Law360, New York (July 28, 2016, 9:26 PM EDT) -- Banks, credit card companies and other first-party creditors may have been left out of the Consumer Financial Protection Bureau's outline of new rules for debt collection released Thursday, but they will likely still face new pressures to improve their data retention and transfer processes under the coming framework.The CFPB's outline would put new data requirements on third-party collections agencies, law firms and debt buyers, forcing them to better verify debts they attempt to collect from consumers, among a host of other changes the bureau is contemplating. Those changes would not apply to banks, credit card firms and other lenders who issue... In the legal profession, information is the key to success. You have to know what’s happening with clients, competitors, practice areas, and industries. Law360 provides the intelligence you need to remain an expert and beat the competition. TRY LAW360 FREE FOR SEVEN DAYS
The Consumer Financial Protection Bureau (CFPB) released new rules for debt collection earlier this week. The new rules are set to push banks, credit card companies and other first-party creditors to improve their data retention and transfer processes.