Reg F is Here and Now the Work Begins
Wow, that felt like a marathon and a sprint all at once, but we made it to and through November 30, 2021. The new Debt Collection Rules are now live-but as we all know the work doesn’t stop now, it is really just beginning.
NCBA’s Compliance Peer Forum worked diligently the last 6 months tackling questions, challenges, and concerns and importantly bouncing ideas and solutions off one another. It was a true group effort. From those conversations NCBA worked to keep the CFPB up to date on the items with which our members were grappling. We wrote several comment letters , we submitted an AOP, and we had several ad hoc one-on-one calls and several more scheduled group calls with members of the CFPB’s Office of Regulation, Regulatory Implementation and Guidance team, Office of Consumer Credit, Payments & Deposit Markets, and other groups at the CFPB. We kept an open dialog with the CFPB sharing our questions and concerns.
NCBA will continue to advocate and be your voice at the CFPB. We will also be here as a resource to continue to help our members comply with these new rules. If you are interested in getting involved, have questions, or concerns to share with us please do not hesitate to reach out.