On October 30, 2020, the US Consumer Financial Protection Bureau announced a final rule, Regulation F, to implement the Fair Debt Collection Practices Act. The final rule comes nearly 18 months after the proposed rule and more than four years after the CFPB first released an initial outline of debt collection proposals. The final rule does not deviate substantially from the proposals, but covered entities should take careful note of the final rule’s many detailed procedures and examples, particularly with respect to email and text communications, time and place restrictions, frequency of telephone contact, and communications via social media. With an implementation deadline looming in approximately one year, covered entities should begin preparing now for the many changes ahead.
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