Federal regulators announced in early July that they plan to fight questionable debt collecting practices of some of the nation’s big lenders.

The Consumer Financial Protection Bureau asserted on Wednesday, July 10 that they have the authority to regulate debt collection practices of banks. According to Richard Cordray, unfair, deceptive, and abusive debt-collecting practices are illegal whoever collects the debt. Additionally, the Office of the Comptroller of the Currency will be looking into how large banks, like JPMorgan Chase & Co., collect credit card debt. The push to battle questionable debt collection grew after consumers were hounded by illegal debt collecting practices.

On July 9, the Federal Trade Commission won $3.2 million against Expert Global Solutions over accusations of consumer harassment.

Having overwhelming debt is frightening and frustrating, especially when abusive lenders harassed you. Fortunately, with the help of lawyer Ryan J. Really, Attorney at Law, PLLC, you may be able to address your debt. If you live in Florida and having mounting debt, call (239) 237-0675 to better understand your financial options.