Monday
Mar 1
2021

FDCPA Changes Round 2: 12/18/2020 Final Rule on Fair Debt Collection Practices Act

Registration Options & Pricing

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On-Demand Access Includes:

  • Unlimited Access to Webinar Recording
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  • Handout and Take-Away Toolkit
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This is a 90-minute webinar.

10:00 am – 11:30 am HST
12:00 pm – 1:30 pm PT
1:00 pm – 2:30 pm MT
2:00 pm – 3:30 pm CT
3:00 pm – 4:30 pm ET

Take two! The FDCPA’s makeover includes more changes that were released at the end of last year. Round out your understanding of the final rule’s new definitions, required notices, restrictions, safe harbor notice, parameters for information furnished to credit reporting agencies, and more.

AFTER THIS WEBINAR YOU’LL BE ABLE TO:

  • Understand how and when collectors must contact the consumer before furnishing debt information to a credit reporting agency
  • Define the new terms added to the FDCPA – “time-barred debt” and “statute of limitations”
  • Explain what qualifies as time-barred debt and how collectors must handle such debt
  • Use the safe harbor model validation notice when required
  • Take steps to maintain sufficient oversight of your debt collectors

WEBINAR DETAILS

On December 18, 2020, the CFPB issued its second set of final rules under the Fair Debt Collection Practices Act. These new rules (and this webinar) will focus on three topics.

  • First, the CFPB made major changes to the written validation notice that collectors must provide to consumers at the outset of debt collection communications.  This notice now must include pre-prepared statements and prompts which the consumer may use to dispute the debt.  This webinar will detail the information required in such notices and review the CFPB’s safe harbor model notice.
  • Second, the new rules prohibit “passive collection” which entails furnishing information about the debt to a credit reporting agency before communicating with the consumer.  Learn the steps collectors must take before reporting debt to a credit reporting agency.
  • Third, the new rules impose restrictions on attempting to collect time-barred debt.  Learn what is deemed to be time-barred debt and how to determine if the statute of limitations period has expired.  

Attendance certificate provided to self-report CE credits.

WHO SHOULD ATTEND?

This informative session will benefit all loan officers, loan operations personnel, credit administration staff, collections staff, compliance officers, attorneys, managers, and others involved in the collections process.

TAKE-AWAY TOOLKIT

  • Executive summary of the December 2020 debt collection rule
  • Safe harbor model validation notice
  • Employee training log
  • Interactive quiz

RELATED

"2021 Collection Series"

"Major Changes to Fair Debt Collection Practices Act"
December 14, 2020
Available Now

 

NOTE:  All materials are subject to copyright. Transmission, retransmission, or republishing of any webinar to other institutions or those not employed by your financial institution is prohibited. Print materials may be copied for eligible participants only.

MEET THE PRESENTER

Spencer Fane LLP

We provide credit union webinars on compliance, lending, regulations, security, operations, new accounts, collections, fraud, security & other topics. For more information on credit union education and online training opportunities, join our mailing list.