The Consumer Financial Protection Bureau issued a Federal Register notice affirming that two debt collection final rules will take effect as planned on Nov. 30.
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.
Proposed Delay: The CFPB in April 2021 proposed extending the effective dates to Jan. 29, 2022, but earlier this summer said the extension is unnecessary.