The CFPB adopted rules amending the federal Fair Debt Collection Practices Act. Per the adopted rules, the CFPB amended requirements with respect to:
- Coverage and definitions (including clarification of the terms “debt collector” and “debt”);
- Communications in connection with debt collection (including clarification with respect to electronic communications);
- Harassing, oppressive or abusive conduct;
- False, deceptive or misleading representations (including clarification with respect to the use of assumed names and the use of social media);
- The ban on certain debt transfers;
- Borrower disputes;
- Disclosures; and
- Record retention.
The adopted rules become effective 1 year after publication in the Federal Register (around November, 2021).
CLick here to view the CFPB FDCPA Executive Summary: https://www.tenaco.com/wp-content/uploads/2020/11/CFPB-FDCPA-Executive-Summary.pdf
Click here to view the CFPB FDCPA Rule Adoption: https://www.tenaco.com/wp-content/uploads/2020/11/CFPB-FDCPA-Rule-Adoption-10-30-20.pdf
