CUNA writes to CFPB about proposed delayed effective date for recent debt collection rules
CUNA submitted a comment letter on Wednesday in response to the Consumer Financial Protection Bureau’s (CFPB) proposal to delay the implementation date of the Debt Collection Final Rule. The Bureau has proposed to delay by 60 days the effective dates of the Debt Collection Final Rules from November 30, 2021, to January 29, 2022.
“...We strongly recommend the Bureau announce its intention to implement the debt collection rules as finalized last year,” the letter reads. “After a reasonable period postimplementation, the CFPB can then analyze the rules’ effects and, with stakeholder input, consider whether additional resources would be beneficial, or amendments needed. The debt collection rules, while imperfect, reflected considerable input from a wide variety of stakeholders.”
According to the CFPB, the proposed delay would allow stakeholders affected by the pandemic additional time to review and implement the rules.