CFPB Seeks Covid Delay for Debt Collection Rules’ Effective Date

The Consumer Financial Protection Bureau proposed pushing back the effective date of its debt collection rules by two months, giving collection agencies affected by the coronavirus pandemic more time to prepare.

The first-ever regulations for the collections industry, which were set to take effect later this year on Nov. 30, set limits on how many times agencies can contact debtors and require heightened disclosures.

“The proposed delay would allow stakeholders affected by the pandemic additional time to review and implement the rules,” the CFPB said in a statement Wednesday.

The proposal, which seeks to set the effective date on ...