Venable partner Jonathan L. Pompan will present "Policy and Regulators" as part of ACA’s Daily Huddle webinar series on the Consumer Financial Protection Bureau (CFPB) landmark debt collection rule. In the webinar session "Policy and Regulators," panelists will discuss how the election may impact this final decision, implementation, and enforcement and what happens now from a policy and advocacy standpoint. The release of the final rule signals the biggest development in the accounts receivable management (ARM) industry since the passage of the Fair Debt Collection Practices Act (FDCPA) more than 40 years ago.
In May 2019, the CFPB issued a Notice of Proposed Rulemaking (NPRM), which would prescribe rules under Regulation F to govern the activities of debt collectors, as that term is defined under the FDCPA. The CFPB proposal would, among other things, address communications in connection with debt collection; interpret and apply prohibitions on harassment or abuse, false or misleading representations, and unfair practices in debt collection; and clarify requirements for certain consumer-facing debt collection disclosures. The proposal builds on the CFPB’s research and pre-rulemaking activities regarding the debt collection market; the conduct of debt collectors remains a top source of complaints to the CFPB. The CFPB has reported it expects to take final action in October 2020 with regard to the May 2019 NPRM.
For more information on the webinar, click here.
For more information on the rulemaking, click here.