Debt collection

The CFPB withdraws its proposal to extend the date of entry into force of the regulation on debt collection – Finance and Banking

United States: The CFPB withdraws its proposal to extend the date of entry into force of the regulation on debt recovery

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The CFPB has confirmed that the date of entry into force of two final rules on debt collection communications under the Fair Debt Collection Practices Act remains November 30, 2021. The agency will withdraw an April 2021 proposal that would have extended the effective date to Jan. 29, 2022. The CFPB said the proposed extension was intended to give more time to implement the rules in light of the COVID-19 pandemic, but commentators on industry have generally stated that they will be ready to comply by November 30, 2021.

The first rule, adopted in October 2020, clarifies the prohibitions on misrepresentation, harassment and abuse, and unfair debt collection practices. The second rule, adopted in December 2020, clarifies disclosure obligations for debt collectors at the start of collection communications, as well as prohibited predatory activities. The CFPB noted that its decision did not prevent it from reconsidering the collection rules at a later date.

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