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Breaking News Member Alert: CFPB Finalizes Nov. 30 Effective Date for Reg F


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The CFPB had proposed delaying the original effective date by two months to allow additional time for supervised entities to comply, but decided the extension was unnecessary based on public comments.

8/1/2021 7:30

The Consumer Financial Protection Bureau’s original effective date of the final debt collection rule (Regulation F) has been finalized as Nov. 30, 2021.

In its proposal to delay the effective date, the CFPB stated that it proposed the extension in response to the ongoing “societal disruption” caused by the global COVID-19 pandemic and to allow stakeholders additional time to review and implement the rule.

However, in a news release on Friday, the CFPB said it has “now determined that such an extension is unnecessary” and that the public comments generally did not support an extension to Jan. 29, 2022.

“ACA appreciates that the bureau listened to concerns raised in our comments highlighting that the proposed delay would not effectively address any concerns raised about compliance burdens in the rule, and it did not align with actions taken by the bureau in response to the pandemic,” said ACA International’s Vice President and Senior Counsel of Federal Advocacy Leah Dempsey. “ACA recently met with the Small Business Administration Office of Advocacy to raise concerns about cost burdens for small businesses as a result of not knowing what the bureau’s plans were for a delay in the effective date. ACA also appreciates that the Office of Advocacy was willing to listen to our concerns.”

ACA’s comments to the CFPB on the proposed delay are available here.

The CFPB will consider additional guidance for debt collectors, including those that service mortgage loans, as necessary. The CFPB recognizes that mortgage servicers are expected to receive a potentially historically high number of loss mitigation inquiries in the fall as large numbers of borrowers exit forbearance and that, as a result, mortgage servicers in particular may face capacity constraints.  The CFPB will continue to work with all market participants to ensure a smooth and successful implementation.

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