CBE Group Retains Consulting Firm to Conduct Proactive CFPB Assessment

The CBE Group, Inc. (CBE), a leader in the debt collection industry, announced today the appointment of McGladrey LLP, the fifth largest U.S. provider of assurance, tax and consulting services, to conduct a proactive business assessment in preparation for future federal supervision of CBE by the Consumer Financial Protection Bureau (CFPB).

In February, the CFPB announced a proposed rule to include debt collection and consumer reporting agencies under its nonbank supervision program. This supervision includes an annual audit conducted by the CFPB and marks the first time debt collection agencies, like CBE, are subject to federal supervision. Under this rule, debt collection agencies with more than $10 million in annual receipts from debt collection activity are subject to supervision. The CFPB estimates that this covers around 175 debt collection firms, including CBE.