Today the CFPB released, as expected, the second part of the debt collection Rule. The Rule finalizes the model validation notice, provides a safe harbor for use of the model notice, and includes a tear-off for consumers to return. The Rule also finalizes the parameters around the electronic use of the model notice. The Rule does not finalize the time-barred debt disclosures that were included in the Supplemental Notice of Proposed Rulemaking (NPR). The effective date is November 20, 2021, which coincides with the effective date of part one of the Rule, making it all effective at the same time.
Click to see the CFPB press release and the new Rule.
As reported in previous RMAI Member Alerts, RMAI submitted comments on behalf of RMAI members throughout the rule-making process. The RMAI team will review this new release in the coming days.
Compliance with the Rule is covered in the Chief Compliance Officer Webinar Series and during the Annual Conference.
Register for recordings of the first three webinars in the five-part CCO Webinar Series. Watch your email to register for the final two live webinars in January.
- Reaching Consumers/Persons by Telephone Under the CFPB’s New FDCPA Rule
- Email & Safe Harbor – How to Navigate New Regulation F’s Bona Fide Error Defense
- Text Messaging – How to Navigate New Regulation F’s Bona Fide Error Defense
- Time, Place and Manner (January 7, 2021)
- Letters (January 14, 2021)
Register for the RMAI Annual Conference here. Attend RMAI’s New Rules Workshop – Six Sessions in Six Hours on Tuesday, April 13, presented in-person and via livestream.
- Setting the Record Straight: New Terms, New Definitions, Safe Harbors and the Risks of Noncompliance
- Consumer Communications: New Requirements for Outbound, Inbound, Web-based and Social Media Formats
- Digital Communications and the New Rules for Debt Collection: Updated Strategies for Emails, Texts, URLs and Beyond
- Documentation of Delivery: Send, Receive, Provide and Validate Communications and Disclosures
- Requirements for Required Disclosures: Direct and Indirect E-sign Consent, URL Opt-out Rules, Formats for Actual Notice
- Pulling it All Together: Session Highlights and Final Q and A
This alert is intended for members of the Receivables Management Association International and is for informational purposes only and is in no way intended to provide legal advice. Members are encouraged to consult with an attorney of their choice for legal advice concerning this matter.