Infosight Spotlight: CFPB proposes regulations to implement the Fair Debt Collection Practices Act
In a recent press release, the Bureau issued a proposed rule to amend Regulation F, 12 CFR part 1006, which implements the Fair Debt Collection Practices Act (FDCPA). The proposal would provide consumers with clear protections against harassment by debt collectors and straightforward options to address or dispute debts. Among other things, the NPRM would set clear, bright-line limits on the number of calls debt collectors may place to reach consumers on a weekly basis; clarify how collectors may communicate lawfully using newer technologies, such as voicemails, emails and text messages, that have developed since the FDCPA’s passage in 1977; and require collectors to provide additional information to consumers to help them identify debts and respond to collection attempts.
The Bureau also released a Fast Facts document that summarizes key provisions in the proposed rule, as well as a flowchart that outlines the proposal’s electronic disclosure options for three required disclosures.
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