Industries that must adhere to the Fair Debt Collections Practices Act (FDCPA) may soon have a new federal regulator. The Obama administration is recommending that the Federal Trade Commission (FTC) turn enforcement of laws that protect consumers over to a new Consumer Financial Protection Agency, the cornerstone of recently-announced regulatory changes in the financial sector.
The regulatory shift would include FDCPA enforcement, impacting all debt buyers and collections agencies, according to consumer advocates familiar with the plan.
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