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Proposed rule on collection of time-barred debt
The CFPB has issued a supplemental notice of proposed rulemaking on the collection of time-barred debt. The Bureau proposes to prohibit collectors from using non-litigation means (such as calls) to collect on time-barred debt unless collectors disclose to consumers during the initial contact and on any required validation notice that the debt is time-barred. Consumer research conducted by the Bureau found that a time-barred debt disclosure helps consumers understand that they cannot be sued if they do not pay. That can help consumers make better informed decisions whether to pay the debt or not.
The new NPRM supplements the Bureau's May 2019 proposal to implement the Fair Debt Collection Practices Act.
UPDATE: Published at 85 FR 12672 on 3/3/2020, with a 62-day comment period ending 5/4/2020.