Financial Services

The CFPB Regulation F Requirements Take Effect in Less Than 60 Days – What’s Your Plan?

Istock 514469972

In less than 60 days, the CFPB Regulation F requirements take effect.

In simple terms, it means collectors can:

Make seven call attempts within a seven-day period

Make one call within a week of speaking with the “right party.”

Strategies must be altered, and creating sequencing that supports your delinquency goals and loss forecast can be challenging.

The CFPB allows for the use of newer technologies, such as email, SMS text, and social media, to name a few. The timing and frequency aren’t being prescribed and should be coalesced with your phone call strategy.

Are you prepared?

Regardless of where you are on your collections transformation journey, join me next week for our webinar, Optimizing Strategies to Improve Collections, where I will share how you can leverage an omnichannel strategy to maximize contact, improve digital adoption, and reach your customers through their “channel of choice.”

Collections Strategies Webinar

About the Author

Byron Gifford is Perficient’s lead business consultant for financial services. With an extensive background as an executive leader in the banking industry, Byron has helped several banks improve their loan losses, increase customer retention, and reduce operational expenses through modernizing their collections and loss mitigation process engines. Byron specializes in developing innovative and dynamic contact strategies, creating cultures that deliver a relentless focus on enhancing the customer experience and retention, and implementing automation for business manual processes.

More from this Author

Leave a Reply

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Subscribe to the Weekly Blog Digest:

Sign Up
Categories