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Financial Services Law Insights and Observations

CFPB further extends comment period for proposed rulemaking on time-barred debt disclosures

Agency Rule-Making & Guidance CFPB Debt Collection FDCPA Covid-19

Agency Rule-Making & Guidance

On May 19, the CFPB announced a further extension to the comment period on its Supplemental Notice of Proposed Rulemaking (NPRM) related to time-barred debt disclosures (covered by a Buckley Special Alert). The NPRM, issued in February, would amend Regulation F, which implements the FDCPA, to require debt collectors to make certain disclosures when collecting time-barred debts. Due to challenges created by the Covid-19 pandemic, the June 5 deadline has been extended until August 4.

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