ACA provided a high-level overview of components of part two of the bureau’s rule released Dec. 18 and a preview of what’s to come in education on the bureau’s requirements when the series continues Jan. 5. Editor’s note: This article is available for members only.
12/21/2020 12:00
As expected, the Consumer Financial Protection Bureau released part two of its final rule on debt collection this month and ACA International is working on detailed education for members to present in the ACA Huddle CFPB Rule Series Part Two.
CEO Mark Neeb, Vice President and Senior Counsel of Federal Advocacy Leah Dempsey, Corporate Counsel Colin Winkler, Vice President of Legal and General Counsel Issa Moe and Mike Frost, partner at Malone Frost Martin PLLC, presented an initial overview of part two of the rule and answered members’ questions in Monday’s webinar sponsored by Neustar and Ontario Systems.
As with part one, ACA members’ comments to the CFPB played a significant role in shaping the final rule, Dempsey explained.
“This is an important step forward and we’re going to continue to seek additional clarity at the bureau,” she said.
Part two of the rule is 354 pages, with 15 pages of new rule material and 18 new pages of official interpretations as well as a summary, analysis and background from the bureau.
The Dec. 18 webinar covered model disclosures in the rule, credit furnishing, out-of-statute debt and decedent debt.
Part two will take effect on Nov. 30, 2021—the same date as part one of the rule.
Winkler noted that until the effective date, the FDCPA and other applicable law will continue to govern the industry; however the safe harbors in the rule do not take effect until Nov. 30, 2021.
Among all the components of part two of the rule, of note is that the bureau provided more detail on credit reporting and out-of-statute debt requirements in response to ACA’s comments.
See ACA’s chart on part two of the rule for a comparison between ACA’s requests and the bureau’s final rule language.
ACA Huddle CFPB Rule Series Webinars Continue
ACA’s panel of experts continues to review the comprehensive rule and will be providing detailed analysis and compliance resources throughout this series of complimentary webinars, which continues at 11 a.m. CST Jan. 5. Log on to acainternational.org and select My ACA to subscribe to Member Alerts under email subscriptions.
The next ACA Huddle as part of the series, The Rule is Final: Where Do We Go From Here at the CFPB and in Congress?, will feature Dempsey, Mark Brennan, lead innovation partner at Hogan Lovells, Ryan Donovan, chief advocacy officer at the Credit Union National Association and Jane Luxton, partner at Lewis Brisbois Bisgaard & Smith LLP, in a discussion on how the rule intersects with congressional activity on Capitol Hill.
Read more on all the upcoming webinars and register here.
Members interested in ongoing education through ACA should consider the All Access Training Zone, which gives users full access to all of ACA’s webinars and webinar recordings.
With a full year you can get training for just $999, $1,499 or $1,999 (price varies on location size).
Learn more and check out our upcoming education in January here.
Thank you to the sponsors of the ACA Huddle CFPB Rule Series, Neustar and Ontario Systems.