Countdown to New Debt Collection Rules: Deadline November 30, 2021
On-Demand Webinar:
StreamedNov 8, 2021Duration90 minutes
- Unlimited & shareable access starting
two business days after live stream - Available on desktop, mobile & tablet devices 24/7
- Take-away toolkit
- Ability to download webinar video
- Presenter's contact info for questions
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.
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
- PDF of slides and speaker’s contact info for follow-up questions
- Attendance certificate provided to self-report CE credits.
NOTE: All materials are subject to copyright. Transmission, retransmission, or republishing of any webinar to other institutions or those not employed by your agency is prohibited. Print materials may be copied for eligible participants only.
Presented By
Spencer Fane LLP
© 2022 FINANCIAL EDUCATION & DEVELOPMENT, INC