A Paradigm Shift in Consumer Collections: How the CFPB’s Final Rule is Certain to Affect Creditors and Debt Collectors

The Consumer Financial Protection Bureau (CFPB) was created in part to make rules and regulations that implement the FDCPA.  In October 2020, after several years of soliciting and reviewing comments, the CFPB issued its ‘final’ debt collection rule meant to interpret and advance the goals of the FDCPA, entitled “Regulation F.”  Regulation F (which is set to take effect on November 30, 2021) will not only tighten some of the restrictions already in place, but it will potentially alter how debt collectors and creditors manage communications with debtors and operate their businesses going forward.