CFPB Issues FDCPA Proposed Rule: A Detailed Overview

On May 7, 2019, the Consumer Financial Protection Bureau (CFPB) released a much anticipated proposed rule  regarding the Fair Debt Collection Practices Act (FDCPA). The proposed rule marks a momentous development for debt collection and the accounts receivable management industry generally. Before delving into some high level specifics on the over five-hundred page proposal, it’s worth noting that the CFPB has issued a proposed rule, which will have a 90-day comment period and which itself notes that the rule would not go into effect until one year post publication in the Federal Register. In other words, a rush to change business practices or anxiety over current practices not conforming may be hasty. That said, the rule cannot be ignored and deep understanding is necessary. We will follow up on this overview with a series of writings covering certain aspects of the rule in more depth. So, look out for more information to come. If promulgated as proposed,…

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