CFPB Issues Debt-Collection Rules That Allow Unlimited Texts
- Rules would restrict how often collectors can call consumers
- There would be no limit on texts unless consumers opt out
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A U.S. regulator unveiled proposed rules for debt collectors on Tuesday that would restrict how often they can call borrowers, while making clear that firms can send unlimited text messages and emails as long as consumers don’t opt out of such communications.
The Consumer Financial Protection Bureau regulations -- the result of a process started under former Director Richard Cordray -- would mark some of the first major rule changes for the industry in four decades if they are adopted.