The Consumer Financial Protection Bureau (CFPB) released on May 7 a 538-page Notice of Proposed Rulemaking (the Rule) that would update the Fair Debt Collection Practices Act (FDCPA). The Rule would be the first major update to the FDCPA since its enactment in 1977 and gives much-needed clarification on the bounds of federally-regulated activities of “debt collectors,” as that term is defined in the FDCPA, particularly for communication by voicemail, email, and texts. It is important to remember that the Rule is only a proposal, and it is already drawing fire from consumer advocates. Once the Rule is published in the Federal Register, it will be open for public comment for 90 days, after which the CFPB will either issue a final rule or issue another proposed rule.  

Below we analyze 15 key provisions of the Rule. 

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Troutman Sanders will be hosting a webinar to discuss the impact of the Rule on Wednesday, May 15 from 3:00 – 4:00 p.m. EST.