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CFPB Says No Delay Needed for Federal Debt Collection Rules

July 30, 2021, 8:04 PM

The Consumer Financial Protection Bureau will let federal debt collection rules take effect as scheduled in the fall after determining that the industry is ready to comply with the regulations.

The regulations, which allow debt collectors to use email and text communications but set limits on how often they contact individuals, will take effect on Nov. 30, the CFPB said Friday in a statement.

The bureau in April proposed giving debt collectors until late January to comply with the new regulations, in part due to concerns that the coronavirus pandemic made it harder for them to prepare.

“The public ...

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