Yesterday, April 7, 2021, the Consumer Financial Protection Bureau (CFPB) issued a proposal to delay the effective date of the Debt Collection Rules for sixty (60) days. The reason for the delay is to give those impacted by the Rules more time to prepare given the pandemic. The new proposed effective date is January 29, 2022. The proposal seeks only to modify the effective date and does not include any other changes. This proposal is open for public comment for thirty days, after which the CFPB will make a final determination on whether the effective date will be delayed. If you have questions about this proposal or the Debt Collection Rules, please do not hesitate to contact a lawyer at SVL.
