Collection Company Rapid Recovery Solution Comments on the Recent News of Collection Agencies to be Supervised by Feds

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Rapid Recovery Solution comments on the recent news from a Neon Tommy article that says collection agencies will be supervised by the Feds.

On November 5, 2012, collection company Rapid Recovery Solution offered a comment following a recent Neon Tommy article about how collection agencies will be supervised by the Consumer Financial Protection Bureau (CFPB).

According to the Neon Tommy article, “Debt collection agencies will be placed under the federal supervision of the Consumer Financial Protection Bureau (CFPB) beginning Jan. 2.” The article states that the CFPB plans to supervise larger firms to make sure they are treating consumers in a fair manner.

According to CFPB Director, Richard Cordray, “We want all companies to realize that the better business choice is to follow the law - not break it.” According to the article, this new federal bureau was created under the “2012 Dodd-Frank law which overseas consumer financial products like mortgages, loans, and credit cards.”

John Monderine, CEO of collection company Rapid Recovery Solution offered his comments on the plan to supervise the large firms. “Finally somebody is stepping in to police these large companies that think they can treat people like dirt and get away with it. Smaller compliant companies now can compete with the big boys thanks to these efforts,” said Monderine.

Founded in 2006, RRS collection company is headquartered at the highest point of beautiful Long Island. Rapid Recovery Collection Agency is committed to recovering your funds. We believe that every debtor has the ability to pay if motivated correctly. We DO NOT alienate the debtors; we attempt to align with them and offer a number of ways to resolve not only your debt but also all their debts.


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