New Fair Debt Collection Rules Impact Consumer Financial Services Industry
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
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