BEGIN:VCALENDAR PRODID:-//Microsoft Corporation//Outlook 16.0 MIMEDIR//EN VERSION:2.0 METHOD:PUBLISH X-MS-OLK-FORCEINSPECTOROPEN:TRUE BEGIN:VEVENT CLASS:PUBLIC CREATED:20200320T195853Z DESCRIPTION:The Consumer Financial Protection Bureau on Feb. 21 published a supplement to its spring 2019 notice of proposed rulemaking on third-party debt c ollection. The supplemental proposal addresses the collection of time-barr ed debt\, which is debt that has run past any applicable statute of limita tions.\n \nSpecifically\, the proposal requires debt collectors to make ce rtain disclosures if the collector knows or should know that a debt is tim e-barred. It would also require that debt collectors disclose\, if applica ble\, that a payment made on a debt can revive the statute of limitations and enable the collector to sue to collect.\n \nThe supplemental proposal accompanies the bureau’s existing proposed rule which\, if finalized\, w ould modernize and clarify rules around third-party debt collection as gov erned by the Fair Debt Collection Practices Act. The FDCPA does not genera lly apply to creditors collecting their own debts\, and thus would not gen erally apply to banks\; however\, many banks place debt with third-party d ebt collectors and must monitor vendor compliance with the FDCPA.\n \nRead the proposed rule: https://www.govinfo.gov/content/pkg/FR-2020-03-03/pdf/ 2020-03838.pdf \n \nFor more information\, see ABA's Regulatory Chart/Com pliance Calendar: https://www.aba.com/banking-topics/compliance/regulatory -proposals/proposed-time-barred-debt-supplement-to-third-party-debt-collec tion-rule\nABA members must login to view the pages.\n DTEND;VALUE=DATE:20200606 DTSTAMP:20200305T215858Z DTSTART;VALUE=DATE:20200605 LAST-MODIFIED:20200320T195853Z PRIORITY:5 SEQUENCE:0 SUMMARY;LANGUAGE=en-us:06/05/2020 - Comments Due - CFPB: Proposed Time-Barr ed Debt Supplement to Third-Party Debt Collection Rule TRANSP:TRANSPARENT UID:040000008200E00074C5B7101A82E00800000000E0AE9E5C0FF3D501000000000000000 0100000005F05F668BDAB964D8D4DAF15EA71E144 X-ALT-DESC;FMTTYPE=text/html:

The Consumer Financial Protection Bureau on Feb. 21 published a supplement to its spring 2019 notice of proposed rulem aking on third-party debt collection. The supplemental proposal addres ses the collection of time-barred debt\, which is debt that has run past a ny applicable statute of limitations.

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Specifically\, the proposal requires debt collectors to make certain disclosures if the collector knows or sho uld know that a debt is time-barred. It would also require that debt colle ctors disclose\, if applicable\, that a payment made on a debt can revive the statute of limitations and enable the collector to sue to collect.

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The supplemental proposal accompanies the bureau’\;s existing proposed r ule which\, if finalized\, would modernize and clarify rules around third- party debt collection as governed by the Fair Debt Collection Practices Ac t. The FDCPA does not generally apply to creditors collecting their own de bts\, and thus would not generally apply to banks\; however\, many banks p lace debt with third-party debt collectors and must monitor vendor complia nce with the FDCPA.

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Read the proposed rule: https://www.govinfo.gov/c ontent/pkg/FR-2020-03-03/pdf/2020-03838.pdf  \;

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For more information\, see ABA's Regulatory Chart/Comp liance Calendar: https://www.aba.com/banking-topics/compliance/regulator y-proposals/proposed-time-barred-debt-supplement-to-third-party-debt-colle ction-rule

ABA members must login to view the pages.

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