The clock is ticking! Are you prepared for the new debt collection rules that become effective November 30, 2021? Have you updated your policies and procedures? Do you know the restrictions on how often you can contact a borrower? Do the new rules affect third-party debt collectors, too? Now is the time to prepare and get everyone onboard.
AFTER THIS WEBINAR YOU’LL BE ABLE TO:
- Explain the new rules regarding debt collection communications, such as voice messages, emails, texts, and social media
- Observe the new call attempt restrictions – not more than seven times within seven days
- Define the new term “limited-content message” and explain what information must (and must not) be included in such messages
- Understand how and when collectors must contact the consumer before furnishing debt information to a credit reporting agency
- Describe what qualifies as time-barred debt and how collectors must handle it
- Implement sufficient oversight of in-house collectors and third-party debt collectors
The CFPB has confirmed that the two final rules issued under the Fair Debt Collection Practices Act (FDCPA) will become effective on November 30, 2021. These new rules affect both financial institutions and their third-party debt collectors. The first rule focuses on debt collection communications (i.e., phone, voicemail, email, texts, and social media). It increases consumers’ control over how often and by what means a collector can communicate with them.
The second rule clarifies the disclosures that must be provided to consumers at the beginning of collection communications. It also addresses the specific steps that must be taken to disclose the existence of a debt to the consumer before reporting it to a credit reporting agency. In addition, it prohibits collectors from threatening to sue on time-barred debt. This webinar will explain the compliance implications to your systems and procedures so you can prepare before the November 30 deadline.
WHO SHOULD ATTEND?
This informative session will benefit loan officers at all levels, loan operations personnel, credit administration staff, collection personnel, compliance officers, attorneys, managers, and others involved in the collection process.
- CFPB’s small entity compliance guide for the debt collection rules
- CFPB’s executive summary of the final rules
- Employee training quiz
- Interactive quiz
SPEAKER: Elizabeth Fast, Spencer Fane LLP
Elizabeth Fast is a partner with Spencer Fane Britt & Browne LLP where she specializes in the representation of financial institutions. Elizabeth is the head of the firm’s training division. She received her law degree from the University of Kansas and her undergraduate degree from Pittsburg State University. In addition, she has a Master of Business Administration degree and she is a Certified Public Accountant. Before joining Spencer Fane, she was General Counsel, Senior Vice President, and Corporate Secretary of a $9 billion bank with more than 130 branches, where she managed all legal, regulatory, and compliance functions.