Monday
Nov 8
2021

Countdown to New Debt Collection Rules: Deadline November 30, 2021

Registration Options & Pricing

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On-Demand Access Includes:

  • Unlimited Access to Webinar Recording
  • Can be viewed anytime 24/7, beginning 2 business days after the webinar
  • 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

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

WEBINAR DETAILS

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.

Attendance certificate provided to self-report CE credits.

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.

TAKE-AWAY TOOLKIT

  • CFPB’s small entity compliance guide for the debt collection rules
  • CFPB’s executive summary of the final rules
  • Employee training quiz
  • Interactive quiz

DON'T MISS THESE RELATED WEBINARS!

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

March 1, 2021
Available Now

"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.