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New CFPB Rules on Debt Collection

Question: 
What do the proposed CFPB rules on debt collection say?
Answer: 

On October 19th, Director Kraninger explained, " do believe clear rules for collectors are important, and that’s why we’re engaging in rulemaking and modernization of the FDCPA."

It's no surprise, then, that the CFPB has published a Notice of Proposed Rulemaking and intends to prescribe rules under Regulation F to govern the activities of debt collectors (as the term is defined under the Fair Debt Collection Practices Act (FDCPA))).

The Proposed rules address the following:
– Communications about the debt. Did you know there is a such as safe harbor for voicemail messages? The rules also govern the use of text and email;
– How to interpret/apply the FDCPA's prohibitions on harassment or abuse; false or misleading representations; and, unfair debt collection practices; and,
– Clarifies disclosure requirements for the validation notice and model form.

Attend this webinar to discover how the proposed debt collection rules may affect your bank's policies and procedures, and learn how you can mitigate the chances of being hit with a lawsuit related to unfair, deceptive, or abusive debt collection acts or practices.
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Learn more about Carly Souther’s webinar New CFPB Expectations: Compliance in 2020

First published on 04/26/2020

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