💼CFPB Considers Changes to Debt Collection Larger Participants Rule
Defining Larger Participants of the Consumer Debt Collection Market
Summary
The Consumer Financial Protection Bureau (CFPB or Bureau) is seeking information to assist it in considering whether to propose a rule to amend the test to define larger participants in the consumer debt collection market established by the Bureau's Defining Larger Participants of the Consumer Debt Collection Market Final Rule published on October 31, 2012 (Consumer Debt Collection Larger Participant Rule).
Agencies
- Consumer Financial Protection Bureau
Business Impact
$$ - Med
The regulatory text outlines potential changes to the threshold for defining "larger participants" in the consumer debt collection market. This may significantly affect compliance costs and supervisory requirements for businesses involved in debt collection, particularly small businesses currently classified as larger participants due to the $10 million annual receipt threshold.