusive practices and other legal violations, which damage both consumers and every other debt collector that tries to operate within the law.
In January, the CFPB gained authority to supervise firms that have more than $10 million in annual receipts from consumer debt collection activities. In addition, the CFPB recently announced it would begin to accept consumer complaints about debt collections.

Read Stone’s full prepared testimony.

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