The CFPB completed its Fair Debt Collection Practices Act rulemaking today with the release of Part II of its final collection rule.
Part II has three primary components dealing with validation notices, passive debt collection through negative reporting, and the collection of time-barred debt. Most notably, the provisions dealing with time-barred debt depart significantly from the Bureau's proposal.
We are reviewing the Bureau's 354-page release and will share our reactions to the final rule in future blog posts. We discussed the final rule during our webinar, "Part II of the CFPB's Final Collection Rule: What You Need to Know."
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