Close Menu
The Westside GazetteThe Westside Gazette
    Facebook X (Twitter) Instagram
    • About Us
    • Contact
    • Media Kit
    • Political Rate Sheet
    • Links
      • NNPA Links
      • Archives
    • SUBMIT YOUR VIDEO
    Facebook X (Twitter) Instagram
    The Westside GazetteThe Westside Gazette
    Advertise With Us
    • Home
    • News
      • National
      • Local
      • International
      • Business
      • Releases
    • Entertainment
      • Photo Gallery
      • Arts
    • Politics
    • OP-ED
      • Opinions
      • Editorials
      • Black History
    • Lifestyle
      • Health
      • HIV/AIDS Supplements
      • Advice
      • Religion
      • Obituaries
    • Sports
      • Local
      • National Sports
    • Podcast and Livestreams
      • Just A Lil Bit
      • Two Minute Warning Series
    The Westside GazetteThe Westside Gazette
    You are at:Home » Obama Administration puts debt collectors under federal supervision for first time in history
    National News

    Obama Administration puts debt collectors under federal supervision for first time in history

    November 8, 20122 Mins Read2 Views
    Facebook Twitter Pinterest Telegram LinkedIn Tumblr Email Reddit
    Richard Cordray
    Share
    Facebook Twitter LinkedIn Pinterest WhatsApp Email
    Advertisement
    Richard Cordray

    Obama Administration puts debt collectors under federal supervision for first time in history

    From KultureKritic.com?

        Debt collectors are notorious for using hard knuckled tactics to get consumers to pay their debts. Most recently, a disabled veteran was told by a debt collector that he should’ve died in the war since he couldn’t pay his debt. But for the first time in American history, the debt collectors are coming under federal control. Meaning that very soon, debt collectors will be monitored by a federal government agency.

    Allgov.com reports:

        Starting in January, the Consumer Financial Protection Bureau (CFPB) will oversee large debt collection agencies and work to prevent the use of aggressive tactics against Americans struggling to pay off loans and other monies they owe. About 30 million Americans are currently being pursued by debt collectors, with the average amount coming in at $1,500.

        The biggest question is what kind of latitude the CFPB will have over the debt collectors and whether the organization will have any real power. Many people believe that if the agency had been headed up by Elizabeth Warren, who is now running for Senate in Massachusetts, the administration would’ve had a much better chance at being effective.

        President Obama passed Warren over for a leadership position at the new agency.

        Richard Cordray, the CFPB’s director, said, “Sometimes collection methods involve harassment or deception, and they are typically illegal. Intimidation, abusive tactics, profane language, or threats of arrest are widely known to be out of bounds. Even placing certain kinds of calls–such as calls at unusual hours–is unacceptable and against the law. Wherever we find unlawful practices, we will take steps to eliminate them, thereby helping to protect consumers and, again, supporting those collectors that take care to comply with the law.”

     

    Obama Administration
    Share. Facebook Twitter Pinterest LinkedIn Reddit WhatsApp Telegram Email
    Carma Henry

    Carma Lynn Henry Westside Gazette Newspaper 545 N.W. 7th Terrace, Fort Lauderdale, Florida 33311 Office: (954) 525-1489 Fax: (954) 525-1861

    Related Posts

    McDonald’s settles Byron Allen’s $10B lawsuit, and just when you thought it was safe to go back to eating Big Macs and fries, a boycott starts from June 24-30

    June 19, 2025

    Targeted 45 Democrats in Chilling Plot, Officials Say

    June 18, 2025

    Nationwide ‘No Kings’ Protests Push Back on Trump’s Parade, Policies, and Power

    June 18, 2025
    Advertisement

    View Our E-Editon

    Advertisement

    –>

    advertisement

    advertisement

    Advertisement

    –>

    The Westside Gazette
    Facebook X (Twitter) Instagram Pinterest
    © 2025 The Westside Gazette - Site Designed by No Regret Media.

    Type above and press Enter to search. Press Esc to cancel.

    Go to mobile version