The CFPB has released several guidance documents on validation notices that are intended to facilitate compliance with requirements in the Regulation F debt collection final rules. The rules will take effect on Nov. 30. The Fair Debt Collection Practices Act, upon which Regulation F is based, does not generally apply to creditors collecting their own debts and thus does not generally apply to banks; however, banks routinely oversee the activity of third-party collectors.
Among the resources are an updated FAQ document with a new section that specifically addresses validation information for residential mortgage debts. The bureau also provided a Spanish translation of the model validation notice, and a model validation notice itemization table, which includes examples and reviews certain required validation information and illustrates how a debt collector could comply with the requirement to disclose that information.
