May 25, 2022

Volume XII, Number 145

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May 24, 2022

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May 23, 2022

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CFPB Debt Collection Rules [VIDEO]

Key Takeaways

  • The CFPB’s recent announcement confirmed that the debt collection rules will become effective on November 31, 2021.

  • With the effective date quickly approaching, time is of the essence to work through any implementation areas that may be particularly challenging.

  • Areas where issues continue to arise include the rules related to the debt validation notice, call limits, and passive credit reporting.

  • Be on the lookout for an invitation to our upcoming roundtable on the debt collection rules.

Last week, the CFPB announced that it would not delay the implementation date of the new debt collection rules. With the rules now scheduled to take effect in November, debt collectors and loan servicers are now officially on the clock to implement the new rules before the November 30 deadline.

Please watch the webinar recording below for a discussion of hot topics relating to implementation, including a discussion of passive credit reporting procedures, the new debt validation notice, and the call limit restriction.

 

© 2022 Bradley Arant Boult Cummings LLPNational Law Review, Volume XI, Number 225
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About this Author

Lee Gilley Finance Attorney Bradley Arant Boult Cummings Birmingham
Partner

Lee Gilley represents financial institutions, including banks, mortgage companies, debt collectors, small dollar lenders, and payment systems providers (credit cards, debit cards, prepaid cards, mobile payments, etc.) in litigation and regulatory matters related to compliance with the Card Act, ECOA, EFTA, FCRA, FDCPA, GLBA, HPA, RESPA, TILA, TCPA, CFPB regulations, and numerous other state laws and regulations. Lee is a member of Bradley’s Banking and Financial Services Practice Group, as well as the firm’s Payments and Small Dollar & Unsecured Lending industry...

205-521-8918
Jonathan Kolodziej Attorney Bradley Arant Boult Cummings Birmingham
Partner

Jonathan Kolodziej represents all types of consumer financial service providers in regulatory compliance, examination and enforcement matters. Through this work, he has assisted bank and non-bank mortgage servicers, mortgage originators, debt collectors, depository institutions, credit card issuers, small dollar lenders, reverse mortgage companies, investment firms, and various industry trade associations.

Jonathan’s regulatory compliance practice centers around helping clients ensure that their operations are in compliance with applicable...

205-521-8235
J. Riley Key Finance Attorney Bradley Arant Boult Cummings Birmingham
Partner

Riley Key’s practice focuses on counseling financial services clients facing regulatory and enforcement challenges in the mortgage, auto finance, debt collection, small dollar lending, and payments (credit cards, debit cards, prepaid cards, mobile payments, and cryptocurrencies) industries. Riley is a member of Bradley’s Banking and Financial Services Practice Group and is also a member of the firm’s Auto Finance and Payments industry teams. Through his broad range of experience, he has advised clients on matters related to unfair, deceptive, or abusive acts or practices...

205-521-8247
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