Implementing The CFPB’s Debt Collection Rule-Changes In Consumer Debt Collection In The USA
In her 40 year career in the collection industry, Debra Ciskey served 2 successive terms on the Board of Directors of ACA International: The Association of Credit and Collection Professionals, and currently serves as an ACA Certified Instructor, having taught more than 200 ACA seminars. She was instrumental in the development of the Credit and Collection Compliance Officer program, the Credit and Collection Compliance Attorney program, the Trainer Specialist program, FDCPA seminars, and numerous others. Other leadership positions she has held include Chairman of the association’s Education Council, Ethics Committee, Public Relations Committee, and Regulatory Affairs Committee. After serving ACA members as an ACA staffer, Debra worked in training and development and compliance roles for prominent industry members, and is now Executive Vice President of The Collection Coach, LLC and Executive Vice President of a leading collection firm, CACi, in St. Louis, MO.
The Consumer Financial Protection Bureau’s Debt Collection Rule, promulgated under the Dodd-Frank Act to update the Fair Debt Collection Practices Act, (15 USC 1692) was published in November 2020, in an effort to bring debt collection regulation into the 21st century. It will impact the practices of third-party debt collectors. Collectors and creditors alike need to understand the new requirements related to debt collection practices as they use modern communication technologies while complying with new requirements that restrict the frequency of telephonic communication. New requirements regulate how debt collectors use credit reporting to enhance their debt collection efforts, provide stronger regulation of unfair, deceptive, and abusive practices, and place more stringent requirements on debt validation and record retention. The rule takes effect in November 2021.
- Communication with consumers after a cease communication demand
- The limited content message
- New procedures for email and text message communications
- Restrictions on the frequency of communication with consumers
- New provisions related to the collection of time-barred debt
- Restrictions on debt parking
- UDAAP provisions
- New debt validation requirements
- Record retention requirements
Course Level - Intermediate to Advanced
Who Should Attend
- Revenue Cycle Managers
- Patient Account Managers
- Credit Managers
Why Should You Attend
Collectors and creditors alike need to understand the new requirements of the CFPB’s Debt Collection Rule. The Bureau will ramp up enforcement as soon as possible. Creditors will have to be responsive to changes in debt substantiation requirements if they expect their collection agencies to be both successful and compliant, and need to understand new constraints debt collectors will be working under. We will also discuss how to work within the rule to increase and support the performance of your collection agencies.