Comment Period on CFPB Supervision of Large Collection Agencies Ends Tuesday

http://www.insidearm.com/news/00021613-comment-period-on-cfpb-supervision-of-lar/

The comment period for the Consumer Financial Protection Bureau’s proposed rule to include large debt collection agencies will be closing Tuesday, April 17.

Announced in February, the CFPB has proposed that all collection agencies with revenues above $10 million per year will fall under the government’s active supervision. The formal proposal has been under a 60-day comment period ever since.

After the comments close, the agency will give itself about three months to review the comments, have further conversations with stakeholders, and determine a working process before issuing a final rule (scheduled for July).

Anyone wishing to comment on the proposed rule should have it submitted by the close of business tomorrow. Please visit https://www.federalregister.gov/articles/2012/02/17/2012-3775/defining-larger-participants-in-certain-consumer-financial-product-and-service-markets for more information about the rule and instructions on how to formally comment.