On October 30, 2020, the Consumer Financial Protection Bureau (Bureau) issued a final rule to restate and clarify prohibitions on harassment and abuse, false or misleading representations, and unfair practices by debt collectors when collecting consumer debt. The rule focuses on debt collection communications and gives consumers more control over how often and through what means debt collectors can communicate with them regarding their debts. The rule also clarifies how the protections of the Fair Debt Collection Practices Act (FDCPA) apply to newer communication technologies, such as email and text messages.
To provide more clarity and transparency on how the Bureau provides assistance during the implementation period, it developed this resource that provides an overview of the Regulatory Implementation and Guidance (RIG) team at the Bureau, the RIG team’s strategy for providing assistance to industry, and instructions for how to find compliance aids related to the Debt Collection Final Rule. It also provides a link to the Bureau’s Debt Collection compliance aid resource webpage, the dedicated access point to Debt Collection materials such as compliance aids, supervisory guidance, and any subsequent rules the Bureau publishes regarding debt collection.
Additionally, the Bureau has developed a listserv dedicated to updates about the Debt Collection Rule. Subscribers will receive Bureau emails when additional rules or compliance aid materials related to debt collection are published.
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