The Consumer Financial Protection Bureau proposed delaying the effective date of two recent debt collection rules to provide more time to comply.
Delay: Issued late last year, the rules are scheduled to take effect on Nov. 30, 2021. The CFPB is proposing to extend the effective date of both rules to Jan. 29, 2022.
Background: The rules implement provisions of the Fair Debt Collection Practices Act restricting certain debt collection practices and requiring detailed disclosures at the outset of collection communications.
ICBA Position: As advocated by ICBA, the CFPB structured the rules to apply only to third-party debt collectors, not community banks and other first-party debt collectors.