Final rules give CFPB authority to scrutinize debt collection industry

The CFPB finalized a rule allowing the agency to supervise larger consumer debt collectors for the first time. The CFPB also released the field guide that examiners will use to ensure that companies and banks engaging in debt collection are following the law. Read on to learn about the final rule, the field guide and what the bureau had to say about banks, credit unions and other supervised entities that utilize third-party debt collection services