2021 CFPB Modernization Debt Collection

Summary

This practice note provides an overview of both the October 2020 and December 2020 Final Rules and recent push to overhaul and modernize the Fair Debt Collection Practices Act (FDCPA or the Act) (15 USCS § 1692 et seq.) and related consumer protection considerations, including guidance for persons collecting debts on behalf of others (debt collectors), legal practitioners, creditors, and persons collecting their own debts.