Inconvenient Time, Inconvenient Place, and Medium Restrictions: CFPB Debt Collection Rule Working Session 1 Webinar Recording

Presentation Slides or Recording, Multimedia

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The CFPB’s debt collection rule highlights the consumer’s ability to customize communication by designating specific times, places, and mediums of communication (e.g., email) as inconvenient. The consumer’s ability to customize communication will significantly impact debt collector’s communication strategies and could require substantial changes to a debt collector’s procedures and technologies. Join us for a working session to discuss the rule’s requirements and anticipated operational impacts. Whether you are a third-party debt collector whose entire business will be subject to the rule, a mortgage servicer who is only considered a debt collector for certain loans, or a first-party creditor interested in establishing best practices based on the CFPB’s guidance, join us to learn more about inconvenient communication standards. If you can’t join us on November 10, please go ahead and register in order to receive a copy of the presentation materials.

Webinar Recording

Key Takeaways

  1. Consumers have the right to designate the timing, location, and medium of communication.
  2. Debt collectors and servicers must comply with the consumer’s communication preferences.
  3. Debt collectors and servicers must also be able to document their compliance with the consumer’s communication preferences.
  4. While the rules regarding inconvenient communications are fairly clear, operationalizing the rules may present a significant challenge.