A summary of the October 2020 debt collection rule regarding communications between collectors and debtors is provided in a small-entity compliance guide released by the federal consumer financial protection agency Friday.
The Consumer Financial Protection Bureau (CFPB) said the guide summarizes the October 2020 final rule amending Regulation F to implement most of the Fair Debt Collection Practices Act’s (FDCPA) most substantive provisions. Those include, the bureau said, provisions that generally restate the FDCPA’s prohibitions and requirements. “Section 2 provides a summary that highlights the October 2020 Final Rule’s key interpretations and clarifications of the FDCPA,” the bureau stated.
The debt collection rule takes effect Nov. 30, 2021, the guide notes. It applies to attempts to communicate, communications, and other conduct by debt collectors occurring on or after that date, regardless of when the underlying debt was incurred.