ML-Implode News - Debt collection companies to come under CFPB supervision

``The CFPB said that the nation's 4,500 debt collection firms generate about $12.2 billion in annual revenue. Approximately 30 million Americans are subject to debt collection, typically on debts averaging $1,500. The CFPB will supervise firms collecting 63 percent of the debt collecting industry revenue, or about 175 of the industry's largest companies.
In addition to publishing a rule outlining its authority, which takes effect Jan. 3, 2013, the CFPB published its examiners field guide. Examiners will generally be looking at a debt collection company's disclosures, at the accuracy of the information it provides to people from whom it is collecting debt, and at its complaint resolution process. It will also assess how civilly and honestly the debt collectors interact with those owing debt.''

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Debt collection companies to come under CFPB supervision