On October 1, 2021, the Consumer Financial Protection Bureau (CFPB) published a series of 27 Frequently Asked Questions covering the Fair Debt Collection Practices Act and Regulation F. Regulation F is effective on November 30, 2021.
On July 30, 2021 the Consumer Financial Protection Bureau announced that the two final rules (Regulation F) issued under the Fair Debt Collection Practices Act (FDCPA) will take effect as planned, on November 30, 2021. The CFPB issued a proposal in April 2021 that, if finalized, would have extended the effective dates to January 29, 2022. The CFPB has now determined that such an extension is unnecessary. Following this announcement, the CFPB will publish a formal notice […]
Massive revisions to the Fair Debt Collection Practices Act (FDCPA), and its implementing Regulation F, have been unfolding over the past few years. The final rule is effective on November 30, 2021, although the CFPB has proposed to extend the effective date to January 29, 2022. Many banks want to operate under the assumption that the FDCPA and Regulation F do not apply to their operations. We have steadfastly maintained that the law and regulation […]
Nearly 9 million households are behind on their rental payments. Tens of thousands of renters are being evicted every week, often without being told of their rights under the CDC moratorium. As the CDC has found, tenants who are evicted may end up homeless or in crowded or shared living settings, increasing their vulnerability to COVID-19 and the risk of the disease spreading throughout communities. Such evictions can have long-term health, financial, and social consequences […]
The CFPB has updated its Small Entity Compliance Guide for the Debt Collection Rule (Regulation F) to add the vastly expanded requirements of the December 2020 Final Rules. The CFPB recently issued a proposed revision to Regulation F to delay the effective date from November 30, 2021 to January 29, 2022.