The CFPB’s New Rules
The Importance of Consent Management
Under the CFPB’s new debt collection rules the number of times you can call a customer about a particular debt is limited to seven attempts in seven days. There is an exception if the customer has provided specific consent, however this consent has an expiration date!
What’s the Problem?
Complicating the picture further are SMS and email. Contact attempts in these channels don’t count towards the seven-in-seven limit, but, there are strict rules about offering and honoring channel-specific opt-outs. So, consent management is going to be a big deal for anyone looking to remain efficient and compliant once the rules drop. Here are some questions to ask about your operation:
What does your current consent management solution look like?
Do you have the ability to track consent expiry across multiple customers and campaigns?
Are you currently in a position to effectively offer and honor opt-outs across multiple channels?
How Can LiveVox Help?
It starts with the right technology.
The new rules will make managing consent more crucial than ever. It’s not a consideration—it’s a necessity. You need to empower your agents to capture consent and initiate omnichannel customer engagement. With LiveVox’s embedded Consent Management tool, powered by our Unified CRM solution, you can:
- Simplify how you track and manage consent and customer preferences across an omnichannel environment
- Easily capture and track customer opt-ins and opt-outs across channels
- Make consent revocation easier with unified profiles that automatically update changes as they are made.
You need to have the right technology in place and make sure it’s working well before the new regulations are enforceable. So, be proactive, secure the right product, and start working on your processes now.
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What Do I Need to Do About the New CFPB Rules?
Make sure you have the right technology in place to ensure you follow the rules.
Evaluate Your Operations
Assess whether you are breaching the rules now and whether you’ll be able to make sure you don’t in the future.
Create a Strategy
Understand what processes and products you will need to have in place to comply with the new rules. Determine when you should start testing them.
Use Digital Channels
SMS and emails will not count towards the 7-in-7. Supplementing your calls with digital channels will be key to reaching customers.
Monitor, Monitor, Monitor
Run exception reporting and see how many attempts you’re making to customers in a seven-day period.
It will be more critical than ever to capture channel-specific consent from your customers. This will require robust consent management.
A concise, clear and straightforward guide to the new CFPB rules
CFPB Webinar Replay
Listen to our experts take you through the ins and outs of the new CFPB rules
The information on this page does not constitute legal advice and you should seek guidance from your own independent counsel when making operational decisions in relation to CFPB.
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