The Consumer Financial Protection Bureau this week released a Spanish-language version of the model validation notice in Regulation F. The CFPB provided the model validation notice for debt collectors to comply with the provisions in the new rule regarding disclosures to consumers. Use of the model notice provides a safe harbor to debt collectors.
The final rule allows debt collectors to send a validation notice that is “completely and accurately” translated into a language of their choice. They must also provide an English-language version of the same notice, or have previously done so. The Spanish model validation notice is a helpful tool to debt collectors as the November 30th implementation date of the new rule approaches. It relieves the need for individual translations, and any concerns about ensuring the translation is “complete and accurate.” The Spanish-language version of the model validation notice can be downloaded here.
For an additional resource as you prepare to comply with the new rule, click here to download the “Getting Ready for Reg F Checklist.” This was previously included in the Fall 2021 RMAI Insights magazine.
This Member Alert is intended for members of the Receivables Management Association International, 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.