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Debt Collection Rule Implementation Guides from CFPB

  • Written by Steel Rose

Two weeks ago, the Bureau released the Debt Collection Final Rule. With the rule, the Bureau also began releasing compliance aids to assist industry. As the implementation period for the final rule progresses, the Bureau will continue to provide more compliance aids.

To provide more clarity and transparency on how the Bureau provides assistance during the implementation period, the Bureau has developed resources that provides an overview of the Regulatory Implementation and Guidance (RIG) team at the Bureau, the RIG team’s strategy for providing assistance to industry, and instructions for how to find compliance aids related to the Debt Collection Final Rule. To access click here

It also provides a link to the Bureau’s Debt Collection compliance aid resource webpage, your dedicated access point to Debt Collection materials such as compliance aids, supervisory guidance, and any subsequent rules the Bureau publishes regarding debt collection including exam procedures. To access click here

Additionally, the Bureau has developed a listserv dedicated to updates about the Debt Collection Rule. Subscribers will receive Bureau emails when additional rules or compliance aid materials related to debt collection are published.  

You can access the implementation period resource guide here: 

You can sign-up to receive email updates about the Debt Collection Rule click here.