Yesterday, the Consumer Financial Protection Bureau (CFPB) announced that the two final rules under the Fair Debt Collection Practices Act will take effect on November 30, 2021. Previously, the CFPB issued a proposal to move the effective date to January 29, 2022, to give third-party debt collectors more time to implement the new rule due to the pandemic. The CFPB has now determined that an extension is unnecessary. While the rule is aimed at third-party debt collection, the rule does have some impact on creditors who work with third-party debt collectors.
Should you have questions about the two final rules or how it impacts your organization, please do not hesitate to contact a lawyer at Sorenson Van Leuven.
