CFPB issues debt-collection compliance guide

The Consumer Financial Protection Bureau released a guide on its compliance aids related to its final rule implementing the Fair Debt Collection Practices Act.

The guide includes information on the CFPB's Regulatory Implementation and Guidance team and links to various resources on complying with the rule, which restricts debt collector communications with consumers.

As advocated by ICBA, the CFPB structured the final rule to ensure it applies only to third-party debt collectors and doesn't cover community banks and other first-party debt collectors.