WHO AND WHY WAS REGULATION F CREATED:

In July 2010, the United States Congress passed the Dodd-Frank Wall Street Reform and Consumer Protection Act. The law- often referred to as the Dodd-Frank Act – created the Consumer Financial Protection Bureau (the CFPB).

The CFPB Mission Statement is to make markets for consumer financial products and services work for Americans by promoting transparency and consumer choice and preventing abusive and deceptive financial practices.

The CFPB was created in part to make rules and regulations for the continuing implementation of the Fair Debt Collections Practices Act (the FDCPA). The FDCPA was passed by Congress in 1977 and was the first comprehensive federal legislation ensure some consumer protections. The legislations’ purpose is to eliminate abusive debt collection practices by debt collectors, to ensure that those debt collectors who refrain from using abusive debt collection practices are not competitively disadvantaged, and to promote consistent State action to protect consumers against debt collection.
The CFPB is the first Federal agency to possess the authority to issue substantive rules for debt collection under the FDCPA.

The CFPB proposed and Amended Regulation F, 12 CFR Part 1006, which implements the FDCPA. The CFPB focused on two pats when proposing and passing the Amendments:
Part one focused on communications. See 85 Fed. Reg. 76,735 (Nov. 30, 2020)
Part two focused on disclosures. See 86 Fed. Reg. 5766 (Jan. 19, 2021).