CFPB Adopts Long-Awaited Rules On Debt Collection Industry
By Jon Hill (October 30, 2020, 10:22 PM EDT) -- The Consumer Financial Protection Bureau on Friday issued a massive package of finalized regulations for the debt collection industry, clarifying standards for the use of text messages and other digital channels to contact consumers and pivoting from an earlier plan for "bright-line" limits on phone calls.
The CFPB's highly anticipated regulations are the first-ever issued to implement the Fair Debt Collection Practices Act, a four-decade-old federal law intended to curb abuses in debt collection, and are part of a long-running project at the agency to update the regulatory regime governing the $12.7 billion industry.
"With the vast changes in communications since...
Stay ahead of the curve
In the legal profession, information is the key to success. You have to know what’s happening with clients, competitors, practice areas, and industries. Law360 provides the intelligence you need to remain an expert and beat the competition.
Access to case data within articles (numbers, filings, courts, nature of suit, and more.)
Access to attached documents such as briefs, petitions, complaints, decisions, motions, etc.
Create custom alerts for specific article and case topics and so much more!