New CFPB Debt Collection Final Rule: What Banks and Credit Unions Need to Know

Breaking: New CFPB privacy rules and what they mean for you. Learn what practices you need to update immediately.

The CFPB published a new Privacy Act implementation rule effective September 1. These changes focus on the role of theChief Privacy Officer and identity verification methods.You must understand the new directives quickly to ensure compliance.

In addition to becoming aware of these latest updates, you need to implement the Final Rule released on December 18, 2020, which continues to elude many financial institutions. This document defines how debt collection can take place with consumers, reinforcing and interpreting the requirements of the Fair Debt Collection Practices Act (FDCPA) and the Privacy Act of 1974.

• What is the purpose of the FDCPA?
• How will the CFPB Final Rule affect your ability to collect debt?
• What is considered consumer debt?
• What new developments in debt collection should you incorporate?
• How does the September 1 rule affect your institution?
• What steps must you take to protect consumer privacy?