Comments on the delay, which the bureau proposed to allow companies more time to comply with the rule due to the COVID-19 pandemic, are due May 19.
4/19/2021 11:30
The Consumer Financial Protection Bureau’s comment period on its proposal to delay the effective date of the final debt collection rule (Regulation F) from Nov. 30, 2021, to Jan. 29, 2022, is now open for 30 days.
The CFPB issued a Notice of Proposed Rulemaking (NPRM) to delay the effective date of the two-part final rule issued under the Fair Debt Collection Practices Act. It was published in the Federal Register April 19.
The proposed delay would allow stakeholders in the accounts receivable management (ARM) industry affected by the pandemic additional time to review and implement Reg F.
ARM industry participants can submit comments on the delay, identified by Docket No. CFPB-2021-0007 or RIN 3170-AA41, by or on May 19 using any of the following methods:
- Visit the federal eRulemaking Portal (http://www.regulations.gov), enter the docket number and follow the instructions for submitting comments, which are also available here.
- Email [email protected] and include Docket No. CFPB-2021-0007 or RIN 3170-AA41 in the subject line of the message.
- Mail or Deliver to: Comment Intake—Debt Collection Effective Date, Bureau of Consumer Financial Protection, 1700 G Street NW, Washington, D.C., 20552.
The first part of Reg F, issued in October 2020, focuses on communication issues as well as the model form validation notice, ACA previously reported for members.
The second part of Reg F, issued in December 2020, focuses on requirements regarding consumer disclosures, out-of-statute debt, and several other issues impacting the ARM industry, ACA previously reported.
Visit ACA’s online CFPB Reg F Resource Center for more information, including Reg F documents, news and archived ACA Huddle webinars. The CFPB also recently updated its Small Entity Compliance Guide with discussion on the Reg F requirements released in December 2020. ACA will provide additional updates on the guide in ACA Daily.