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Consumer Financial Protection Bureau To Oversee Debt Collection Agencies

December 4, 2012 | Adam S. Minsky, Esq. Policy & Reform

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The Consumer Financial Protection Bureau (CFPB) has recently announced that it will oversee the largest debt collection agencies starting in January 2013. Consumer advocates were quite pleased with this announcement.

The CFPB is a fairly new government agency created by the Obama Administration that has been taking some steps to address numerous problems impacting consumers, particularly student loans. CFPB recently created a complaint system for private student loan borrowers, and also issued a first-of-its-kind comprehensive report on systematic problems with student loan servicing.

Now the CFPB seems to be taking on debt collectors, at least at a basic level. If you remember, student loan debt collectors have enormous collection powers. The U.S. Department of Education paid $1.4 billion to private, third-party debt collectors last year to collect on federal student loans. It is truly a booming business. Unfortunately, debt collectors often violate the law by harassing or misleading debtors, including student loan borrowers. Hopefully, the CFPB’s new oversight of these agencies will start curbing some of the abuses we’ve been seeing.

To read more about the CFPB’s new oversight, click here.

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Policy & Reform

About Adam S. Minsky, Esq.

Adam S. Minsky founded the first law office in Massachusetts devoted entirely to assisting student loan borrowers, and he is one of the only attorneys in the country practicing in this area of law. He provides counsel, legal assistance, and direct advocacy for borrowers on a variety of student loan-related matters. He regularly speaks to students, graduates, and advocates about the latest developments in higher education financing.

Books by Adam S. Minsky

The Student Loan Handbook for Law Students and Attorneys

The Student Loan Handbook for Law Students and Attorneys

Student Loan Debt 101

Student Loan Debt 101: The Definitive Guide to Understanding and Managing Your Student Loans

Student Loans for Parents and Cosigners

The Student Loan Guide for Parents and Cosigners

617-936-2788
asminsky@minsky-law.com
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Boston, MA 02110

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