What’s next for CFPB’s debt collection plan

Mortgage

The Consumer Financial Protection Bureau’s decision to drop a requirement that third parties would be on the hook for the accuracy of consumer debts they purchase is likely to speed the agency’s often-delayed efforts to write new rules in the area.

The agency initially suggested it would subject third parties that purchased consumer debt to a requirement that they verify the information, but Director Richard Cordray signaled last week that the agency has changed course. By dropping that requirement, it paves the way for the agency to issue a new proposal governing third-party debt collectors by the end of the year.

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