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Financial Services Law Insights and Observations

CFPB officially withdraws extension of compliance date for debt collection rules

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

Federal Issues

On September 1, the CFPB published a proposal in the Federal Register to withdraw its proposed rule that would have extended the effective date of its final rules amending Regulation F, which implements the FDCPA. As previously covered by InfoBytes, in April, the Bureau proposed delaying the effective date by 60 days to provide affected parties additional time to comply due to the ongoing Covid-19 pandemic. However, the Bureau determined that an extension is unnecessary and will publish a formal notice in the Federal Register, withdrawing the April notice of proposed rulemaking (covered by InfoBytes here). According to the Bureau, industry comments generally did not support an extension, and “[m]ost industry commenters stated that, despite the pandemic, they would be prepared to comply with the Debt Collection Final Rules by November 30, 2021.”

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