The Consumer Financial Protection Bureau (CFPB) released a much-anticipated report in which they revealed a new regulation known as Reg F that directly relates to the collection of consumer debt. Banks, credit card companies, and debt collectors of all stripes have been pushing for the CFPB to release specific regulations regarding when and how often debt collectors may contact those who owe them money, and they got what they wished for.
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There is naturally a lot of concern and focus on debtors during an economically turbulent time. One must also ask what creditors intend to do about their own portfolios when things start to get a little shaky. The increased concerns about the economy have meant that many debtors have pulled back on their credit card usage, and most are paying down their current balances. It turns out that this is a unique reaction to an economic shock.
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