Debt Collection Harassment – FTC Issues Annual Report
Posted February 15th, 2013 at 5:50 pm1 Comment
Debt Collection Harassment is against the law! Inside Arm reports that the Federal Trade Commission (FTC) issued its annual report on the Fair Debt Collection Practices Act (FDCPA) to the new Federal Consumer Financial Protection Bureau (CFPB) on February 13, 2012. SOURCE. While the FTC previously submitted the reports directly to congress, under new regulations and laws, the FTC is now required to submit its data to the CFPB who then submits its complete findings to Congress. The Consumer Financial Protection Bureau was founded as part of the Dodd-Frank Wall Street Reform and Consumer Protection Act. The Bureau became operational in July of 2011 and was originally set up by Elizabeth Warren who was eventually replaced by Richard Cordray, former Attorney General of Ohio. The jurisdiction of the Bureau includes securities firms, payday lenders, mortgage servicers, debt collectors, and other financial corporations.
As we wrote earlier, it is still a little unclear how the two agencies (FTC and CFPB) are going to “play” together. SOURCE It will be interesting to see the CFPB continue to grow and how it chooses to display the power granted to it under Dodd-Frank Legislation.
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