CFPB drops proposal to delay debt collection rules

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Law360 (July 30, 2021, 8:14 p.m. EDT) – The Consumer Financial Protection Bureau said on Friday it has decided to move forward with implementing its Trump-era debt collection rules plus later this year as originally planned, canceling a proposed deadline without ruling out more substantial changes in the future.

An April proposal from the CFPB had raised the possibility of a 60-day delay for the agency’s comprehensive new debt collection rules, which were released late last year under former director Kathleen. Kraninger, appointed by Trump, and were due to come into effect at the end of November. .

The delay was touted as a way to give the industry more time to prepare …

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