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CFPB Confirms Effective Date for Debt Collection Final Rules
(Reprint from CFPB, July 30, 2021) The Consumer Financial Protection Bureau (CFPB) today announced two final rules under the FDCPA will take effect in November. The first rule, issued in October 2020, focuses on debt collection communications and clarifies the FDCPA’s prohibitions on harassment and abuse, false or misleading representations, and unfair practices by debt collectors when collecting consumer debt. The second rule, issued in December 2020, clarifies disclosures debt collectors must provide to consumers at the beginning of collection communications. The second rule also prohibits debt collectors from suing or threatening to sue consumers on time-barred debt. Additionally, the second rule requires debt collectors to take specific steps to disclose the existence of a debt to consumers before reporting information about the debt to a consumer reporting agency.
The CFPB proposed extending the final rules’ effective date by 60 days to allow stakeholders affected by the COVID-19 pandemic additional time to review and implement the rules. The public comments generally did not support an extension. Most industry commenters stated that they would be prepared to comply with the final rules by November 30, 2021. Although consumer advocate commenters generally supported extending the effective date, they did not focus on whether additional time is needed to implement the rules. The alternative basis for an extension that many commenters urged, a reconsideration of the rules, was beyond the scope of the NPRM and could raise concerns under the Administrative Procedure Act. Nothing in this decision precludes the CFPB from reconsidering the debt collection rules at a later date.

The CFPB is committed to informing consumers about their rights and protections under the rules and assisting debt collectors in implementing them. Consumer education materials on debt collection and resources to help debt collectors understand, implement, and comply with the rules are available through consumerfinance.gov.
The CFPB will consider additional guidance for debt collectors, including those that service mortgage loans, as necessary. The CFPB recognizes that mortgage servicers are expected to receive a potentially historically high number of loss mitigation inquiries in the fall as large numbers of borrowers exit forbearance and that, as a result, mortgage servicers in particular may face capacity constraints. The CFPB will continue to work with all market participants to ensure a smooth and successful implementation.

Debt Collection Rule FAQs

(reprint from CFPB website)  The questions and answers below pertain to compliance with the Debt Collection Rule.

This is a Compliance Aid issued by the Consumer Financial Protection Bureau. The Bureau published a Policy Statement on Compliance Aids, available here, that explains the Bureau’s approach to Compliance Aids.
Read more…..
Topics

• Limited-Content Messages
• Telephone Call Frequency
• Telephone Call Frequency: Presumptions
• Telephone Call Frequency: Excluded Calls
• Telephone Call Frequency: Rebutting the Presumptions

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Every day financially distressed neighbors are hounded and bullied by debt collectors.  Many, if not most, use illegal procedures to collect debts, that may not even be collectable.
Consumer Financial Protection Bureau “CFPB”, was established to police banks, lenders, car dealers, payday lenders, student loans, banks, and many more.  They focus on those who try to take advantage of people who don’t know their rights in dealing with unscrupulous businesses.
Unfortunately, the Trump administration gutted CFPB, but the good news is “they’re back”.  Every week there is a new announcement of CFPB pursuing those who think they can ignore the law.  The above article focuses on one of those groups – debt collectors.  The new rules limit what they can do and the consequences of their bad behavior.  But, in order for this to be successful, you have to be part of the process.  If you do not report bad actors to both the CFPB and FTC (Federal Trade Commission), then the bad actors will continue to abuse others.  Stand up and be heard.

