Closing the Books: How Regulation F is Reshaping the Debt Collection Industry

Returning guest Michelle Dove, Chief Compliance Officer and General Counsel for IC System, sits down with host Tyler Kern to discuss the changes implemented by Regulation F and how they’ve effected IC System as well as the broader debt collection world.

“I am mainly tasked with understanding the law that applies to the collection industry and making sure that our practices are adhering to the law,” said Dove. So when it comes to understanding Regulation F, Dove is a go-to for IC System.

“Regulation F is a series of rules that the CFPD introduced in late 2020 and 2021,” after becoming effective in 2021, the regulations supplement ‘the FDCPA,'” said Dove.

Dove said that while some things in the regulations aren’t her favorite, “It really gives debt collectors more guidance…it really is a roadmap for IC…it tells us how to comply.”

Regulation F effects how often you can call and how to report collection, among other things. The new 7-7-7 rule means that collectors can call 7 times within a 7 day period and if they talk to a consumer, then, “we can’t call them again for 7 days after that,” explained Dove.

Credit reporting under Regulation F has also changed, “Now, in order to credit report an account, you need to communicate with the consumer first and so, that would be sending a letter,” said Dove. For IC System, “The most focus went on changes that impact out initial notice.”

While the notification was standardized before, the model sample notice given through Regulation F changed the format and information needed to adhere to this new regulation.

And while bigger agencies might have incorporated changes more quickly, IC did not have any delays in service throughout the transition, just more disputes engaged from that initial notice requirement across the board.

“It’s still a learning process,” said Dove, but learning always means improvement.

Follow us on social media for the latest updates in B2B!


Pixels and Mortar: How LED Went from Small-Scale to Major Scale
May 20, 2022
It’s hard to imagine the days when the sun used to be our only source of natural light. Since we’ve attempted to harness light in our societies, we’ve reigned in both the power of fire and Read more
What a Dip in Veganism Popularity Means for the Food and Beverage Industry
May 20, 2022
Key Insights: In 2022, 5% of respondents were vegan in the Statista Survey. Harris Poll in 2020 found that about 3% of U.S. were vegan. New data finds vegan and vegan related google searches Read more
Apprenticeships are Vital in Developing the Next Generation of Workers
May 19, 2022
  Trevor Matthews worked in refrigeration until he admittedly, lost his joy. Greg Crumpton refers to it as a complacency rut, “in a rinse repeat cycle.” Today Matthews, Founder of Refrigeration Mentor, Read more