What You Need to Know About Regulation F
The Consumer Financial Protection Bureau (CFPB) Debt Collection Practices issued final rule “Regulation F”, 12 CFR part 1006 effective on November 30, 2021. In order for collection agencies to comply with the validation information required under 12 CFR §1006.34, “Regulation F”, creditors will be required to include additional information on their placement files.
It’s important that Financial Institutions and Credit Unions understand the new data that must be supplied in order to comply with Regulation F. If you’re struggling with the new rule and are unsure what next steps you should take, feel good in knowing that you are not alone.
As a leading provider of collection solutions, we can help industry experts like you understand how to remain compliant with the CFPB’s new rule.
We’ve outlined for you:
- The new data that must be included when placing accounts for collection
- How creditors are being directly impacted by the new rule
- What’s changing for your collection agencies
- What your consumers can expect
