Nearly three years after taking aim at debt collection practices, the Consumer Financial Protection Bureau plans Thursday to unveil a long-anticipated proposal to curtail strong-arm tactics and force the multibillion-dollar industry to take more steps to verify amounts owed.
The CFPB’s proposal, set to be outlined during a field hearing in Sacramento, California, seeks to overhaul a financial service that has drawn more complaints than any other within the agency’s five-year history, with thousands of consumers voicing frustration over around-the-clock calls for debts they do not owe.
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