Fair Debt

Hosted ByLex Patterson

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Episode 09: An Inside Look into Regulation F

What you’ll learn about in this episode:

The Consumer Financial Protection Bureau issued a final rule to restate and clarify prohibitions on harassment and abuse, false or misleading representations, and unfair practices by debt collectors when collecting consumer debt. The rule focuses on debt collection communications and gives consumers more control over how often and through what means debt collectors can communicate with them regarding their debts. I believe many in the industry were also hopeful the rule would also clarify how the protections of the Fair Debt Collection Practices Act (FDCPA), which was passed in 1977, apply to newer communication technologies, such as email and text messages. However, as we’ll discuss, that seems to be a topic that was kicked down the road a bit.

The rule is the result of a deliberative, thoughtful process spanning more than seven years and reflects engagement with consumer advocates, debt collectors, and other stakeholders. In developing the final rule, the Bureau considered the more than 14,000 comments received during the public comment and rulemaking process

In this episode Joann tells the inside story of the process to update the final rule. We talk about the potential risks and new opportunities in the rule including consumer preference, and using Email and SMS Text to open preferred digital communication channels. FInally we speculate what the landscape will look like as the new rule take effect November 30th and beyond.

Guest: Joann Needleman

Joann Needleman leads the firm’s financial services regulatory and compliance practice and advises banks, financial institutions, and financial services entities on regulatory compliance matters.

Joann prepares and represents these same financial institutions during state and federal supervisory examinations and regulatory investigations before agencies such as the Consumer Financial Protection Bureau (CFPB), Federal Trade Commission (FTC) and the Office of the Comptroller of Currency (OCC) as well as state financial services regulators and attorneys general.

A former member of the Consumer Financial Protection Bureau’s (CFPB) Consumer Advisory Board, Joann provides her clients with useful strategies and common-sense solutions in order to prepare for areas of regulatory scrutiny.

Joann is the host of the podcast “Credit Ecosystem to Go: Curbside Thought Leadership for Financial Services.” Listen to recent episodes here.


    Websites: clarkhill.com  



    Company LinkedIn:  https://www.linkedin.com/company/clark-hill-law/

 LinkedIn: Personal: linkedin.com/in/joannneedleman

Twitter jneedleman

Additional Resources:

Demystifying the debt collection rule Credit Eco To Go

CFPB Debt Collection Rule Small Entity Guide

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