While the Consumer Financial Protection Bureau mulls industry feedback on its proposed amendments to the Fair Debt Collection Practices Act, lenders should be proactive in their compliance strategies to prepare for the bureau’s final ruling.
In this episode of The Roadmap, Veros Credit’s Chief Legal Officer Robert Tennant chats with Auto Finance Excellence to discuss what the impact on lenders will be if the new debt collection rules are implemented in their current form and how lenders will have to adapt in order to work with debt collection firms.
Tennant, who will join Auto Finance News in a dynamic and engaging panel discussion during the upcoming Auto Finance Summit, says that lenders shouldn’t expect the new rule to take effect before the end of 2020, yet urges lenders to start preparing — if they haven’t been already.
“Without a final rule it’s hard to say what we are prepping for,” Tennant said. “We generally know which way the ruling may go, so there is no reason for lenders not to be preparing for the new rule that may come into place.”
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