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CFPB Issues Final Debt Collection Rule; Bradley to Host Initial Webinar on November 5

By Lee Gilley, J. Riley Key & Jonathan R. Kolodziej on October 30, 2020
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CFPB Issues Final Debt Collection Rule; Bradley to Host Initial Webinar on November 5On October 30, 2020, the Consumer Financial Protection Bureau (CFPB) finalized its long-awaited debt collection rule. The 653-page final rule addresses consumer communication, consumer disclosures, record retention, requirements related to the sale or transfer of debts, and communications with a deceased debtor’s estate. The rule will become effective one year after publication in the Federal Register. While this rule is a significant step, the CFPB indicated that it is not yet done with its debt collection related rulemaking and intends to issue a “disclosure-focused” rule in December 2020. The disclosure-focused rule will clarify certain disclosure obligations, consumer reporting obligations, and the collection of time-barred debt.

Bradley is currently reviewing the final rule and plans to discuss various aspects of the rule in a series of upcoming blog posts and webinars. Bradley attorneys will host the first of these webinars titled “Introduction to the CFPB’s Debt Collection Final Rule” on November 5 from 1-2 p.m. EST.

Photo of Lee Gilley Lee Gilley

Lee Gilley focuses on representing financial institutions and mortgage companies in a variety of litigation and compliance matters, including title insurance recovery cases, compliance with the National Mortgage Settlement, general regulatory compliance, and government investigations. View articles by Lee

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Photo of J. Riley Key J. Riley Key

Riley Key works with financial services clients across the country facing regulatory and enforcement challenges related to obligations imposed by the CFPB, as well as various other federal and state laws. Specifically, Riley helps clients navigate compliance with the Mortgage Servicing Final Rules…

Riley Key works with financial services clients across the country facing regulatory and enforcement challenges related to obligations imposed by the CFPB, as well as various other federal and state laws. Specifically, Riley helps clients navigate compliance with the Mortgage Servicing Final Rules in Regulations X and Z and the TILA-RESPA Integrated Disclosure Rule, as well as a host of federal and state regulations, including TILA, RESPA, FDCPA, FCRA, and ECOA. View articles by Riley.

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Photo of Jonathan R. Kolodziej Jonathan R. Kolodziej

Jonathan Kolodziej is an associate in the Birmingham office where he is a member of the firm’s Financial Services Litigation and Compliance Team. Jonathan’s practice focuses on representing financial institutions and mortgage companies as they implement, and demonstrate compliance with new and existing…

Jonathan Kolodziej is an associate in the Birmingham office where he is a member of the firm’s Financial Services Litigation and Compliance Team. Jonathan’s practice focuses on representing financial institutions and mortgage companies as they implement, and demonstrate compliance with new and existing federal and state laws. In this role he helps clients assess the impact of new rules and regulations and adapt to changes in the regulatory environment. View articles by Jonathan

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  • Posted in:
    Financial
  • Blog:
    Financial Services Perspectives
  • Organization:
    Bradley Arant Boult Cummings LLP
  • Article: View Original Source

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