Industry scrambles to prepare for CFPB debt collection rules

Banks, credit card companies and debt collectors pushed for an overhaul of federal debt collection rules, and they are poised to reap the benefits of unlimited contact with consumers by email and text messages.

But with the Consumer Financial Protection Bureau’s rules set to take effect Nov. 30, many creditors and collectors are scrambling to make changes that require a high degree of coordination with each other.

Though the rules do not apply specifically to banks and other lenders seeking to collect debts, they do require technology changes and the sharing of information in order for third-party debt collectors to take advant