ICBA said it supports how the Consumer Financial Protection Bureau structured its notice of proposed rulemaking on disclosures for collecting time-barred debt, or old debt that is no longer legally collectible.
ICBA backs limited scope of debt-collection rule
August 03, 2020 / By ICBA
ICBA said it supports how the Consumer Financial Protection Bureau structured its notice of proposed rulemaking on disclosures for collecting time-barred debt, or old debt that is no longer legally collectible.
ICBA said it supports how the Consumer Financial Protection Bureau structured its notice of proposed rulemaking on disclosures for collecting time-barred debt, or old debt that is no longer legally collectible.
In a comment letter, ICBA expressed support for the CFPB's decision to omit language that might have inadvertently covered community banks and other first-party debt collectors.
This notice was a supplement to a proposed rule on debt collection issued last year, which is expected to be finalized by October. ICBA offers a summary of the proposed rule and will continue working with the CFPB to ensure it does not apply to community banks.
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