CFPB Final Rule
This is a link directly to the PDF version of the final rule which, among other things, clarifies the information we must provide a consumer at the outset of our communications with them, provides a model validation notice (a direct link to the notice is below), and gives the requirements we must take before furnishing information about the consumer to a consumer reporting agency.
• consumerfinance.gov/documents/9423/cfpb_debt-collection_final-rule_2020-12.pdf
• Consumer Financial Protection Bureau Final Rule Debt Collection Practices (Regulation F)
Why we need your cooperation
This excellent article from insideARM® explains why the new CFPB Regulation F matters to you, as our creditor-client.
• insidearm.com/news/00047743-without-creditor-cooperation-debt-collect/
Impacts to Traditional Collections
Model Validation Notice
This links directly to a PDF version of the model validation notice as provided in the above referenced Final Rule. This is the initial notice we must send a consumer when you place their account for collections.
• consumerfinance.gov/documents/9420/cfpb_model-validation-notice_2020-12.pdf
Itemization Table
This links directly to a PDF guidance document from the CFPB that focuses on the itemization table and the data required to complete it.
• files.consumerfinance.gov/f/documents/cfpb_debt-collection_disclosing-the-MVN-itemization-table.pdf
The following videos from industry experts explain more about the itemization date and information we must provide in the validation notice
Consumer Education
This is the link we are required to include in our Validation Notice to the consumer education site provided by the CFPB. This site serves to help educate consumers regarding their rights.
• consumerfinance.gov/consumer-tools/debt-collection/
Telephone Attempts and Contact Limitations
The following video from industry experts explains more about the telephone attempts and contact limits that will be imposed on collection agencies under Regulation F. This is frequently called the 7-in-7 Rule.
Debt Collection Rule FAQs
These FAQs were answered by the CFPB as a Compliance Aid to present the rules “in a manner that is useful for compliance professionals, other industry stakeholders, and the public.”
Digital Communication
The following video from industry experts explains more about texting and email consent tracking. It is extremely important that you communicate to us when a consumer communicates directly to you consent or revocation of consent for texting and/or email.
RegF Questions?
If you have additional questions about RegF, how it affects collection of your accounts, information we need from you, or anything else RegF-related, please email us regf@fcscollects.com.