For starters, the Fair Debt Collection Practices Act as we know it today doesn’t apply to your bank when collecting its own debts. But we’ll tell you why, as a practical matter, that will change under the CFPB’s proposed rule. Yes, the Bureau planned on this rule and another applicable to first person collectors, like your bank. Yes, it’s dismissed the second version (at least for now), but there is adequate language in the proposed rule that will apply to first person collectors indirectly, under UDAAP. At the end of the day, you will need to understand this FDCPA regulation as it gets approved.
The Fair Debt Collections Practices Act was enacted in 1978. The 530 plus page proposal published in the Federal Register on May 21, 2019, is the first substantive modification to update the application of this antiquated law. That sounds like its time has come, but recognize that the CFPB sees debt collection as its number one complaint issue based on the volume of complaints from 2015 to 2018. And the proposal is not intended to make life easier to collect money owed to your bank.
The purpose of this webinar is to familiarize you with the proposed rules. History tells us this will be the final rule but with a few tweaks based on comment letters. That’s another purpose for our presentation -- does your bank want to comment? – you need to know what impact this will have to make that decision. And lastly, when the rule is finalized, your implementation process will be much easier being more familiar with not just the revised law, but the spirit and intent of what it is meant to accomplish.
During the webinar, we will discuss:
- Limitations on call attempts,
- How this can impact your bank when there are multiple debts owed,
- Clarity on the use of today’s technology for debtor contacts,
- Voicemail, text messages and emails are key,
- Required disclosures so debtors know what is being collected and options available,
- Many complaints and lawsuits involve erroneous amounts owed and the ability to even collect the debt,
- Required disclosures to report debts to the credit bureau by a collector,
- What a bank needs to do prior to assigning a debt to a third party,
- And so much more.
WHO SHOULD ATTEND:
Compliance, audit, lenders and collectors including those pursuing overdrafts, safe deposit box fees, and any other debts to the bank.
The FDCPA Proposal - Why You Can't Ignore It!
Questions and Answers
Please complete this course evaluation ...