Dodd-Frank regulation of debt collections, debt collection laws

How the Dodd-Frank Act Affects Debt Collections

Compliance with the Dodd-Frank federal regulation of debt collections is crucial in ensuring that a business is following the letter of the law when pursuing accounts receivable.

Debt collection practices enacted by those who are trying to collect a debt must follow the regulations outlined in the Dodd-Frank Wall Street Reform and Consumer Protection Act or risk noncompliance—a hefty charge because of newly heightened consumer protections.