The Consumer Financial Protection Bureau opened its doors for operation on July 21, 2011 and it didn’t take long for them to become inundated with complaints. During its first three months of operation, the CFPB received over 5,000 complaints from credit card customers.
I’m not surprised.
Debt collectors continue to top the FTC Consumer Complaints list year after year for good reason. A typical debt collector will pursue a contentious dialog with their customers and pound on them repeatedly until they cave in and offer up some money just to get the collector to leave them alone.
Once the Consumer Financial Protection Bureau is fully up and running, one of their major objectives will be to deal with debt collection agencies who feel the rules of ethics (and rules in general) simply don’t apply to them. These agencies will quickly find themselves in the cross hairs of the bureau.
As stricter rules come into effect there will be a major fall out in the industry…and Ropay Asset Investors will be waiting with open arms as we are partners with the agency who will surely become poster child for how to go about debt collections the right way.
That agency is none other than CFS II.