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On December 18, 2020, the Consumer Financial Protection Bureau (Bureau) issued a final rule (December 2020 Rule) amending Regulation F to provide additional requirements regarding validation information and disclosures provided at the outset of debt collection communications, prohibit suits and threats of suits regarding time-barred debt, and identify actions that must be taken before a debt collector may report information about a debt to consumer reporting agencies (CRAs).

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The Bureau of Consumer Financial Protection (Bureau) is issuing this final rule to revise Regulation F, which implements the Fair Debt Collection Practices Act (FDCPA) and currently contains the procedures for State application for exemption from the provisions of the FDCPA. The Bureau is finalizing Federal rules governing the activities of debt collectors, as that term is defined in the FDCPA.

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Debt buyers, debt collectors, and others who furnish information to credit reporting agencies have a variety of obligations under the Fair Credit Reporting Act (FCRA) 1 and Regulation V2. The Consumer Financial Protection Bureau (CFPB) issues this bulletin3 to highlight one of those obligations – the obligation of furnishers to investigate disputed information in a consumer report.

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Pursuant to the FTC’s authority to enforce the Fair Debt Collection Practices Act (‘‘FDCPA’’), 15 U.S.C. 1692l(a), and Section 5 of the Federal Trade Commission Act (‘‘FTC Act’’), 15 U.S.C. 45, the Commission issues this final Statement of Policy Regarding Communications in Connection with the Collection of Decedents’ Debts (‘‘Statement’’).1 When a person dies, creditors and the debt collectors they hire usually have the right to collect on the person’s debts from the assets of his or her estate.

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THE FAIR DEBT COLLECTION PRACTICES ACT

As amended by Pub. L. 111-203, title X, 124 Stat. 2092 (2010)

As a public service, the staff of the Federal Trade Commission (FTC) has prepared the following complete text of the Fair Debt Collection Practices Act (FDCPA), 15 U.S.C. §§ 1692-1692p.

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This is a letter to consumer's counsel indicating the AAA will not arbitrate a claim the consumer brought before the AAA because in a past AAA arbitration the automobile dealership defendant refused either to pay the filing fees or alter its arbitration requirement to meet AAA consumer protocols. In addition, the dealer did not register its arbitration clause with the AAA. With AAA arbitration not available, the consumer may have grounds to bring the action in court instead. Presumably, the result would be the same if any other consumer files an arbitration against this dealer.

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