Collector - March 2021 - 15

A

s the Consumer Financial
Protection Bureau developed its
rule for debt collection practices
over the past seven years, stakeholders
anxiously awaited the bureau's formal
guidance for collection agencies' use
of modern communication methods,
including text messaging.
Communication has radically changed
since Congress enacted the Fair Debt
Collection Practices Act in 1977.
Reliance on landlines and physical mail
has faded, but the statutes governing
communication between collectors and
consumers has remained stagnant.
" Debt collectors and consumers have
been trapped in a time warp, " former
CFPB Director Kathy Kraninger wrote
in an Oct. 30, 2020, blog post. " They
have been required to communicate with
each other under standards Congress
enacted in 1977. Until now. Today, the
Consumer Financial Protection Bureau
is issuing a final rule that provides clear
consumer rights and limitations for debt
collectors on using modern technologies
to communicate with each other. "
Consumers have increasingly turned
to texting to communicate with other
individuals and with businesses, but
most collection agencies have hesitated
to implement texting practices without
regulatory assurance they could do so safely.
" Until now, text messaging has felt taboo
for the collection industry, " said Ontario
Systems Director of Product Management
Chris Beebe. " There's nothing saying you
can't do it, but there's been little to no case
law about the practice. Agencies have been

COLLECTOR 03.21

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Collector - March 2021

Table of Contents for the Digital Edition of Collector - March 2021

Collector - March 2021 - Cover1
Collector - March 2021 - Cover2
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