12 New FAQs from the NYDFS Offer Some Clarification for Debt Collectors and Debt Buyers

This morning the New York Department of Financial Services released 12 additional Frequently Asked Questions – bringing the total to 28 – to provide guidance to industry on the November 14, 2014 regulation governing debt collectors, including third-party debt collectors and debt buyers. Many of the rules went into effect in March 2015, while some debt verification, disclosure, and communication requirements will go into force in August 2015.

Industry groups, including the Consumer Relations Consortium (CRC), have requested FAQs to assist them in implementing the new regulation. In recent months, the CRC has met with NYDFS Superintendent Joy Feigenbaum to discuss areas of concern, and has also offered suggested FAQs that could serve the intended needs of consumers while also offering clarity to businesses. In this case, at least one of those submissions was adopted (see the last item, regarding quarterly accounting).

Among other things, these new FAQs provide:

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