By Katryna Perera (April 19, 2022, 3:53 p.m. EDT) – Consumer Financial Protection Bureau Director Rohit Chopra says the debt collection industry needs additional regulation so that small businesses are protected against illegal practices.
In a blog post published Friday on the CFPB website, Chopra said there has been a long-standing concern about the effect of debt collection on American families and the economy.
In an annual report to Congress submitted Friday by the CFPB, the agency outlined how small businesses and individuals are impacted and harmed by abusive debt collection practices.
“During the pandemic, many small businesses have struggled to stay afloat, and some have been targeted by unscrupulous actors…
Stay one step ahead
In the legal profession, information is the key to success. You need to know what’s going on with customers, competitors, practice areas and industries. Law360 provides the intelligence you need to stay an expert and beat the competition.
Access to case data in articles (numbers, filings, courts, nature of lawsuits, etc.)
Access to attached documents such as briefs, motions, complaints, decisions, motions, etc.
Create custom alerts for specific article and case topics and more!