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Effective date for debt collection final rules confirmed

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Banking, Financial Stability, Legislation, Nonbank Financial
Wednesday, August 11, 2021
The Consumer Financial Protection Bureau (CFPB) confirmed the effective date for the two final debt collection rules under the Fair Debt Collection Practices Act issued in the second half of 2020. The decision is the result of a notice of proposed rulemaking (NPRM) in April 2021, in which the bureau proposed extending the effective date of the two rules from Nov. 30, 2021, to Jan. 29, 2022.

The extension was meant to allow affected stakeholders more time to review and implement the rules considering the COVID-19 pandemic. However, after receiving comments from interested parties, the CFPB has determined the extension is not necessary and the effective date will remain Nov. 30, 2021. According to the bureau, most industry comments generally did not support the extension and stated they would be prepared to comply by that date.

“Although consumer advocate commenters generally supported extending the effective date, they did not focus on whether additional time is needed to implement the rules,” the CFPB stated. “The alternative basis for an extension that many commenters urged, a reconsideration of the rules, was beyond the scope of the NPRM and could raise concerns under the Administrative Procedure Act. Nothing in this decision precludes the CFPB from reconsidering the debt collection rules at a later date.”

The two final rules were issued in October 2020 and December 2020. The first focuses on the communications when attempting to collect a debt and clarifies the FDCPA’s prohibitions on harassment and abuse, false or misleading representations, and unfair practices by debt collectors. The second gives guidance on what disclosures debt collectors must provide at the beginning of communications, prohibits collectors from suing or threatening to sue consumers on time-barred debt, and clarifies what steps collectors must take to disclose the existence of a debt to consumers before reporting the information about the debt to a consumer reporting agency.

After the announcement, the CFPB stated it would be publishing a formal notice in the Federal Register withdrawing the April 2021 proposal.

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