The Debt Collection “Overhaul” Is Officially Here: CFPB Issues Final Rule Implementing the Fair Debt Collection Practices Act

On October 30, 2020, the US Consumer Financial Protection Bureau (“CFPB”) announced a final rule, Regulation F, to implement the Fair Debt Collection Practices Act (“FDCPA”). With an implementation deadline looming in approximately one year, covered entities should begin preparing now for the many changes ahead. In this Legal Update, we provide a brief background on the FDCPA; summarize the CFPB’s rulemaking, including key definitions and substantive rules for debt collectors, and highlight aspects of the final rule that may be most material to covered entities’ operations going forward; and discuss next steps.