Many banks, credit card issuers and other first-party creditors find that keeping up with the regulatory twists and turns associated with debt collection is one of the most daunting and persistent challenges they face.
Now the regulatory landscape is about to change again. In May 2019, the Consumer Financial Protection Bureau (CFPB) issued a Notice of Proposed Rule-Making (NPRM). The notice seeks public comments regarding the bureau’s proposal to amend the federal Fair Debt Collection Practices Act (FDCPA) and, in particular, rules governing the activities of debt collectors.
The proposed rule changes largely re-affirm sections of the current FDCPA and update it with clarifications on “modern” communications methods such as email and texting. The good news for CGI clients is that the latest CGI Collections360 release (July 2018) has the tools to help you comply with these proposed mandates.
Read our issue brief to learn about the most significant changes in the CFPB’s proposed rule and how CGI has made the necessary adjustments to aid in regulatory compliance.