Consumer Financial Protection Bureau Releases Final Rule Addressing Debt Collection
Highlights
A new Consumer Financial Protection Bureau (CFPB) final rule directly regulates “debt collectors” as defined by the Fair Debt Collection Practices Act
The CFPB provides a safe-harbor mechanism for debt collectors’ email communications with consumers
Additionally, the CFPB plans on releasing a final rule in December to address validation notices, consumer disclosure requirements, and time-barred debt
The Consumer Financial Protection Bureau (CFPB) issued a final debt collection rule at the end of October, just prior to the holiday shopping rush, to clarify how and where debt collectors can contact consumers. This final rule also makes clear that the CFPB only applies to “debt collectors” under the Fair Debt Collection Practices Act (FDCPA) definition.
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