CFPB Scraps Proposal To Delay Debt Collection Rules

By Jon Hill (July 30, 2021, 8:14 PM EDT) -- The Consumer Financial Protection Bureau said Friday that it has decided to move forward with implementation of its Trump-era debt collection rules later this year as originally planned, scrapping a proposed delay while not ruling out more substantive changes in the future.

An April proposal from the CFPB had floated the possibility of a 60-day delay for the agency's comprehensive new debt collection rules, which were issued late last year under former Director Kathleen Kraninger, a Trump appointee, and were set to take effect in late November.

The delay was pitched as a way to give industry more time to prepare...

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