On January 19, 2021, the Consumer Financial Protection Bureau (CFPB) published its final debt collection rules in the Federal Register, including 12 C.F.R. § 1006.26(b), which prohibits collections of time-barred debt. Under the new rules, collectors who sue or threaten to sue consumers for time-barred or “zombie” debts ‒ debts for which the statute of limitations already expired ‒ violate the Fair Debt Collection Practices Act (FDCPA).
Financial technology (“fintech”) has become one of the most important inventions in today’s world. However, technology’s overall impact on our financial institutions is still unclear. Fintech has become an essential tool in the financial world, but we need to (i) identify and (ii) improve the potential uses of fintech for the financial systems of the future. The role of the federal government in this context is especially important, but complicated.
Last year, our newest federal consumer agency, the Consumer Financial Protection Bureau (CFPB), rolled out an ambitious program designed to elevate the level of financial literacy among consumers. One part of the effort is primarily focused on the most vulnerable, such as those who qualify for free social services or who obtain legal services from