FFIEC revises fair debt collection rule exam procedures

Revisions to interagency examination procedures for the Fair Debt Collection Practices Act (FDCPA) and its implementing regulation (Regulation F) were released jointly Thursday by federal banking regulators under the umbrella Federal Financial Institutions Examination Council (FFIEC) Task Force on Consumer Compliance, a banking agency announced.

A bulletin (2022-26) from the Office of the Comptroller of the Currency (OCC) said the revisions incorporate the Consumer Financial Protection Bureau’s (CFPB) 2020 and 2021 fair debt collection final rule that took effect Nov. 30, 2021.

With these changes, the OCC said it is rescinding the “Fair Debt Collection Practices Act” section of the “Other Consumer Protection Laws and Regulations” booklet of the Comptroller’s Handbook. OCC examiners will rely on the interagency procedures, it said.

The OCC bulletin said the revisions address the following:

  • determinations of whether a bank is a debt collector under the FDCPA and Regulation F;
  • prohibitions on certain communications with consumers in connection with debt collection;
  • requirements for a reasonable and simple method that consumers can use to opt out of additional communications and attempts to communicate;
  • prohibited practices of a debt collector to not harass, oppress, or abuse any person in connection with the collection of a debt.