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!

Latest

Healthcare Cyberattacks
Healthcare Cyberattacks Grew in 2022
February 3, 2023

Concerning data from cybersecurity firm Check Point indicates an increase in cyberattacks on healthcare organizations by 74% in 2022 from the previous year. Healthcare is currently the third most attacked global industry (1,463 attacks per week) behind government/military (1,661 attacks per week) and education/research (2,314 attacks per week.) And in the United States, Healthcare […]

Read More
CES 2023 crowd attendance
Top Trends at CES 2023 from Bosch, John Deere, and More
February 3, 2023

Top notch technology and top notch attendance secured CES 2023 its gold medal; to put it simply, this year’s CES was a huge success. The world’s largest and most prominent consumer electronics and technology exhibition, CES served its usual role as a testing ground for ground-breaking innovations across multiple verticals. From 5G to Web3, and […]

Read More
ACA health plans
Insurance Companies Should Weight the Growth Potential With Risks When Considering Offering ACA Plans
February 3, 2023

The 2023 open enrollment for ACA health plans saw a 13% increase over 2022. Melanie Musson, an insurance expert with USInsuranceAgents.com, says, “Insurance providers have an opportunity to enter or expand in this growing market, but they should practice caution.” The 2023 Open Enrollment Period (OEP) for Affordable Care Act (ACA) Marketplace health insurance plans […]

Read More