Banking Law News

CFPB Debt Collection Rule Could Bring Sigh of Relief for Industry

April 18, 2019, 9:30 AM

The Consumer Financial Protection Bureau is soon expected to propose debt collection rules that will likely have a much lighter touch on the industry than previously planned.

Director Kathy Kraninger said April 17 the CFPB will release a new proposal in the “coming weeks” that focuses on how “to better enable the use of modern communications technology in collections activity.”

Attorneys say the expected focus on content that can be used in debt collection efforts as well as consumer disclosures is far narrower than the 2016 rule outline that also included limits on debt collection firms’ contacts with consumers and...

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