Debt Collection Rule FAQs (Oct. 1, 2021)
Questions and answers pertaining to compliance with CFPB Regulation F on the FDCPA.Questions and answers pertaining to compliance with CFPB Regulation F on the FDCPA.
Questions and answers pertaining to compliance with CFPB Regulation F on the FDCPA.Questions and answers pertaining to compliance with CFPB Regulation F on the FDCPA.
In 2020, the CFPB finalized two rules (together, the Debt Collection Final Rules) revising Regulation F, which implements the Fair Debt Collection Practices Act (FDCPA). As finalized, the Debt Collection Final Rules had an effective date of November 30, 2021. On April 7, 2021, the Bureau issued a proposal to delay that effective date by sixty days, until January 29, 2022. The Bureau is withdrawing that proposal for the reasons provided in this document. The Debt Collection Final Rules will take effect on November 30, 2021.
In 2020, the Bureau of Consumer Financial Protection (Bureau) finalized two rules titled Debt Collection Practices (Regulation F). The rules revise Regulation F, which implements the Fair Debt Collection Practices Act (FDCPA). Both final rules have an effective date of November 30, 2021. The Bureau is proposing to extend that effective date by 60 days, until January 29, 2022.
This guide meets the requirements of section 212 of the Small Business Regulatory Enforcement Fairness Act of 1996 with regard to the Debt Collection Rule and is a Compliance Aid issued by the Consumer Financial Protection Bureau. The Bureau published a Policy Statement on Compliance Aids, available at www.consumerfinance.gov/policy-compliance/rulemaking/finalrules/policy-statement-compliance-aids/, that explains the Bureau’s approach to Compliance Aids.
Building on CFPB qualitative work, CFPB engaged ICF in September 2019 to quantitatively measure how variations of the language, content, and display in the Regulation F validation notices affect consumer understanding and stated behavior. The survey was conducted with 8,011 total respondents, with 5,312 having experienced debt collections. The study was a web survey conducted with respondents who were panelists from Ipsos KnowledgePanel.
This report presents the results of the Survey of Consumer Views on Debt which the CFPB conducted between December 2014 and March 2015. The survey results substantially expand the understanding of debt collection in the United States by providing the first comprehensive and nationally representative data on consumers’ experiences and preferences related to debt collection. The study led to CFPB Regulation F.
This Panel Report addresses the CFPB’s debt collector and debt buyer rulemaking that led to Regulation F. Under the Regulatory Flexibility Act (RFA), the CFPB must convene and chair a Small Business Review Panel when it is considering a proposed rule that could have a significant economic impact on a substantial number of small entities. The Panel considers the impact of the CFPB proposals under consideration and obtains feedback from representatives of the small entities that would be subject to the rule.
This is an outline of the Panel Report addressing the CFPB’s debt collector and debt buyer rulemaking that led to Regulation F. Under the Regulatory Flexibility Act (RFA), the CFPB must convene and chair a Small Business Review Panel when it is considering a proposed rule that could have a significant economic impact on a substantial number of small entities. The Panel considers the impact of the CFPB proposals under consideration and obtains feedback from representatives of the small entities that would be subject to the rule.