2023 Compliance Trends: Staying Ahead in an Evolving Regulatory E...
Credit unions will face a complex and busy regulatory compliance environment in 2023. With a major r ...
Read Full Article 
2023 Tax Calendar
VIEWpoint Issue 2 | 2022
Inflation Reduction Act: Highlights of Key Changes for You and Yo...
HUD Strengthens the Effects Test
President Biden’s Proposed Budget Includes Notable Tax Provis...
IRS Issues Another Warning Against Employee Retention Credit Scam...
John Zasada, Compliance Consulting Director, Financial Institutions Group
On Dec.18, 2020, the Consumer Financial Protection Bureau (CFPB) issued a final rule on disclosures required by the Fair Debt Collection Practices Act (FDCPA). The 354-page final rule clarifies the information a debt collector must provide to a consumer at the outset of debt collection communications and a model validation notice containing such information.
It also addresses consumer protection concerns related to passive collections (i.e., the practice of furnishing information about a debt to a consumer reporting agency before communicating with the consumer about the debt) and the collection of debt beyond the statute of limitations (i.e., time-barred debt). The rule goes into effective Nov. 30, 2021.
This is the second final rule issued by the CFPB on the FDCPA. Back on Oct. 30, 2020, the CFPB issued a 653-page FDCPA final rule, which prescribed rules governing the activities of debt collectors.
For more information on how this new rule may impact your credit union, please contact Doeren Mayhew’s regulatory specialists.
A quick registration is required to view our resources.
You will only be asked to do this one time (unless you don't save your browser cookies).