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Lawyers in Debt Collection Business to Come Under Federal Scrutiny

published October 25, 2012

By CEO and Founder - BCG Attorney Search left
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( 1 vote, average: 5 out of 5)
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10/25/12

Lawyers in Debt Collection Business to Come Under Federal Scrutiny


The Consumer Financial Protection Bureau (CFPB) has issued its rules regarding oversight of debt collectors and this time has included lawyers as well.

The National Law Journal in a related story says that the agency will now even send field examiners to the law offices of debt collection attorneys to review their procedures and the law firm's compliance.

Beginning January 2, 2013, any law firm that has more than $10 million in annual receipts because of its debt collection activities will be subject to the CFPB's authority. But the CFPB in a response to the ABA's concerns over all lawyers being included in the ruling states that attorneys engaged in a normal attorney-client relationship need not be concerned about the rule applying to them.

The CFPB states: It follows that attorneys acting within the ambit of the attorney-client relationship providing legal services unrelated to a client's offering or provision of a “consumer financial product or service” should not be considered “larger participants” under Title X of the Act.

Alternative Summary

Harrison is the founder of BCG Attorney Search and several companies in the legal employment space that collectively gets thousands of attorneys jobs each year. Harrison’s writings about attorney careers and placement attract millions of reads each year. Harrison is widely considered the most successful recruiter in the United States and personally places multiple attorneys most weeks. His articles on legal search and placement are read by attorneys, law students and others millions of times per year.

More about Harrison

About LawCrossing

LawCrossing has received tens of thousands of attorneys jobs and has been the leading legal job board in the United States for almost two decades. LawCrossing helps attorneys dramatically improve their careers by locating every legal job opening in the market. Unlike other job sites, LawCrossing consolidates every job in the legal market and posts jobs regardless of whether or not an employer is paying. LawCrossing takes your legal career seriously and understands the legal profession. For more information, please visit www.LawCrossing.com.

published October 25, 2012

By CEO and Founder - BCG Attorney Search left
( 1 vote, average: 5 out of 5)
What do you think about this article? Rate it using the stars above and let us know what you think in the comments below.

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