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CFPB Plans to Regulate The Practice of Law

Yesterday the Consumer Financial Protection Bureau (“CFPB”) released its proposed rule “Defining Larger Participants in Certain Consumer Financial Product and Service Market.” The proposed rule calls for the CFPB to regulate certain attorneys to protect the public welfare. Why? Becuase,

Collection attorneys and law firms may collect through litigation (i.e., filing suit against consumers to collect debt).

How dare those attorneys file complaints and litigate lawsuits.

You can bet I’ll have a little more on the topic in a few days.

 

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