"Any firm that has more than $10 million in annual receipts from consumer debt collection activities will be subject to CFPB oversight" writes American Banker’s Kate Davidson, about the CFPB’s announcement that it will be supervising these firms.
Under Dodd-Frank the agency has the authority to regulate nonbanks.
"By expanding the supervision program to oversee the nonbanks that are larger participants in the consumer debt collection market, the Bureau will now have a window into every stage of the process - from the origination of credit to debt collection," the agency said in its release.
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