The Consumer Financial Protection Bureau said two final rules issued under the Fair Debt Collection Practices Act will take effect as planned on Nov. 30.
CFPB: Debt collection rules effective Nov. 30
August 02, 2021 / By ICBA
The Consumer Financial Protection Bureau said two final rules issued under the Fair Debt Collection Practices Act will take effect as planned on Nov. 30.
The Consumer Financial Protection Bureau said two final rules issued under the Fair Debt Collection Practices Act will take effect as planned on Nov. 30.
Background: The rules implement provisions of the Fair Debt Collection Practices Act restricting certain debt collection practices and requiring detailed disclosures at the outset of collection communications.
Proposed Delay: The CFPB in April 2021 proposed extending the effective dates to Jan. 29, 2022, but on Friday said the extension is unnecessary.
ICBA Position: As advocated by ICBA, the CFPB structured the rules to apply only to third-party debt collectors, not community banks and other first-party debt collectors.
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