Latest Posts
Home > Debt Relief Industry > Think You Might Owe the CFPB Money in Penalties? Read This.

Think You Might Owe the CFPB Money in Penalties? Read This.

Tomorrow the CFPB will publish final rules regarding the collection of money owed to the Consumer Financial Protection Bureau. It is very possible that fines levied against companies and individuals will fall under the rules.

With tougher enforcements to come from the CFPB in the debt relief space, participants should be aware of the powers to collect the CFPB has stated they have and may implement.

According to the soon to be published document, the CFPB will have the authority to:

  • Administratively Offset – May request that another Federal agency withhold money payable to the debtor or held by the agency for the debtor or referring the debts to the Secretary of the Treasury or a designated debt collection center for collection under the Treasury’s centralized offset program.
  • Administrative Wage Garnishment – The CFPB may collect debts by garnishing the wages of individuals employed outside the Federal Government. This includes persons employed by the private sector.
  • Tax Refund Offset – The CFPB may also seek to recover a legally enforceable, past-due debt owed to the United States by requesting that the Financial Management Service of the Department of the Treasury offset all or part of a tax refund to a debtor by the amount of the debt and pay such money to the Bureau


Get Out of Debt Guy – Twitter, G+, Facebook

Need More Help?

I can always use your help. If you have a tip or information you want to share, you can get it to me confidentially if you click here.

Get Out of Debt Free Hotline
debt settlement helpstudent loan help

About Steve Rhode

Steve Rhode
Steve Rhode is the Get Out of Debt Guy and has been helping good people with bad debt problems since 1994. You can learn more about Steve, here.

Get My FREE Get Out of Debt Guy Newsletter

It is the smart thing to do.

I promise to keep your email safe and secure.


I want to keep you posted each weekday with just one email about the latest get out of debt news, scam alerts and information to beat back debt.

You can unsubscribe at any time with just one click.

After you subscribe, check your email to confirm your subscription. If the confirmation email does not appear in your inbox in a few minutes, check your spam folder for it. Sometimes it likes to annoyingly hide there.

  • It will keep you posted on the latest scams.
  • You will be alerted to the latest articles.
  • You will wind up smarter than everyone else dealing with debt.