The CFPB’s New Rules
Maximize Customer Contacts With Messaging
The CFPB’s new rules limit the number of times you can try to call a customer about a particular debt to seven attempts in seven days. Any limitation on contact attempts is obviously going to affect your chance of reaching a customer, and ultimately your bottom line.
What’s the Problem?
Significantly, the new rules do permit the use of email and text messages. Much like with calls, you will need consent and you will need to take into account certain requirements, like compulsory opt-out messaging. However, these limitations aside, digital messaging represents a big opportunity for collectors to look beyond voice and maximize their contact rates. Is it an opportunity you’re in a position to take?
Can you currently exchange email and SMS messages with your customers?
Do you have an omnichannel outbound communications strategy?
Can you effectively manage consent capture and revocations across digital channels?
How Can LiveVox Help?
It starts with the right technology.
With customer preference moving more and more towards digital channels and the average open rate of SMS at around 98%, collectors looking to maximize their contact rates in the wake of the CFPB’s new rules have to consider messaging channels. With LiveVox’s TwoWay Messaging solution, you can:
- Engage in two-way conversations with your customers on their channel of choice
- Increase your compliance risk mitigation with built-in consent capture across every digital channel
- Leverage pre-written messages that can be configured to automate campaigns.
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.
More Strategies to Respond to the CFPB’s New Rules
CFPB and the Importance of Managing Consent
CFPB and the Importance of Managing Contact Attempts
Agent Compliance and Asking for Consent
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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