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ARTICLE · 12 NOVEMBER 2020

Consumer Financial Protection Bureau Issues Final Rule Implementing Fair Debt Collection Practices Act

Duane Morris LLP
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On October 30, 2020, the Consumer Financial Protection Bureau (CFPB) issued a final rule revising Regulation F, 12 CFR part 1006, which implements the federal Fair Debt Collection Practices Act...

United StatesFinance and Banking
Jonathan Petrakis
Jonathan Petrakis
Lynne E. Evans
Lynne E. Evans
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The rule becomes effective one year after it is published in the Federal Register.

On October 30, 2020, the Consumer Financial Protection Bureau (CFPB) issued 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 final rule expressly applies to “debt collectors,” but the changes may also be of interest to financial institutions and creditors if, for example, a state's definition of “debt collector” extends to creditors engaged in collection activities, the creditor voluntarily elects to adhere to the new standards and/or the creditor wants to know the rules that apply to their debt collection vendors.

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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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