Banks, retailers, finance companies and other entities that buy and sell loans are sounding alarms about a U.S. Supreme Court case that could bring them under the regulatory eye of a 1977 law prohibiting certain debt collection practices.
The U.S. Chamber of Commerce and banking industry trade associations warn that applying the Fair Debt Collection Practices Act to the exploding debt-buying industry could sweep many banks and consumer finance companies into the act as well, despite Congress’ intent to exclude them.
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