States Replicate International Trend of Cracking Down on Debt Collection
Last year the Consumer Financial Protection Bureau (CFPB) began its supervision of debt collection practices related to consumer financial products and services. Then, in April, the Financial Conduct Authority (FCA) announced new efforts to similarly examine debt collection and debt management activities in its 2014/2015 Business Plan. Now it appears that individual states in the United States (US) are following suit. State courts in Maryland and New York have recently proposed new laws and regulations to ensure fair consumer practices are maintained throughout the debt collection process.