The CFPB has a very broad mandate to regulate the consumer financial market, with the authority to both set the rules and enforce compliance with those rules. The Bureau also has the authority to levy fines against debt collection agencies, collection law firms and debt buyers for violations of consumer protection laws, and a number of its fines have been for millions of dollars.
With that said, Debt collection companies can take a number of steps to prepare for a CFPB examination:
- This Is an Open-Book Test. Does Your Organization Have the Book?
- Catch up on Current Events
- Get All Hands on Deck
- Heal Thyself
- Take the Consumer’s View
- Prepare Your People
- Treat the Examiners Well
Learn more about these steps by downloading the report. They may make the difference between a passing and failing grade!