CFPB debt collection avoids first parties, for now

At a field hearing in Sacramento, Calif. Consumer Financial Protection Bureau (CFPB) Director Richard Cordray outlined the framework for the agency’s proposed rulemaking of the debt collection market. In its proposal, the rules will only apply to third-party debt collectors, but Cordray said the bureau would address first-party debt collection oversight in a separate track of rulemaking to come. Read on for more details.