“On November 30, 2021, the Consumer Financial Protection Bureau’s (“CFPB’s”) much-anticipated Debt Collection Rule (the “Rule”) will take effect. The (“Rule”), which interprets the federal Fair Debt Collection Practices Act (the “FDCPA”), attempts to clarify how debt collectors can use new communication technologies and expands the information debt collectors must provide at the outset of their debt collection efforts. Additionally, the Rule prohibits debt collectors from threatening litigation or bringing suit on time-barred debts, eliminates the practice of passive debt collection through credit reporting, and imposes document retention requirements.”
Click here for a summary of the new Rule
