February 23, 2021 8 minutes to read · 1800 words

Six Things Creditors Should Know about the New Federal Debt Collection Rule

By Susan Manship Seaman

Reprinted with permission from Business Law Today, January 2021. ©2021 by the American Bar Association. All rights reserved. This information or any or portion thereof may not be copied or disseminated in any form or by any means or stored in an electronic database or retrieval system without the express written consent of the American Bar Association.

Nearly five years after starting rulemaking efforts, the Consumer Financial Protection Bureau (“CFPB”) has finalized part one and part two of its debt collection rule under the federal Fair Debt Collection Practices Act (“FDCPA”). The federal rule (known as Regulation F) becomes effective on November 30, 2021. Regulation F is the first regulation to implement substantive provisions of the FDCPA since the law was enacted in 1977. In addition to regulating third-party debt collectors subject to the FDCPA, Regulation F has a number of implications for creditors. This article highlights six points that creditors should know about Regulation F. This list is not exhaustive.

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