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Diane and Jay are an absolutely phenomenal professional team. Bankruptcy is not an easy undertaking and there is a lot of paperwork you have to gather before filing so be prepared and do not get annoyed because Diane and Jay will guide you every step of the way. Try looking at it as a valuable learning experience to get you back on the right track to financial stability. They answered all our questions patiently and thoroughly explained the legal processes and what we could expect so there were no surprises. Her website is a fantastic reference for both clients and attorneys. Spend some time reviewing it and you’ll be convinced that she is the right attorney for you. From your first call to Diane you will immediately see that she is compassionate in understanding your situation and will feel confident that she is the right attorney to proceed with. Keep in mind that she has been specializing in bankruptcy’s for about 30 years and is held in high esteem within the court system. Her fees are very reasonable and her Yelp review page says “discounts available” which we found to be true as my spouse and myself are both veterans and we originally connected with Diane through a link upon another link within the VA Weekly Newsletter. We highly recommend Diane and Jay and are most grateful for all the kindness and respect they showed us in handling our case to completion. T.D. and R. I.
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A continuación se muestra una actualización del Programa de Fideicomisarios de los Estados Unidos con respecto al Programa de Asistencia de Emergencia para el Alquiler a partir de septiembre de 2021. Esta información se refiere al alivio de la pandemia de COVID-19 tanto para inquilinos como para propietarios. Es posible que pueda aprovechar las opciones para mantener el control de su propiedad y su situación financiera.
Si usted es un inquilino y está teniendo problemas para pagar el alquiler o es un propietario que ha dejado de devengar ingresos de alquiler debido a los retos presentados por la pandemia de COVID-19, podría recibir ayuda. Por medio de fondos provenientes del programa de Asistencia de Emergencia para el Alquiler (ERA por sus siglas en inglés) del Departamento del Tesoro de EE.UU., existe un sinnúmero de programas locales y estatales que brindan ayuda, incluso asistencia financiera, a aquellas personas que estan luchando para llegar a fin de mes. A continuación encontrará los enlaces para recibir más información sobre el programa ERA en su región, incluyendo cómo funciona y quién puede recibir ayuda, al igual que otra información importante que podrá ayudarle a superar estos momentos difíciles. El programa ERA puede variar según la región, ya que los estados tienen la flexibilidad de adecuar los programas a las necesidades de sus comunidades locales.
Para obtener más información sobre los programas de asistencia, visite: https://www.consumerfinance.gov/es/coronavirus/asistencia-hipotecas-y-viviendas/
Para los enlaces del programa ERA en su región, visite: https://www.consumerfinance.gov/es/coronavirus/asistencia-hipotecas-y-viviendas/protecciones-arrendatarios/encuentre-ayuda-para-pagar-renta-y-servicios/
Para encontrar respuestas sobre las preguntas más frecuentes, visite:
Para los inquilinos: https://www.consumerfinance.gov/es/coronavirus/asistencia-hipotecas-y-viviendas/protecciones-arrendatarios/asistencia-de-emergencia-a-inquilinos/
Para los propietarios (en inglés): https://www.consumerfinance.gov/coronavirus/mortgage-and-housing-assistance/help-for-landlords/
Para hablar sin costo alguno con un asesor de vivienda aprobado por el Departamento de Vivienda y Desarrollo Urbano sobre sus opciones, un plan de acción o ayuda para solicitar la asistencia de emergencia para el alquiler, llame al (800) 569-4287 o visite (en inglés) https://www.consumerfinance.gov/find-a-housing-counselor/.
 
For the english version, click here.
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Below is an update from the United States Trustee Program regarding the Emergency Rental Assistance Program as of September 2021. This information is regarding COVID-19 pandemic relief for both renters and landlords. You may be able to take advantage of options to keep you in control of your property and your financial situation.
“If you are a renter having trouble paying your rent or a landlord who has lost rental income due to challenges presented by the COVID-19 pandemic, help may be available. Through funding from the U.S. Department of the Treasury’s Emergency Rental Assistance (ERA) program, there are a wide variety of state and local programs that offer assistance—including financial assistance—to those who are struggling to make ends meet. Provided below are links to learn more about ERA programs in your local area, including how they work and who is eligible, as well as other important information to help you navigate these difficult times. ERA programs can vary based on locale since flexibility is given to states to develop programs that best suit the needs of their communities.
For more general information on assistance programs, visit: https://www.consumerfinance.gov/coronavirus/mortgage-and-housing-assistance/
For ERA program links in your local area, visit: https://www.consumerfinance.gov/coronavirus/mortgage-and-housing-assistance/renter-protections/find-help-with-rent-and-utilities/
To get answers to frequently asked questions, visit:
For Renters: https://www.consumerfinance.gov/coronavirus/mortgage-and-housing-assistance/renter-protections/emergency-rental-assistance-for-renters/
For Landlords: https://www.consumerfinance.gov/coronavirus/mortgage-and-housing-assistance/help-for-landlords/
To talk with a no-cost Department of Housing and Urban Development-approved housing counselor who can help you understand your options, make an action plan, and even help you apply for rental assistance, call (800) 569-4287 or visit https://www.consumerfinance.gov/find-a-housing-counselor/.”
 
Para la versión en español, haga click aquí.
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