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Under Title X of the Dodd-Frank Wall Street Reform and Consumer Protection Act, the Consumer Financial Protection Bureau (CFPB) was established as an independent agency within the Federal Reserve System. The CFPB is charged with enforcing federal consumer financial laws and supervising various financial institutions, as well as debt collectors and consumer reporting agencies deemed to be "larger market participants" by the bureau.1 Additionally, on Jan. 2, 2013, the CFPB’s supervisory power was expanded to cover third-party debt collection agencies, debt buyers, and collection law firms with revenues over $10 million per year.2 This expansion is estimated to impact approximately 60 percent of the industry’s annual receipts in the consumer debt collection market.3

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