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B-332818 1 (2021-01-07)

handle is hein.gao/gaobaecjt0001 and id is 1 raw text is: GAOU.S. GOVERNMENT ACCOUNTABILITY OFFICE 441 G St. N.W. Washington, DC 20548 B-332818 January 7, 2021 The Honorable Mike Crapo Chairman The Honorable Sherrod Brown Ranking Member Committee on Banking, Housing, and Urban Affairs United States Senate The Honorable Maxine Waters Chairwoman The Honorable Patrick McHenry Ranking Member Committee on Financial Services House of Representatives Subject: Bureau of Consumer Financial Protection: Debt Collection Practices (Regulation F) Pursuant to section 801(a)(2)(A) of title 5, United States Code, this is our report on a major rule promulgated by the Bureau of Consumer Financial Protection (Bureau) entitled Debt Collection Practices (Regulation F) (RIN: 3170-AA41). We received the rule on December 22, 2020. It was published in the Federal Register as a final rule; official interpretation on November 30, 2020. 85 Fed. Reg. 76734. The effective date of the rule is November 30, 2021. According to the Bureau, the final rule revises Regulation F, which implements the Fair Debt Collection Practices Act (FDCPA), 15 U.S.C. § 1692 et seq., and currently contains the procedures for state application for exemption from the provisions of FDCPA. The Bureau stated it is finalizing federal rules governing the activities of debt collectors, as that term is defined in FDCPA. According to the Bureau, the final rule addresses, among other things, communications in connection with debt collection and prohibitions on harassment or abuse, false or misleading representations, and unfair practices in debt collection. Enclosed is our assessment of the Bureau's compliance with the procedural steps required by section 801(a)(1)(B)(i) through (iv) of title 5 with respect to the rule. If you have any questions about this report or wish to contact GAO officials responsible for the evaluation work relating to the subject matter of the rule, please contact Shari Brewster, Assistant General Counsel, at (202) 512-6398. Shirley A. Jones Managing Associate General Counsel Enclosure cc: Kathleen L. Kraninger Director Bureau of Consumer Financial Protection

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