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CFPB retains debt collection rule effective date of November 30
The CFPB has withdrawn its proposed rule to delay two Fair Debt Collection Practices Act (FDCPA) rules pertaining to third-party debt collection and consumer disclosures that were finalized last year. In early April, the Bureau proposed to delay the rules’ effective dates by 60 days to allow covered parties additional time to comply amid the coronavirus pandemic. In comments received regarding the effective date delay, stakeholders stated that “despite the pandemic, they will be prepared to comply with the Debt Collection Final Rules by Nov. 30, 2021.” As a result, CFPB announced the rules will go into effect Nov. 30.
Of note, the bureau’s final rules limit the definition of a “debt collector” under FDCPA to third party debt collectors and does not encompass first-party collectors or creditors. The rule on third-party debt collection clarifies the time, place, ad manner restrictions on how debt collectors may communicate with a consumer; it also finalizes limited content messages, but only for voicemails.
In response to the proposed rule, NAFCU initially recommended limiting CFPB’s authority regarding the rulemaking to the FDCPA and to remove the provisions created under its unfair, deceptive, or abusive acts or practices (UDAAP) authority to avoid confusion and ambiguity for creditors.
NAFCU will continue to monitor the CFPB’s rulemaking efforts related to debt collection and will alert members on any additional changes or insights as the effective date approaches.
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