On October 30, 2020, the US Consumer Financial Protection Bureau ("CFPB") announced a final rule, Regulation F, to implement the Fair Debt Collection Practices Act ("FDCPA"). With an implementation deadline looming in approximately one year, covered entities should begin preparing now for the many changes ahead. In this Legal Update, we provide a brief background on the FDCPA; summarize the CFPB's rulemaking, including key definitions and substantive rules for debt collectors, and highlight aspects of the final rule that may be most material to covered entities' operations going forward; and discuss next steps.
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This Mayer Brown article provides information and comments on legal issues and developments of interest. The foregoing is not a comprehensive treatment of the subject matter covered and is not intended to provide legal advice. Readers should seek specific legal advice before taking any action with respect to the matters discussed herein.