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Wednesday, November 4, 2020 The Consumer Financial Protection Bureau (“CFPB”) issued last week a final rule to implement the Fair Debt Collection Practices Act (“FDCPA”), in a sea change for consumer privacy and debt collection.  12 CFR Part 1006  et seq.  The Final Rule is the most significant development affecting the debt collection industry since the FDCPA came into law 43 years ago. The FDCPA was enacted in 1977.  It prohibits harassing and abusive and unfair debt collection practices as well as false and misleading representations by debt collectors.  Since the FDCPA’s passage, the debt collection industry in the United States has rapidly expanded, generating billions in revenue each year and spawning more than 8,000 debt collection firms.

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