The Investigators
Feds propose new rule to supervise collection agencies
Posted: Feb 17, 2012 5:27 PM
WASHINGTON, D.C. - The News 4 Investigators has new information regarding the problem of student loan debt we've been reporting since last year.
The Consumer Financial Protection Bureau (CFPB) issued a Press Release yesterday proposing the agency should supervise debt collectors and consumer reporting agencies.
The Investigators talked to several student borrowers who experienced often confusing and aggressive tactics from collection agencies.
"Our proposed rule would mean that those debt collectors and credit reporting agencies that qualify as larger participants are subject to the same supervision process that we apply to the banks," said Richard Cordray, CFPB Director. "This oversight would help restore confidence that the federal government is standing beside the American consumer."
Click here to see the entire Press Release from the CFPB.
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