In Case You Missed It...Deadline Approaching!

 Regulation F Becomes Effective
November 30 

For the past couple of months, we at CBSI have been preparing our clients for the roll out of Regulation F on November 30 of this year. In case you missed those updates, here’s a recap of the new debt collection rule and what we will need from you:

Electronic Communications

Telephone Communications 

• Debt collectors may not attempt to call a consumer more than seven times within seven consecutive days. 



• Debt collectors  are limited to one debt-related conversation with a consumer within a seven-day period.

Validation Notice

Regulation F requires three changes to the  debt validation notice :

1. The notice must specify a particular date on which the validation period expires.
2. The notice must provide the website address for the Consumer Financial Protection Bureau (https://www.consumerfinance.gov/consumer-tools/debt-collection/).
   
3. The notice must include an itemization date.

What We Will Need From You

At CBSI, we will be using the last date of service (DOS) as the required itemization date. Once Regulation F becomes effective on November 30, 2021, we will need the following:

• The account balance on the last DOS, even if it is the same as the account balance at the time of placement with us. 

• Separately itemized interest charges and fees. (If you are charging interest or fees, please call our office. New limitations on these charges require proper disclosures and/or agreement.) 

• The placement amount. (This would be the DOS balance minus the total amount of consumer payments, write-offs, credits or insurance payments credited to the account.)