CFPB Proposes 60-Day Extension For Debt Collection Rules

Law360 (April 7, 2021, 6:26 PM EDT) -- The Consumer Financial Protection Bureau is looking to give the nation's debt collectors 60 extra days to comply with two rules issued last year that impose new disclosure and communications requirements on them, according to a proposal issued Wednesday.

The regulator said it wants to extend the effective date of both rules from Nov. 30, 2021, to Jan. 29, 2022, in light of the COVID-19 pandemic. Both rules were issued under the Fair Debt Collection Practices Act.

"The proposed delay would allow stakeholders affected by the pandemic additional time to review and implement the rules," the regulator said.

The first rule,...

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