Fair Debt Collection Practices Act Policy
This Fair Debt Collection Practices Act Policy addresses measures a bank, credit union, fintech company, or other type of financial institution must take to ensure adherence to the Fair Debt Collection Practices Act (FDCPA). In general, the intent of the FDCPA is to ensure that debt collectors who refrain from using abusive debt collection practices are not competitively disadvantaged, promote consistent state action to protect consumers against debt collection abuses, ensure that certain features of debt collection are disclosed fully, accurately, and effectively to consumers in a manner that permits consumers to understand the costs, benefits, and risks associated with debt collection, in light of the facts and circumstances, and impose record retention requirements to enable the Consumer Financial Protection Bureau (CFPB) to administer and carry out the purposes of the FDCPA, the Dodd-Frank Act, as well as to prevent evasions thereof.
Table of Contents
- Purpose and Contents – Topic 1
- Policy Statement – Topic 2
- Definitions – Topic 3
- Communications in Connection with Debt Collection – Topic 4
- Acquisition of Location Information – Topic 5
- Harassing, Oppressive, or Abusive Conduct – Topic 6
- False, Deceptive, or Misleading Representations or Means – Topic 7
- Unfair or Unconscionable Means – Topic 8
- Collection of Time-Barred Debts – Topic 9
- Other Prohibited Practices – Topic 10
- Notice of Validation of Debts – Topic 11
- Disputes and Requests for Original-Creditor Information – Topic 12
- Sending Required Disclosures – Topic 13
- Relation to State Laws – Topic 14
- Procedures for State Application for Exemption – Topic 15
- Debt Collection Practices in Connection with COVID-19 Pandemic – Topic 16
- No Surprises Act Applicability – Topic 17
- Audit Policy – Topic 18
- Staff Training – Topic 19
- Retention of Documentation – Topic 20
Includes the following form template:
Fair Debt Collection Practices Act Model Forms (1 page)
This Fair Debt Collection Practices Act Policy (approximately 25 pages) is available to purchase from BankPolicies.com in Microsoft® Word format.
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