Since the Consumer Financial Protection Bureau was formed in 2011, there has been a near continuous discussion as to their potential impact on the accounts receivable management industry. Over the past several months the CFPB’s presence has been steadily increasing through onsite audits and multiple publications for the general public(prohibited debt collection practices and setting strict guidelines on how debt collectors may reference a consumer’s credit report). Focusing on the largest organizations within the industry first, one could say while the CFPB is the acting sheriff, they’ve indirectly made the creditors their deputies. Read More
