The delay is proposed to allow companies more time to comply with the rule due to the COVID-19 pandemic.
The Consumer Financial Protection Bureau is proposing to delay the effective date of the final debt collection rule (Regulation F) from Nov. 30, 2021, to Jan. 29, 2022.
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 will be available for comment after publication in the Federal Register.
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.
“ACA is reviewing the NPRM,” said Vice President and Senior Counsel of Federal Advocacy Leah Dempsey. “The proposed two-month delay would allow members’ more time to continue their compliance plans.”
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.
The NPRM will be available for comment for 30 days following publication in the Federal Register.
Visit ACA’s online CFPB Reg F Resource Center for more information, including Reg F documents, news and archived ACA Huddle webinars.