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ABA: The American Bankers Association
Compliance News

ABA Staff Analysis: Proposed Rule on the Fair Debt Collection Practices Act

ABA issued a Staff Analysis on the CFPB's proposed rule to implement the Fair Debt Collection Practices Act (FDCPA). The proposal restates the FDCPA's substantive provisions mostly in the order in which they appear in the statute itself. The Bureau’s stated intent is that the FDCPA rule, once finalized, will serve as the authoritative source for requirements under the FDCPA, so that "stakeholders need to consult only the regulation to view all relevant definitions and substantive provisions." Comments on the proposal have now been extended through September 18. Contact Diana Banks for more information or to provide input.