Jeffrey P. Naimon quoted in American Banker article, “PNC, KeyCorp upgrade collections tech as CFPB deadline nears”
American BankerJeffrey P. Naimon
The American Banker article, “PNC, KeyCorp upgrade collections tech as CFPB deadline nears,” explored how some banks have already shifted their collection practices from phone calls and letters to text an email in advance of certain Consumer Financial Protection Bureau rules set to take effect on November 30. Naimon noted that, even though the new rules do not apply to creditors, or first-party collectors of debt, “banks and other creditors have for decades used the Fair Debt Collection Practices Act as guidance for how they engage in their own collections. My strong expectation is that banks will be largely following the substantive rules created in the rulemaking.”
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