Chopra says small businesses are vulnerable to debt collection abuse

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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…

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