The debt industry has been waiting for a while for new regulations, with the assumption that new rules would be coming on the federal level from the Consumer Financial Protection Bureau (CFPB). But one of the largest states in the Union beat the feds to the punch.
The New York State Department of Financial Services announced recently revised debt collection regulations, culminating more than a year of proposals and comments. While the new regulations provide clarity and consumer protection in some areas, they are fraught with ambiguities and overlap existing laws in several key aspects.
Attorneys John Rossman and Mike Poncin examine some of the more salient difficulties with the revised New York debt regulations in the current episode of The Debt Collection Drill.
Listen to the 10-minute episode below:
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