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ARTICLE · 26 FEBRUARY 2021

Consumer Financial Protection Bureau Issues Disclosure-Focused Final Rule On Fair Debt Collection Practices Act

Duane Morris LLP
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The final rule clarifies the information that must be provided to the consumer at the outset of debt collection communications regarding the debt and the consumer's rights.

United StatesFinance and Banking
Michael Zullo
Michael Zullo
Lynne E. Evans
Lynne E. Evans
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The final rule clarifies the information that must be provided to the consumer at the outset of debt collection communications regarding the debt and the consumer's rights.

On December 18, 2020, the Consumer Financial Protection Bureau (CFPB) issued the second of two parts of a final rule revising Regulation F, 12 CFR part 1006, which implements the federal Fair Debt Collection Practices Act, 15 U.S.C. 1692, et seq. (FDCPA). The CFPB issued the first part of the final rule revising Regulation F on October 30, 2020. Our previous  Alert provides a summary of key changes from the prior issuance.

There are several key changes that debt collectors, creditors and financial institutions should note. As further detailed below, the rule:

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Disclaimer: This Alert has been prepared and published for informational purposes only and is not offered, nor should be construed, as legal advice. For more information, please see the firm's full disclaimer.

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