Posse is a rogue debt collectors are quickly heading for the hills to hide from the new kid on the block regulations – the Consumer Financial Protection Bureau (CFPB). As of July 21, 2011, they opened for business, and the implementation of the ball field this difficult ball Slugger takes a big stick. Among the arsenal of its implementation to protect consumers is the Consumer Financial Protection Act. And collection agencies are bracing for a lot of pounds and aftershocks. When the federal agency flexes extensive power, it’s going to get ugly.
Fortunately, if you are a consumer debt, Debt Free League wants you to know that this is all good news. At last, Bill collectors will have a reason to consider the violation of rights of consumers. Or else, there is a lot you can do to get even with the break with a little help from the CFPB. If they do not operate according to the rule book, this powerful organization can easily install almost any debt collection agency “out of business.”
The New Sheriff in town
The Consumer Financial Protection Bureau is a cool refreshment for the millions of Americans who are experiencing more difficulty paying the hefty bills on credit cards, student loans and utilities. Since 1977, the only true law governing how organizations collection measures should interact with consumers has been Fair Debt Collection Practices Act (FDCPA) on. However, the watchdog inception, the Federal Trade Commission (FTC), only had the power to enforce the law. But, times have changed. Soon, the CFPB will be eating lunch on law-breaking debt collectors with a bag of tricks that goes beyond enforcement powers FTC …
Superman in debt collection Regulation and Enforcement
The Consumer Financial Protection Bureau also connects position with the Federal Trade Commission to enforce the Fair Debt Collection Practices Act. Furthermore, it is the enforcer of the new Consumer Financial Protection Act. But what do the new entity so unique is that it is much more than enforcement of consumer protection laws. Here is a glimpse of the broad powers of the Consumer Financial Protection Bureau
– Implementation and rule authority;
– Authority to enforce Consumer Financial Protection Act and other regulations CFPB
– Power to request compliance reports, conducting financial studies and research
– Permission to come the action to federal court, and issue cease and desist orders
But wait, there’s more …
Debt Collection Agencies Face crippling fines
For Regulatory Agency, there was not much monetary punishment that consumers in debt could dish out to collection agencies violated their rights. Maximum fine against violators under the Fair Debt Collection Practices Act is $ 1,000 per violation. At most, a collector could get slapped in court with a maximum $ 2,500 fine was also provided communications offense under the Telephone Consumer Protection Act (TCPA). But, the new sheriff is a big game changer. They punish rogue debt collectors with civil penalties ranging from $ 5,000 to as much as a whopping $ 1 million dollars a day on offense.
Plus now, every state attorney general has the authority to seek civil penalties against debt collectors in federal or state court for violating the Consumer Financial Protection Act and the Consumer Financial Protection Bureau regulations. This means that just fines, collection action institutions not his house, that are bound to get shut down.
Other ways to get even with debt collectors …
• Using a free Android Phone recording app will help you get even with documented break.
• Hire a settlement professional and get the driver’s seat with some worthy settlement.
• If you suspect your consumer rights were infringed by a collection agency, announced break by calling CFPB at (855) 411-CFPB (2372) or the Federal Trade Commission at 1-877- FTC-HELP (1 -877-382-4357).
• You can also call the debt League at 1-800-213-9968 for some great tips.