On Wednesday, the CFPB released its debt collection larger participant final rule and the examination procedures its examiners will use to examine members of the debt collection industry that qualify as larger participants and other industry members over whom the CFPB has supervisory authority. Those exams are expected to begin on or soon after the final rule’s January 2, 2013 effective date.
While the final rule is not substantially different from the proposed rule, it contains important clarifications. We have prepared a legal alert that discusses those clarifications and the CFPB’s authority to examine debt collection industry members who do not qualify as larger participants. The alert also contains a link that can be used to register for the webinar we will conduct on November 6 on the final rule and CFPB exams.