Understanding Recent Changes to the CFPB's Debt Collection Rule

Finally, the CFPB has released a major update to Regulation F which implements the Fair Debt Collection Practices Act. The two final rules impact both debt collectors and financial institutions. While financial institutions typically do not collect third-party debt, it is critical that they understand the spirit and intent of the recently issued rules to avoid potential consumer harm through unfair, deceptive, or abusive acts or practices (UDAAP).

This webinar will review the 1,000+ pages of both the November 2020 and December 2020 Rules which includes numerous new requirements, such as new call attempt restrictions of not more than seven times within seven days. The Rules clarifies communication efforts through email, text messaging, and social media and provides very specific details of a limited-content message. The Rules are designed to protect the consumer and outlines prohibitions on communicating or attempting to communicate with the consumer at an unusual or inconvenient time or place, which is definitely information that your financial information needs to incorporate into its policies and procedures.

This webinar will help you prepare for the November 30, 2021 mandatory compliance date and a must for preventing conduct that violates the prohibition on harassing, oppressive, or abusive actions during the debt collection process!

Program Highlights

  • Explain how the November 2020 and December 2020 Final Rules work together
  • Critical terminology and definitions that help you understand the FDCPA
  • Review the new multi-channel rules regarding emails, text messages and voicemails
  • How to calculate the new call restrictions of not more than seven times within seven days
  • Recognizing inconvenient time and place prohibitions
  • How to handle written disputes submitted by the consumer
  • Required and optional components of the Model Validation Notice
  • Properly calculate the timing requirements of the validation notice
  • Identifying the triggering events regarding the three-year record-retention period
  • Avoiding prohibited collection practices – harassment, unfair practices and false and other prohibited statements

Who Should Attend?

Any person actively involved in debt collection activities owed to a financial institution and those responsible for oversight or reviewing adherence to the FDCPA should attend this webinar.