CFPB Rules to Contain Call Caps, Allow Digital Communication Channels, Says Kraninger

In a speech at the Bipartisan Policy Center (full remarks in that link), Director Kathleen Kraninger provided an outline of her vision for the Consumer Financial Protection Bureau (CFPB and Bureau). The speech provides a glimpse into what the Bureau's forthcoming debt collection rules  will look like.

Kraninger stated:

The Bureau will propose clarifying rules to better enable the use of modern communications technology in collections activity. The proposed rules also would protect consumers with clear, bright-line limits on the number of calls they may receive from debt collectors on a weekly basis. We will propose to provide clarity on how collectors may communicate via newer technology such as email or text messages. We will propose that collectors provide consumers with more and better information at the outset of collection to help them identify debts and understand their options, including their rights in disputing debts or paying them.  As the CFPB moves to modernize the legal regime for debt collection, we are keenly interested in the views of stakeholders and look forward to engagement with you.

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