Over 100 pages and 2 press releases have given us insight into the CFPB’s much anticipated plans for regulatory changes within the collection industry. While there are several areas that may be impacted, our responsibility is to make sure that our technology will support and quickly address any proposed changes.
One recommendation in particular is clearly within the scope of a technology solution.
Limit excessive or disruptive communications: Collectors would be limited to six communication attempts per week through any point of contact before they have reached the consumer. In addition, if a consumer wants to stop specific ways collectors are contacting them, for example on a particular phone line, while they are at work, or during certain hours, it would be easier for a consumer to do that. The CFPB is also considering proposing a 30-day waiting period after a consumer has passed away during which collectors would be prohibited […]