The nation's largest debt collectors will soon fall under the supervision of the Consumer Financial Protection Bureau.

Under a rule approved this week that goes into effect on Jan. 2, any company or bank with more than $10 million in annual receipts from consumer debt collection activities will be subject to the CFPB's supervisory authority. The rule will initially cover 175 debt collectors. Combined, they account for more than 60 percent of the industry's annual receipts.

Examiners will evaluate the quality of the regulated entity's compliance management systems, review practices to ensure they comply with federal consumer financial law, and identify risks to consumers. They will evaluate whether debt collectors are properly identifying themselves, properly disclosing the amount owed, and are using accurate data in their pursuit of debt.

As part of the CFPB's compliance management review, examiners will assess whether complaints are resolved adequately and in a timely manner, whether the complaints highlight violations of law, and whether the collector has a process in place to address consumer disputes. Examiners will also assess whether consumers have been harassed or deceived, including threats of imprisonment or contacting an employer.

As guidance, the CFPB has published an interactive, online database intended to answer frequently asked questions about debt collection and collection agencies.

The Examination Procedures for Debt Collection, a field guide for CFPB examiners, is available online, as is a fact sheet on the Bureau's supervision.