Read about it in this National Law Journal article. Here's an excerpt:
Big banks, little banks, credit card companies, student lenders – it seems like just about every player in the financial services industry has complained about the power of the Consumer Financial Protection Bureau. Now it's the lawyers' turn. On October 24, the CFPB released its final rule for overseeing debt collectors, and included attorneys among those who will be subject to direct federal supervision for the first time. Under the rule, which goes into effect on January 2, the CFPB will have the power to send field examiners out to the law offices of attorneys who engage in debt collection to review their procedures, evaluate the quality of their compliance and identify risks to consumers. In comments filed with the agency before the rule became final, the American Bar Association, the Commercial Law League of America and the National Association of Retail Collection Attorneys protested that the CFPB was going too far.