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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.