For most in the industry, it’s hard to imagine not being totally obsessed with Regulation F. But, it’s possible the average consumer wasn’t even aware of a change in debt collection law until they saw this NPR article, or one like it. And while the industry has been hyper-focused on complying with Regulation F, its real impact remains to be seen.

Possibly the biggest shock to consumers as it relates to the New Rule is social media contact. If a consumer doesn’t understand that social media direct messaging is permitted (and maybe even if they do), contact via direct messaging may result in a number of consumer complaints.

On November 30, 2021, in an attempt to prepare consumers for the change, the CFPB released a Reg F FAQ for consumers. The FAQ covers the following key issues:

  • Debt validation notices
  • Call frequency guidelines
  • Credit reporting
  • Social media contact
  • Limited contact messages

Hopefully, providing this information will make the transition to a post-Reg F collections world smoother for both consumers and agencies, but as we covered here, it’s important for those in the industry to make a note of what is working, as well as what is not working, as we begin to experience the real-life consequences of Reg F.

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