Following its multi-year rulemaking process, the Consumer Financial Protection Bureau (CFPB) today released its long-awaited rules regarding debt collection acts and practices under the Fair Debt Collection Practices Act. Coming in at over 600 pages, the rules and associated commentary touch on many areas critical for the collection industry and consumers, with a particular focus on communication practices. The rules will be effective one year after publication in the Federal Register, giving industry participants an opportunity to adjust their practices.
Additional insights will follow as the team at Mac Murray & Shuster reviews this industry-changing regulation.
