CFPB updates validation info in debt collection rule guidance

Guidance documents to help institutions understand their compliance requirements under federal rules implementing the Fair Debt Collection Practices Act (FDCPA), in particular, the rule’s validation requirements, have been updated by the Consumer Financial Protection Bureau, the agency said Friday.

The bureau said the updates include a “complete and accurate” Spanish translation of the model validation notice; an update to frequently asked questions (FAQs) addressing use of the model validation notice and the validation information special rules for certain residential mortgage debts; and a table on certain required validation information.