Debt Collection and the FDCPA Final Rule: What Creditors Need to Know

Thursday, April 15, 2021
12:00 – 1:30 pm (Eastern Time)

The CFPB finalized its long-awaited debt collection rule. The rule is the most significant development affecting debt collection since the FDCPA was enacted more than 40 years ago. The rule focuses on debt collection communications and gives consumers more control over how often and through what means debt collectors can communicate with consumers. The rule also clarifies how the protections of the FDCPA apply to newer communication technologies, such as email, cell phones, and text messages. 

The product of a seven-year rule-making process, the final rule, together with commentary and supplementary information, comes in at 653 pages and will be codified at 12 C.F.R 1006 as Regulation F.  Understanding the far-reaching implications of the final rule changes is essential for creditors and debt collectors. 

Join this 60-minute banking webinar to gain important knowledge and learn about what is in the final rule, and how the final rule might impact your organization.

Topics include:

• An overview and explanation of the final rule changes
• The new rules regarding voice messages, emails and text messages
• Safe harbor provisions and voicemail compliance
• Time and place restrictions
• Distinguish between acceptable and unacceptable collection activity
• The new “limited-content message” requirements
• Call attempt restrictions under the final rule
• Strategies to begin implementing the rules and updating your processes and procedures
• Best practices for strong compliance management systems in collections and default servicing

Instructor

Dena Somers is a highly regarded bank consultant and compliance attorney. She has provided regulatory compliance and risk management consulting services to financial institutions and companies in highly regulated industries nationwide for more than 20 years. Her areas of expertise include consumer and mortgage lending compliance, Fintech and specialty finance, regulatory compliance training, business strategy and best practice advisement, and corporate governance.

Throughout her career, Ms. Somers has advised hundreds of banking and financial institutions— ranging from local community banks to $50 billion financial holding companies— to achieve operational efficiency while ensuring regulatory compliance. Previously, Ms. Somers served as General Counsel to a national mortgage servicing company, Fintech lender, national money service business, and has represented financial institutions in a broad array of complex litigation matters for more than 15 years. Additionally, Ms. Somers is a published author for Lexis Nexis in the areas of Bank Teller training, loan policies, and loan documentation training.

Attendance verification for CE credits provided upon request.

Webinar Sponsored by BankersHUB

If you are having issues with registering online, please contact CBAO's Education, Training & Special Event Coordinator, Patti Webb, (614) 610-1877.