Debt Collection NPRM

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The topics we discuss are: implications of the SCOTUS Seila Law decision on CFPB rules, past consent orders, ongoing enforcement, and the Texas lawsuit challenging the CFPB payday loan rule; DOJ/FTC auto dealer fair lending actions, status of disparate impact, and Google targeted advertising changes; the CFPB’s new advisory opinion program; timing of CFPB debt…

Comment period extension.  Yesterday, the CFPB announced a second 60-day extension of the comment period for its supplemental proposal that would require debt collectors to make specified disclosures when collecting time-barred debts.  The CFPB previously extended the initial May 4 comment deadline until June 5.  The new comment deadline is August 4, 2020.  The…

Our discussion examines a range of issues, including how the wording of the model forms could create consumer confusion, challenges in determining whether a debt is time-barred, and questions arising from use of a “know or reason to know” that a debt is time-barred standard to trigger disclosures.  We also look at industry’s reaction and…

In light of the disruption caused by the COVID-19 pandemic, ACA International has asked the CFPB for a 30-day extension of the deadline for filing comments on its supplemental debt collection proposal.  The proposal would require debt collectors to make specified disclosures when collecting time-barred debts.  The current comment deadline is May 4, 2020.

The CFPB has issued a proposal that would require debt collectors to make specified disclosures when collecting time-barred debts (Disclosure Proposal).  The Disclosure Proposal supplements the Bureau’s proposed debt collection rule issued in May 2019 (May Proposal).  Comments on the Disclosure Proposal must be filed no later than 60 days after the date it is…

Our podcast looks at industry and consumer comments and perspectives on key issues, including the proposal’s potential implications for creditors collecting their own debts through UDAAP/UDAP and state collection laws, its approach to electronic communications and “meaningful attorney involvement,” and whether a final rule should address information transfers and file reviews or collecting time-barred debt. …

The Consumer Bankers Association (CBA) has filed a letter commenting on the CFPB’s proposed debt collection rule.  Ballard Spahr served as counsel to the CBA in preparing the comment letter.

In the letter, the CBA urges the Bureau to make various revisions and clarifications to the proposal, including the following:

  • Taking the following steps to

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In this podcast, we team with Bridgeforce, a leading financial services consultancy, to discuss how companies can prepare their operations should the CFPB’s proposed debt collection rule become final.  We look at the operational approaches available to companies in implementing the rule and legal considerations raised by each, the need for an assessment of assets…

In this podcast, we examine the compliance challenges arising from the provision of the CFPB’s proposed debt collection rule that allows collectors to leave a limited content phone message that would not violate the FDCPA’s third party disclosure prohibition.  In addition to the requirement for a collector to leave the name of a natural person…

In this podcast, we discuss in detail certain provisions of the CFPB’s Proposed Debt Collection Rule that create the possibility of a collector providing disclosures to consumers by means of electronic communications. Among other things, we detail the scope, requirements and limitations related to such electronic communications, review the logistical challenges the Rule poses as…