Skip to Content

Get Your FREE Consultation


CFPB Issues New Rule Regarding Oversight of Debt Collectors

November 15, 2012

The Consumer Financial Protection Bureau (CFPB) announced a new rule that will allow the agency to oversee consumer debt collectors for the first time at the federal level. Read the CFPB’s press release and information about the agency’s oversight of debt collectors can be accessed via CFPB’s website (

Beginning January 2, 2013, CFPB will begin oversight of the consumer debt collection market. The new rule allowing supervision of larger consumer debt collectors, for the first time on the federal level, is codified at 12 C.F.R. Part 1090. The CFPB announced that its focus will be on the following: (1) ensuring that debt collectors are upfront and clear with consumers in properly identifying themselves and properly disclosing the amount of debt owed, as required by federal law; (2) ensuring that debt collectors are using accurate data so as to prevent collectors from attempting to collect debt that consumers do not owe or have already paid; (3) ensuring that debt collectors have procedures in place by which consumers can dispute debts and obtain timely and accurate information about debts claimed to be owed; and (4) requiring civil and honest communications with consumers and prohibiting obscene or harassing statements or improper threats of imprisonment.

With the new rule, companies holding nearly two-thirds of the debt collection industry’s annual receipts will be subject to CFPB supervision. It is hoped that federal oversight of debt collectors will improve transparency in the market and reign in abusive tactics by debt collectors.

No Win, No Fee

Review Us

Martin & Jones, PLLC logo

“Thank you for the work you have done for Carl and our family. We so much appreciate your sincere professionalism and kindness you showed us. I know Carl is smiling right now and the Lord has blessed us through you. May God bless you.”

Contact Our North Carolina Personal Injury Law Firm

for a Consultation for Your Accident or Medical Malpractice Claim

Call us at 800-662-1234
No Win, No Fee

The law firm you choose makes a difference. If you are the victim of an accident or an illness that someone else caused, the North Carolina personal injury law firm of Martin & Jones has the depth of experience, skills and sensitivity to make your road to recovery as smooth as possible. Whether you have experience with the legal system or have never hired a medical malpractice or personal injury lawyer before, our attorneys and staff will do our best to answer your questions, provide clear advice and prepare you and your family for what to expect. If you would like more information or to meet with one of our attorneys, please fill out the form below or call us at 800.662.1234.