On December 15, 2022, the FFIEC Task Force on Consumer Compliance adopted the revised examination procedures for the Fair Debt Collection Practices Act (FDCPA) and its implementing regulation, Regulation F. The revised interagency examination procedures incorporate the Consumer Financial Protection Bureau’s 2020 and 2021 Fair Debt Collection Final Rules that went into effect on November 30, 2021.
In its press release, the FFIEC said that the revised interagency examination procedures address:
Determinations of whether a bank is a debt collector under the FDCPA and Regulation F;
Prohibitions on certain communications with consumers in connection with debt collection;
Requirements for a reasonable and simple method that consumers can use to opt out of additional communications and attempts to communicate; and
Prohibited practices of a debt collector to not harass, oppress, or abuse any person in connection with the collection of a debt.
The revised interagency examination procedures supersedes the “Fair Debt Collection Practices Act” section of the “Other Consumer Protection Laws and Regulations” booklet of the Comptroller's Handbook.
Read the OCC’s press release here.
The updated FDCPA Examination Procedures can be found here.