The CFPB extended the comment deadline an additional 60 days on a supplemental rule proposal to amend certain requirements on the collection of time-barred debts. The CFPB previously extended the deadline from May 4, 2020 to June 5, 2020. With this notice, the CFPB has further extended the deadline to August 4, 2020.
As previously covered, the proposed rulemaking would:
- impose disclosure requirements on debt collectors attempting to collect "time-barred debt" (i.e., debts for which the relevant statute of limitations has expired); and
- prohibit debt collectors from using non-litigation means (e.g., phone calls) unless they disclose during initial contact with consumers (and on any required validation notice) that the debt is time-barred.
This CFPB proposal supplements the CFPB's May 2019 proposal to amend Regulation F, which implemented the "Fair Debt Collection Practices Act."
Primary Sources
- CFPB Press Release: CFPB to Provide Additional Extension of Comment Period for Supplemental Notice of Proposed Rulemaking on Time Barred Debt
- Federal Register: Debt Collection Practices (Regulation F); Extension of Comment Period
Originally published 20 May 2020
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