Comments due: CFPB (proposed rule; debt collection practices)
The Bureau of Consumer Financial Protection (Bureau) has extended the comment period on this proposal (previously set for Aug. 19). The bureau proposes to amend Regulation F, 12 CFR part 1006, which implements the Fair Debt Collection Practices Act (FDCPA) and currently contains the procedures for state application for exemption from the provisions of the FDCPA. The proposal would amend Regulation F to prescribe federal rules governing the activities of debt collectors, as that term is defined in the FDCPA. The proposal would, among other things, address communications in connection with debt collection; interpret and apply prohibitions on harassment or abuse, false or misleading representations, and unfair practices in debt collection; and clarify requirements for certain consumer-facing debt collection disclosures. The bureau also proposes that the effective date of the final rule would be one year after the final rule is published in the Federal Register.