Countdown to New Debt Collection Rules: Deadline November 30, 2021
The CFPB has confirmed that the two final rules issued under the Fair Debt Collection Practices Act (FDCPA) will become effective on November 30, 2021. These new rules affect both financial institutions and their third-party debt collectors. The first rule focuses on debt collection communications (i.e., phone, voicemail, email, texts, and social media). It increases consumers’ control over how often and by what means a collector can communicate with them.
The second rule clarifies the disclosures that must be provided to consumers at the beginning of collection communications. It also addresses the specific steps that must be taken to disclose the existence of a debt to the consumer before reporting it to a credit reporting agency. In addition, it prohibits collectors from threatening to sue on time-barred debt. This webinar will explain the compliance implications to your systems and procedures so you can prepare before the November 30 deadline.
Attendance certificate provided to self-report CE credits.
Explain the new rules regarding debt collection communications, such as voice messages, emails, texts, and social media
Observe the new call attempt restrictions – not more than seven times within seven days
Define the new term “limited-content message” and explain what information must (and must not) be included in such messages
Understand how and when collectors must contact the consumer before furnishing debt information to a credit reporting agency
Describe what qualifies as time-barred debt and how collectors must handle it
Implement sufficient oversight of in-house collectors and third-party debt collectors
CFPB’s small entity compliance guide for the debt collection rules
CFPB’s executive summary of the final rules
Employee training log
NOTE: All materials are subject to copyright. Transmission, retransmission, or republishing of any webinar to other institutions or those not employed by your financial institution is prohibited. Print materials may be copied for eligible participants only.
WHO SHOULD ATTEND?
This informative session will benefit loan officers at all levels, loan operations personnel, credit administration staff, collection personnel, compliance officers, attorneys, managers, and others involved in the collection process.
ABOUT THE PRESENTER – Elizabeth Fast, JD & CPA Spencer Fane LLP
Elizabeth Fast is a partner with Spencer Fane Britt & Browne LLP where she specializes in the representation of financial institutions. Elizabeth is the head of the firm’s training division. She received her law degree from the University of Kansas and her undergraduate degree from Pittsburg State University. In addition, she has a Master of Business Administration degree and she is a Certified Public Accountant. Before joining Spencer Fane, she was General Counsel, Senior Vice President, and Corporate Secretary of a $9 billion bank with more than 130 branches, where she managed all legal, regulatory, and compliance functions.
Live Webinar – $245
Recorded Webinar and Digital Download – $245 plus tax
Live Webinar, Recorded Webinar and Digital Download – $320 plus tax