Saturday July 4, 2020

Comment: Credit servicing firms get new protection standards

The Central Bank is regulating the activities of third-party companies that collect from borrowers

6th March, 2016
The Central Bank is regulating the activities of third-party companies that collect from borrowers Pic:RollingNews.ie

In December 2015, the Central Bank released its authorisation requirements and standards for credit servicing firms.

The standards follow the Consumer Protection (Regulation of Credit Servicing Firms) Act 2015 which introduced a new regulatory regime for credit servicing firms and the new regulated activity of credit servicing.

The act was primarily introduced to ensure that borrowers will have the same regulatory protections throughout the duration of their loan, even if their loan is sold to a third...

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