Many bankers never bothered to study the Fair Debt Collections Practices Act because they knew it was not directly applicable to a creditor collecting debts owed to it in its own name.
However, that doesn't mean such creditors have a license to abuse. All financial services providers are legally required to refrain from committing unfair, deceptive acts or practices. The CFPB has made it clear that it is putting companies on notice about harmful debt collection practices.
In this webinar, we will provide a framework for:
- What you can do
- How you can do it
- When you can do it
on the debt collection front.
We will summarize recent enforcement actions and litigation, the CFPB's guidance and activities, and insight from the consumer complaint database regarding debt collection matters. We will explore unique issues posed by new modes of communication -- cell phone, email, text messages and social media. We will help you understand where the line is between permissible action taken in an attempt to achieve repayment of a debt on the one side, and harassment and abuse on the other. The goal is to equip you with the information you need to conform your patterns and practices in the debt collection arena to what is acceptable and won't get you into trouble.
Subjects discussed will include:
- Why good records of collections related activities are essential.
- What the CFPB considers an "unfair" practice by a debt collector.
- What should be done when a debt is disputed
- What the debt verification requirements are
- When to back off
- And much more.
Debt Collection Practices - what's permissible and what's
Questions and Answers