On May 7, 2019, the Consumer Financial Protection Bureau (CFPB) published its highly anticipated notice of proposed rulemaking (know as an “NPRM”) under the Fair Debt Collection Practices Act (FDCPA). While the actual rules are intended to apply only to third-party debt collectors covered by the FDCPA, first-party creditors, servicers and providers will certainly be affected by these changes as well.
With this NPRM document weighing in at over 500 pages, we've outlined a brief summary of the major proposed rules that will have a definitive effect on providers, creditors and ALL OF OUR CLIENTS:
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