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CFPB Finishes Disclosure-Focused Regs For Debt Collectors
Law360 (December 18, 2020, 11:17 PM EST) -- The Consumer Financial Protection Bureau on Friday released a second, disclosure-focused debt collection rulemaking package that includes an approved template for debt validation notices and drops a provision that consumer advocates argued would weaken protections around time-barred debt.
The final rule concludes the CFPB's years-long project to craft the first-ever regulations implementing the Fair Debt Collection Practice Act, a more than four-decade-old federal law that governs the nearly $13 billion debt collection industry, and ties up loose ends from an October rules package that, among other things, spelled out how collectors can use texts, email and voicemail to contact consumers....