On May 7, 2019, the CFPB released a Notice of Proposed Rulemaking to implement the Fair Debt Collection Practices Act. This long-planned proposal would provide consumers with a number of protections such as restrictions against harassment by debt collectors as well as clear options to dispute debts. The proposed rule would also establish “bright-line” limits that creditors must follow regarding the number of calls they can make to consumers.
As this proposal would generally not apply to creditors collecting their own debt, the proposal would generally not apply to many financial institutions. Comments are due 90 days after publication in the Federal Register.
The CFPB release can be found here.