Monday, March 21, 2011
Victims of debt collection firms like Forster & Garbus of Farmingdale and Commack will now be able to report violations of the Fair Debt Collection Practices Act to a new federal agency created by the Dodd-Frank Wall Street Reform and Consumer Protection Act enacted last July.
As of July 21 this year, the new federal agency, the Consumer Financial Protection Bureau (CFPB), will have the authority to issue rules under the FDCPA governing debt collection practices.
Both the Federal Trade Commission and the CFPB will have the power to enforce the FDCPA and any rules issued under it.
The CFPB will prepare annual reports to Congress on the administration of the FDCPA.
Read the rest of the story:
Forster & Garbus, Others Face FDCPA Review