Lessons Learned from the FDCPA Collection Rule Changes
After This Webinar You’ll Be Able To:
- Explain the new rules regarding debt collection communications, such as voice messages, emails, text messages, and social media
- Understand how to properly adhere to the new call attempt restrictions of not more than seven times within seven days
- Determine how and when collectors must contact the consumer before furnishing debt information to a credit reporting agency
- Explain what qualifies as time-barred debt and how collectors must handle it
- Identify what the CFPB has indicated are some of the biggest problems
Webinar Details
Over a year ago, the CFPB implemented two rounds of major changes to the Fair Debt Collection Practices Act which affected all financial institutions and their third-party debt collectors. These changes covered the consumer’s control over how often and by what means you can communicate with them, the proper use of newer communication methods (i.e., mobile phone, voicemail, email, text messages, and social media), the limitation on collection efforts to not more than “7 times within 7 days,” the required use of a “limited-content message” when leaving messages in certain situations, and the restrictions on attempting to collect time-barred debt. This program will explore the problems financial institutions have encountered under these new rules and the lessons learned.
Who Should Attend?
This informative session is directed to all loan officers, loan operations personnel, credit administration personnel, collection staff, compliance officers, attorneys, managers, and others involved in the collection process.
Take-Away Toolkit
- CFPB’s Fair Debt Collection Practices Act Examination Procedures (updated December 2022)
- CFPB’s Small Entity Compliance Guide for the Debt Collection Rules
- Employee training log
- Interactive quiz
- PDF of slides and speaker’s contact info for follow-up questions
- Attendance certificate provided to self-report CE credits
NOTE: All materials are subject to copyright. Transmission, retransmission, or republishing of any webinar to other institutions or those not employed by your institution is prohibited. Print materials may be copied for eligible participants only.
Presenter
Elizabeth Fast, JD, CPA — Spencer Fane LLP
Elizabeth Fast is a partner with Spencer Fane LLP where she specializes in the representation of financial institutions. Fast 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.
Registration Options
- $279 – Live Webinar Access
- $279 – OnDemand Access + Digital Download
- $379 – Both Live & On-Demand Access + Digital Download
