CFPB Simplifies Regulation E, and Debt Collectors Should Pay Attention

Think of it as WikiRegs: The Consumer Financial Protection Bureau launched its eRegulations tool on October 22 to help make federal regulations easier to understand for consumers. The first regulation the new CFPB site breaks down? Regulation E – the set of rules enforcing the Electronic Fund Transfer Act for debt collectors and other financial institutions.

It shouldn’t surprise anyone that the Bureau is putting Regulation E back in the spotlight. This week, the CFPB’s final rule on foreign remittance transfers goes into effect. The rule changes some disclosure obligations and provides an official interpretation of Regulation E and its requirements.

“We write rules to protect consumers, but what actually protects consumers is people: advocates knowing what rights people have, government agencies’ supervision and enforcement staff having a clear view of what potential violations to look out for; and responsible industry employees following the rules,” said CFPB officials in a press release announcing the launch of eRegulations.

With online banking and pay portals on the rise, Regulation E is one of the growing compliance concerns for debt collectors. There’s already a lot of guidance about how banks and other financial institutions are supposed to comply, while the collection industry seems to be left behind.

Not anymore! Our Compliance Overview: Regulation E report highlights the unique ways in which Regulation E impacts debt collectors.

This report is the first of its kind to provide real-world tools for the debt collection industry to comply with Regulation E. Follow our compliance checklist to see how your policies hold up against federal scrutiny. Use our terms and conditions template as a foundation for language that’s compliant and consumer-friendly. Learn how the Consumer Financial Protection Bureau’s new rule on foreign remittance transfers changes disclosure requirements.

You’ll learn:

• Who is affected by Regulation E
• Best practices for compliance and disclosures
• Top industry violations, and how to avoid them
• Consumer liability for unauthorized transfers
• and much more!