Regulation F Deconstructed; A Guide to Implementing Reg F Using TCN
Regulation F has helped clarify rules for collection agencies and how debt collectors communicate with debtors. The regulations created the need for agencies to make changes to when they contact debtors, how they retain compliance records, and their communication via email and text messaging.Watch Reg F Demo
Regulation F’s Clarifications and Implementation
Regulation F affects various businesses, from collection agencies to debt buyers to law firms and other loan servicers. Though there are other details involved in Regulation F, the most critical factor for these organizations to focus on is avoiding excess contacting. Reg F prohibits debt collectors from engaging in harassment, abuse and unfair practices. Part of these changes also addresses consumer preferences by outlining rules on when and how often to contact a consumer.
What is Regulation F?
In November 2020, the Consumer Financial Protection Bureau (CFPB) published Regulation F to clarify and implement the FDCPA — going into effect later this year. Regulation F provides clarification on specific rules for contacting consumers, retaining compliance records, and managing consent.
Among other actions, like providing a model validation notice and stances on out-of-stat debt, Regulation F clarifies and lays down rules for certain communications made by debt collectors – including telephone calls, e-mails, and text messages.
Current Reg F Challenges
- Managing 7×7 call attempts and other channel communications (Email, SMS)
- Handling data from disparate data sources
- Consent management
- Consumer preferences
These Reg F challenges can make it hard to know if your organization is up-to-date with all of the new compliance regulations. TCN has the solutions to help your organization tackle all of the new Regulation F rulings, and more.
TCN Services that Help Manage Regulation F
Streamline your call center compliance today to protect your customers tomorrow and minimize risk with a suite of compliance tools.
List Management Services
Get greater visibility into your call center by streamlining and organizing your data sets and lists all in one place.
Natural Language Compliance
Enhance compliance efforts with a user-friendly tool that allows you to build compliance rules for your call center naturally.
Take control of your data and make informed decisions by having a complete view of your agent and customer interactions.
Discover real-time insights with full-text transcriptions and PCI redactions of 100% of your calls at your fingertips.
Use TCN to Build Compliance Rules and Manage Regulation F
Appropriately Use Limited Content Messages
Limited content message regulation refers to laws or rules that restrict or regulate the type of information that can be included in certain types of messages or communications. Assist your agents by helping them deliver effective and compliant limited content messages to their customers.Watch Webinar
To qualify as a limited-content message, a voicemail must include:
- A business name for the debt collector that does not indicate the debt collector is in the debt collection business;
- A request that the consumer reply to the message;
- The name(s) of natural persons whom the consumer can contact to reply to the debt collector; and
- The telephone numbers(s) that the consumer can use to reply to the debt collector.
To qualify as a limited-content message, a voicemail may include:
- A salutation;
- The date and time of the message;
- Suggested dates and times for the consumer to reply to the message; and
- A statement that if the consumer replies, the consumer may speak to any of the company’s representatives.
Users update their numbers, you update consent
No more second-guessing if a cell phone number should be struck from your list. Access the Reassigned Number Database (RND) through TCN and avoid incorrect calls to consumers. Securely retrieve, identify, and update disconnected and toll-free numbers within the United States using the database. Keep your call center’s consent lists up to date and compliant.Watch Webinar
Additional Regulation F Resources
Final Rules Clarifying the Fair Debt Collection Practices Act & Reg F
Updating Your Compliance Management System to Align with the CFPB
How to Update Training Practices and Materials to Address Regulation F
Reassigned Number Database and Regulation F: Everything You Need to Know