Yesterday, the CFPB issued a proposed rule that would extend implementation of both parts of its debt collection rule by 60 days — from November 30, 2021, to January 29, 2022. The debt collection rule, which we have discussed here in detail, addresses numerous topics related to debt collection, including debt collection call volume,
Mark Your Calendars: CFPB’s Debt Collection Final Rule is Set to Become Effective on November 30, 2021
On November 30, 2020, the Consumer Financial Protection Bureau (CFPB) published its debt collection final rule in the Federal Register. This is obviously a significant event because the rule is set to become effective one year after that milestone, which means that November 30, 2021, is a day we should all be circling on
CFPB Issues Final Debt Collection Rule; Bradley to Host Initial Webinar on November 5
On October 30, 2020, the Consumer Financial Protection Bureau (CFPB) finalized its long-awaited debt collection rule. The 653-page final rule addresses consumer communication, consumer disclosures, record retention, requirements related to the sale or transfer of debts, and communications with a deceased debtor’s estate. The rule will become effective one year after publication in the Federal
CFPB Plans to Publish Final Debt Collection Rules in October
On Thursday, July 2, the Consumer Financial Protection Bureau (CFPB) announced that it plans to publish final debt collection rules in October 2020. The final rules will be the first rules clarifying the nearly 40-year-old Fair Debt Collection Practices Act (FDCPA) and are expected to address a variety of topics including:
- Communications with borrowers;
- Guidance
Federal Reserve Acts to Bolster Auto Finance, Credit Card, Student Lending Industries
In an action somewhat lost amidst the unprecedented $2 trillion Coronavirus Aid, Relief, and Economic Security Act (CARES Act), the Federal Reserve’s Board of Governors announced a series of five “extensive new measures” to provide liquidity for certain sectors of the nation’s economy. One of those liquidity facilities, the reintroduced Term Asset-Backed Securities Loan Facility
Coronavirus Economic Stabilization Act of 2020: Implications for Consumer Financial Services
On Friday, President Trump signed the Coronavirus Economic Stabilization Act of 2020 (CARES Act). The significant legislation directs more than $2 trillion into fighting the COVID-19 pandemic and stimulating America’s economy for the duration of the pandemic. This blog summarizes some of the provisions that are most relevant to financial institutions that make or service
What Will COVID-19 Relief Look Like and How Will It Affect Financial Services Companies?
Both parties have recognized the need for significant and immediate relief to assist consumers and small businesses affected by COVID-19. On March 18, 2020, Rep. Maxine Waters (D-CA), the chairwoman of the House Financial Services Committee, released plans for responding to the COVID-19 pandemic. At this point, the plans are merely a high-level list of
Lessons from the CFPB’s First Remittance Transfer Rule Consent Order
In 2010, Congress amended the Electronic Funds Transfer Act (EFTA) by creating “a comprehensive system of consumer protections for money sent by U.S. consumers to individuals and businesses in foreign countries.” In 2013, the CFPB issued the Remittance Transfer Rule to implement the EFTA’s new requirements and updated its EFTA exam procedures to incorporate the
CFPB Extends the Comment Period for Proposed Debt Collection Rule in Response to Consumer Advocate and Industry Requests
The Consumer Financial Protection Bureau (CFPB) formally extended the comment period for its proposed debt collection rulemaking on Friday, August 2. Rather than requiring that all comments be submitted by August 19, 2019, anyone interested in submitting a comment now has an extra 30 days to do so. The official comment period for the debt
Does the New Debt Collection Rule Apply to First-Party Creditors?
Last November, Bradley’s Financial Services Perspectives team predicted that the Consumer Financial Protection Bureau’s (CFPB) then upcoming Notice of Proposed Rulemaking (NPRM) for the 
Fair Debt Collection Practices Act (FDCPA) might cause concern for first-party creditors. By way of background, the statutory scope of the FDCPA does not reach first-party creditors, instead applying only to