The Consumer Financial Protection Bureau (CFPB) is preparing restrictions on debt collectors, a loosely regulated industry under increasing scrutiny over complaints of abusive tactics, the Washington Post reported today. The agency issued a notice of proposed rulemaking to modernize the legal framework governing debt collection. The CFPB is seeking public and business comment before formally proposing the rules, which are expected to be finalized by next year. The bureau is asking Americans whether creditors and collection agencies are providing accurate information about their outstanding debts. It also wants to know whether people are receiving threatening calls at all hours of the night or being dragged into court for money they do not owe.
