Debt Collections Proposed Rule

The Consumer Financial Protection Bureau issued a Notice of Proposed Rulemaking to implement the Fair Debt Collection Practices Act. The proposal would provide consumers with clear protections against harassment by debt collectors and straightforward options to address or dispute debts. It would also set clear, bright-line limits on the number of calls debt collectors may place to reach consumers on a weekly basis; clarify how collectors may communicate lawfully using newer technologies, such as voicemails, emails and text messages, that have developed since the FDCPA’s passage in 1977; and require collectors to provide additional information to consumers to help them identify debts and respond to collection attempts.

Read more about the Fair Debt Collection Practices Act in The Gold Book.

The proposed rule may be found here:

https://files.consumerfinance.gov/f/documents/cfpb_debt-collection-NPRM.pdf