CFPB Compliance Deadline: Qualified Mortgage Definition 2021 | National Association of Federally-Insured Credit Unions (NAFCU) | 30 November 2021 | Webinar

On October 30, 2020, the Consumer Financial Protection Bureau (CFPB or Bureau) issued a final rule to amend Regulation F, which implements the Fair Debt Collection Practices Act (FDCPA). The final rule applies only to third-party debt collectors, as defined by the FDCPA. The rule, in part, clarifies the time, place and manner on how a debt collector may communicate with a consumer. The rule also creates call frequency restrictions. Under the rule, debt collectors may communicate through email, text message and social media so long as the consumer has been given the opportunity to opt-out. Debt collectors may only communicate via social media through direct messaging. A separate rulemaking is expected regarding required disclosures and a model time-barred debt notice.