CFPB Adopts Long-Awaited Rules On Debt Collection Industry

Law360 (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...

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