CFPB issues proposed rulemaking on collection of time-barred debt

Feb 24, 2020
The Consumer Financial Protection Bureau issued a Supplemental Notice of Proposed Rulemaking, which prohibits collectors from using non-litigation means, such as calls, to contact consumers about debt that is time-barred.

The supplemental NPRM offers model language and forms that debt collectors can use to remain compliant with proposed disclosure requirements under the Fair Debt Collection Practices Act. In a previous comment letter ICBA asked the CFPB to limit its debt-collection rulemaking to third-party debt collectors.