New Fair Debt Collection Rules Impact Consumer Financial Services Industry

April 29, 2021 by Caren D. Enloe

This article was published in the March 2021 Issue of Paradigm Magazine by the International Society of Primerus Law Firms.

The Consumer Financial Protection Bureau (CFPB) has published its final rule on debt collection (the Rule). 12 C.F.R. Part 1006. Unless further modified by the new administration, the Rule will take effect on November 30, 2021.

In this article, Caren examines the notable changes impacting the Consumer Financial Services industry. The changes she highlights include:

Who’s Covered
Limited Content Messages
Call Frequency Limitations
Use of Electronic Communications
Reinventing the Debt Validation Notice
Restrictions on Credit Reporting
Additional interventions under consideration at the CFPB

To view the published edition, please click here.

About
the author

Caren D. Enloe

Partner

Caren Enloe leads Smith Debnam’s consumer financial services litigation and compliance group. In her practice, she defends consumer financial service providers and members of the collection industry in state and federal court, as well as in regulatory matters involving a variety of consumer protection laws. Caren also advises fintech companies, law firms, and collection agencies regarding an array of consumer finance issues. Caren was named one of the “20 Most Powerful Women in Collections” by Collection Advisor in 2018. An active writer and speaker, Caren currently serves as chair of the Debt Collection Practices and Bankruptcy subcommittee for the American Bar Association’s Consumer Financial Services Committee.

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New Fair Debt Collection Rules Impact Consumer Financial Services Industry

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