Consumer-Protection Agency Seeks Oversight Over Debt Collectors

The Consumer Financial Protection Bureau wants to add debt collectors to its oversight agenda. In a proposed rule announced today, the bureau is seeking to make debt collectors with more than $10-million in annual receipts subject to its supervision. It estimates that the change would cover 175 firms accounting for 63 percent of annual receipts. Student groups are welcoming the proposal, saying it will protect borrowers with defaulted student loans from abusive practices by debt collectors.