Fair Debt Collection Practices Act Policy

$195.00

The purpose of this Fair Debt Collection Practices Act Policy Template is to address 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 eliminate abusive debt collection practices by debt collectors, 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.  See more information about this product below.

Fair Debt Collection Practices Act Policy

The purpose of this Fair Debt Collection Practices Act Policy Template is to address 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 eliminate abusive debt collection practices by debt collectors, 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.

NOTE: The CFPB’s final rules are effective 11/30/21, and clients who order this product will receive two versions to ensure complete coverage of existing and future rules.

Table of Contents – Version 1

  • Purpose and Contents – Topic 1
  • Policy Statement – Topic 2
  • Coverage – Topic 3
  • Definitions – Topic 4
  • Communication – Topic 5
  • Validation of Debts – Topic 6
  • Harassing or Abusive Practices – Topic 7
  • False or Misleading Representations – Topic 8
  • Unfair, Deceptive, or Abusive Acts or Practices – Topic 9
  • Multiple Debts – Topic 10
  • Legal Actions – Topic 11
  • Furnishing Certain Deceptive Forms – Topic 12
  • Civil Liability – Topic 13
  • Debt Collection Practices in Connection with COVID-19 Pandemic – Topic 14
  • Audit Policy – Topic 15
  • Staff Training – Topic 16
  • Retention of Documentation – Topic 17

Table of Contents – Version 2 (Future)

  • 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
  • Audit Policy – Topic 17
  • Staff Training – Topic 18
  • Retention of Documentation – Topic 19

Includes the following form template:
Fair Debt Collection Practices Act Model Forms (1 page)

Recent updates to this product:
05/01/21 Update
CFPB Final Rule – CFPB Rule Clarifies Tenants Can Hold Debt Collectors Accountable for Illegal Evictions
01/04/21 Update
CFPB Press Release – Debt Collection Practices (Regulation F)
11/16/20 Update
CFPB Press Release – Consumer Financial Protection Bureau Issues Final Rule to Implement the Fair Debt Collection Practices Act

This Fair Debt Collection Practices Act Policy Template (approximately 18 and 24 pages respectively) is available to purchase from BankPolicies.com in Microsoft® Word format.

Want to ensure your purchase from BankPolicies.com remains current? Add a Product Update Protection Plan to your shopping cart to ensure that you will automatically receive an updated version every time it is revised via e-mail within one year from the last date of purchase. This timely and cost-effective solution ensures that you stay on top of federal regulatory changes and industry recommended best practices.

When updates are made you will receive detailed information regarding why the product was updated and what has changed within the product in our Product Update Notification e-mail correspondence. This enables you to make an informed decision on whether to make any changes to the policy or procedure you implemented for your financial institution from the revised template.

BankPolicies.com provides your financial institution with the best bank policy template products available in the industry. You will always be up to date with the latest changes to bank policies and never have to worry about being out of compliance with the various laws, rules and regulations issued by the Consumer Financial Protection Bureau (CFPB), Federal Deposit Insurance Corporation (FDIC), Federal Reserve, Office of the Comptroller of the Currency (OCC), or other federal regulatory bodies that may apply to your organization.

Our dedicated staff of career banking industry professionals are ready to keep your financial institution up to date with the latest bank policy standards and industry best practices. Purchase your bank policies from us today and rest easy knowing you have the right team helping you and your organization stay compliant. We look forward to earning your business for all of your bank policy needs.

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