Regulation F starts November 30 – Are you ready?
Do you have a Regulation F compliance action plan in place? With the new Federal debt collection rules coming November 30, 2021, changes will affect the way call center customers can communicate with consumers. There is a lot to digest within the requirements, but we’ll try to simplify some of the basics here.
The Consumer Financial Protection Bureau (CFPB) has finalized parts one and two of its debt collection rule under the Federal Fair Debt Collection Practices Act (FDCPA). Regulation F will have implications for both first-party and third-party debt collectors.
Regulation F puts limits on the number of outbound contact in a specific period of time that a collector can make to a consumer in an attempt to prevent harassment and abuse. The rule prevents a collector from placing more than seven calls to a consumer within seven consecutive days or calling a consumer seven days after speaking with them. Collectors can still send SMS and email messages.
If a debt collector violates Regulation F, the consumer may sue the collector in state or federal court within a year when the violation occurred. Additionally, there could be penalties for violations that may vary by state. The new provisions in Regulation F could create new state law compliance questions that creditors and debt collectors will need to address.
Regulation F is more complex than it appears. And trying to stay focused on your business while navigating the new federal debt collection rule can be overwhelming. So how do you adapt your call center communications strategies to remain compliant? Don’t go it alone. Partner with Castel Communications to provide a multichannel communication approach to keep you and your customers connected and compliant.
Castel Communications, an industry expert in call center solutions, can help you get and stay in compliance with our cost-effective, scalable, and leading-edge technology. Our Compliance Manager has built-in business rules that are already Regulation F-compliant. And our multichannel engagement modalities will help you meet consumer communication preferences with:
- SMS and Chat
- Chat Bots
- Social Media
Meeting the Regulation F rules early puts your call center ahead of the competition. Don’t put it off. Contact Castel Communications today. We can help you get there faster! Contact us today to find out how our proven communication solutions can help you maintain compliance and save you money.