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Debt purchasers, probably more than any other type of business, are in the sights of the Consumer Financial Protection Bureau because they work in what was once the most overlooked area of accounts receivable management. As the CFPB continues to increase its investigations and enforcement actions against big banks and creditors, it's pretty safe to assume debt buyers are one of the next targets. What's more, CFPB examiners check for compliance with certain laws when examining companies that collect their own debt, additional laws when examining third-party debt collectors and even more laws when examining debt buyers. Therefore, debt buyers need to do more than other companies in the industry to be prepared for a visit from the CFPB.
That’s why we compiled the key insights and latest legal thinking from our insideCompliance series into one user-friendly report, To the Point: CFPB Audits – Debt Buyers.
Author: insideARM.com with Ronald Rubin
Ronald Rubin is a partner at Hunton & Williams in Washington, DC. Ron's practice focuses on CFPB and SEC enforcement investigations and litigation, regulatory examinations and white-collar criminal defense. Ron was one of the earliest employees at the Consumer Financial Protection Bureau, where he was an enforcement attorney in the Supervision, Enforcement and Fair Lending Division. He played an important role in building the new agency's enforcement capabilities, created a standard format for all of the Office of Enforcement policies and procedures, and drafted many critical internal rules of operations, such as the Enforcement Action Process and the NORA procedures.
Length: 17 pages