American Financial Services Association

The CFPB Debt Collection Rule: Compliance Considerations

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The CFPB Debt Collection Rule: Compliance Considerations

AFSA is pleased to announce that Carissa Robb, President & COO with Constant and Frank Veneziano, President with Robertson, Anschutz, Schneid, Crane & Partners, PLLC will join us at the 2021 Independents Conference & Expo to discuss the Consumer Financial Protection Bureau (CFPB) Debt Collection Rule and how it will affect members’ compliance programs.

The CFPB has issued its first of two anticipated final rules on debt collection. While the rule is based on the Fair Debt Collection Practices Act, its scope is limited to third-party debt collectors. Nevertheless, this rule has important effects on creditors. Creditors will be obliged to monitor the debt collectors they engage for compliance with this rule, although it is not applicable to creditors directly. Also, there are open questions about how the CFPB will use its UDAAP authority in the area of debt collection in the future.

Get more information on the conference at independents.afsaonline.org.

 

April 29th, 2021 by