New eBook details critical points collection agencies need to address in order to ensure compliance with the new rules
TCN, Inc., a global provider of a comprehensive cloud-based call center platform for enterprises, contact centers, BPOs, and collection agencies, released a new eBook, titled “The Ultimate Guide to Reg F: Everything Your Collections Agency Call Center Needs To Know.” The latest eBook outlines what Regulation F means for collection agencies, details its potential impact and provides guidance on how to navigate the new changes efficiently.
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Implemented on November 30, 2021, Regulation F is a set of new debt collection rules issued by the Consumer Financial Protection Bureau (CFPB). It primarily serves to address how The Fair Debt Collection Practices Act (FDCPA) applies to the many new forms of communication and technology developed and implemented since the law was first passed in 1977. Regulation F will impact all third-party collection agencies and affect how they can contact debtors, resulting in many agencies having to make changes to their operations. The details of the 653-page ruling can cause some serious issues and result in fines if the new parameters are not adhered to.
“The reality is that change is not coming, it’s here,” said McKay Bird, marketing director at TCN. “At TCN, we’re dedicated to helping our industry community navigate the series of changes and new parameters that have been put in place by Reg F. This new eBook is one of many resources that are demonstrative of that promise, along with a comprehensive library of compliance guides, best practices and more.”
TCN’s new eBook breaks down the complex rules into an easy-to-follow manual that walks collection agencies through the new guidelines via the following in-depth sections:
- A Snapshot of Regulation F – TCN breaks down the ins and outs of the rules, explaining what the CFPB is striving to do by implementing.
- How Regulation F Can Impact Collections Agencies – This section explains the exact areas and practices of call centers that will need to make changes in order to be compliant.
- Main Regulation F Rules – TCN walks through the new rule in its entirety, breaking down its complex sections such as additional call provisions, model validation notices, keeping compliance records, the changes to email and text message communication rules and more.
- How TCN Can Help with Regulation F – TCN provides a breakdown of how its call center solutions can help collections agencies stay compliant and seamlessly navigate the changes. Some of the tools include Natural Language Compliance, Manually Approved Calling, List Management Services, Business Intelligence and Voice Analytics.
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