Collection Compliance and Consumer Protections Ensured by Bank Collection Due to the system of debt and repayment on which the majority of the banking system is based, debt collection has grown into a vital aspect of the financial industry. However, it isn’t an easy task to collect delinquent debts, especially when the standard initial practices of collection letters and phone calls don’t deliver results. There are a number of collection laws that must be followed in order to prevent legal consequences, and more strict regulations have recently been put into place that further complicate the practice of debt collection for banks.…