Spotlight on CFPB’s Final Debt Collection Rule (Reg F)
The CFPB announced its long-awaited final debt collection rule, amending Reg F, which implements the FDCPA and governs activities of debt collectors. With the rule going into effect November 30, 2021, learn how LiveVox is helping both creditors and debt collectors alike prepare their operations for the upcoming changes with the helpful resources and solutions below.
The final debt collection rule addresses, among other things, communications in connection with debt collection, as well as requirements for certain consumer-facing debt collection disclosures. However, with the new requirements also come new questions. Check out our recent Q&A to better understand the ruling and how it may impact your operations.
Join us Wednesday, Jan. 20th at 1pm ET as our industry experts meet again to discuss the second part of the CFPB’s ruling that was announced on December 18th. Part II focuses on three key issues including time-barred debt, passive debt collection, and most notably, validation notices. Register here for our webinar as we provide an in-depth look at the ruling and how ARM leaders can prepare.
The new requirements from the CFPB are designed to address concerns about debt collection communications. These rules apply to calling customers, but now for the first time ever, the CFPB has also issued rules around email and SMS. We'll cover how the new regulations impact you, what you need to do about them, and how LiveVox can help you strategize and execute for success. Download eBook.
A report from a five-member Consumer Financial Protection Bureau task force recommends Congress create a charter for nonbanks that requires the companies to follow the same rules as banks. The CFPB is tasked with protecting consumers and could oversee the charter because the Office of the Comptroller of the Currency's interest appears to favor protecting national bank charters, the task force said in a report.
Banks are calling on the Office of the Comptroller of the Currency to abandon its proposed "fair access" rule, which would oblige them to deal with industry sectors such as fossil fuels, prisons and firearms that could potentially harm their reputations. Meanwhile, several US states are suing the OCC over its "true lender" rule, which they say will negate their ability to clamp down on unfair lending rates.
The Office of the Comptroller of the Currency has determined that Wells Fargo improved its anti-money-laundering compliance program and released it from a 2015 consent order, according to the bank. Wells Fargo remains under a 2018 consent order from the OCC over sales of mortgage and auto insurance products.
Consumer Financial Protection Bureau Director Kathy Kraninger says the agency will issue guidance on how banks can serve consumers with limited English proficiency. The guidance will be released in the next few weeks, Kraninger said.
LiveVox is a next-generation contact center platform that powers more than 14 billion interactions a year. We seamlessly integrate omnichannel communications, CRM, and WFO to deliver exceptional agent and customer experiences, while helping to reduce compliance risk. Our reliable, easy-to-use technology enables effective engagement strategies on channels of choice to drive performance in the contact center. To learn more, visit our site.
About this email: SmartBrief will occasionally
send emails from our business partners promoting products and services likely to
be of interest to our readers. The content of these messages does not necessarily reflect
the view of SmartBrief or its association partners.