The Consumer Financial Protection Bureau plans to unveil a final rule Wednesday for supervising large debt collection firms, targeting an industry that faces growing scrutiny from state and federal officials.

This marks the second time the agency has asserted its authority under the Dodd-Frank Act to oversee large nonbanks outside the direct lending sphere. Under the rule, which takes effect Jan. 2, any firm that has more than $10 million in annual receipts from consumer debt collection activities will be subject to CFPB oversight.

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