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LiveVox Resources | CFPB

Staying Ahead of the Changing CFPB Rules

LiveVox’s industry-leading solutions help you make CFPB compliance a top priority. As the rules continue to evolve, it’s more important than ever to ensure you’re adhering to the letter of the law.

On October 30 and December 18, 2020, the Consumer Financial Protection Bureau (CFPB) announced new rules regarding debt collection communications, effective November 30, 2021.

These rule changes apply to contacting customers by phone, but now for the first time ever, the CFPB has also formulated rules regarding the use of email and SMS in debt collection. LiveVox has the right solutions to help you take a proactive, compliance-focused approach to the new CFPB rules.


A Guide To The New CFPB Rules

Find out how the new CFPB regulations impact your contact center, what you need to do about them, and how LiveVox can help you strategize and execute for success.

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What is the CFPB?

The Consumer Financial Protection Bureau (CFPB) is a 21st century federal agency that aims to make financial markets work for consumers, responsible providers, and the overall economy.

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Contact Attempt Controls

Easily manage multichannel contact attempts

The new CFPB “7 in 7” rule imposes restrictions on debt collectors by limiting the number and frequency of calls that can be made to a consumer about a particular debt. With LiveVox’s Attempt Supervisor, you can configure voice attempt controls across all of your campaigns, eliminating the possibility of agent error and helping you optimize your compliance strategy for the “7 in 7” rule. And since Attempt Supervisor also enables you to set contact limits for email and SMS, you have the option to set further parameters for engagement frequency across all channels. 

  • Align strategies with specific CFPB contact rules and regulations
  • Leverage customizable, on-demand configurations at the account and channel-level
  • Maximize outbound contacts in a proactive and compliance-focused fashion
  • Attain greater control over your outreach efforts across channels—voice, email, and SMS
  • Applicable across your in-house or outsourced network.
  • Outcome-driven—does not include busy and invalid outcomes
  • Supports exception calling

Learn more about how LiveVox’s Attempt Supervisor lets you easily create contact attempt rules in keeping with the new CFPB regulations.

Multichannel Consent Management

Simplify multichannel consent management

For the first time, the CFPB has formulated rules clarifying the use of SMS and email in collections, specifying that all messages must include explicit opt-out messaging. Before, it was important to capture consent from customers. Now, it’s more critical than ever. With LiveVox’s embedded Consent Management tool, powered by our Unified CRM solution, you can simplify how you manage consent and customer preferences across an omnichannel environment.

  • Track channel consent from initial communication to final communication
  • Embedded consent management on the agent desktop
  • Pre-defined mass emails and templated transactional emails with mandated opt-out links
  • SMS templates with CTIA-keyword opt-outs
  • Real-time unsubscribe account-level consent updates
  • All outreach engagement (mass and individual interactions) adhere to the customer’s consent flags.

Learn more about how LiveVox’s Consent Management tool lets you easily capture and track customer opt-ins and opt-outs across all channels.


Expand to digital messaging

The new CFPB rules create the perfect opportunity to expand your communications into SMS and email. With LiveVox’s 2-Way Messaging Bundle, not only do you have the ability to exchange emails and text messages with your customers, but you’ll also be able to effectively manage consent capture and revocations across digital channels.

  • Engage in two-way conversations with your customers on their channel of choice
  • Increase your compliance risk mitigation with built-in consent capture across all digital channels
  • Leverage pre-written messages that can be configured to automatic campaigns
  • Use disclosures to customers as an opportunity to promote digital channels
  • Reduce agent handle time with our CRM by improving routing and interaction visibility across all messaging channels
  • Improve operational efficiency using customer data and interaction history for better campaign management, segmentation, and reporting.

Learn more about how LiveVox’s Two-Way Messaging Bundle lets you easily connect with customers on their channel of choice while also managing consent.

Speech Analytics

Use speech analytics to record customer channel preference

With the new CFPB rules, your agents are going to play a vital role in capturing consent and the opportunity that comes with it. You’ll also need to make sure your agents are responding correctly when a customer opts out of a specific channel. At LiveVox, we offer a solution tailor-made for capturing and managing consent in your contact center: SpeechIQ®. With the power of advanced AI, you can accurately and objectively monitor and analyze 100% of your calls to ensure agents are asking for consent and responding to opt-outs properly—and using mandatory statements.

  • Record and monitor 100% of consumer interactions—especially important for managing consent
  • Automated scorecards verify consent was granted and confirm revocation was processed
  • Achieve better defense against lawsuits by easily searching for consent capture and evaluating conversations around time-barred debt
  • Drive ROI and increase quality management efficiency using intelligent, targeted, data-driven coaching strategies
  • Get up and running in days with a system that is refreshingly simple to set up and use and works with your existing contact center platform

Learn more about how LiveVox’s SpeechIQ® enables you to capture and retain all of your call recordings, while also mining them for data and insights.


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Why LiveVox?

Learn why leading contact centers chose LiveVox for their Omnichannel, CRM, AI, and Workforce Engagement Management solutions.

Frictionless Agent & Customer Experiences

Easily improve customer service and shift customer engagement between voice and digital channels while unifying all interaction history, customer profile information, and controls into a tailored agent desktop that improves effectiveness and speed.

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One Unified Platform

All LiveVox contact center operations are accessed via a single, secure cloud-based platform, allowing for a seamless experience for agents, supervisors, and decision-makers.

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Comprehensive Risk Mitigation

LiveVox simplifies risk management with embedded compliance controls spanning CTIA, CAN-SPAM, CFPB, PCI, and other compliance-related considerations.

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Easy Integration

Supplement rather than replace your existing systems of record and CRMs using our simplified API approach, so agents get up and running quickly.

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Reduced Total Cost of Ownership

Drive performance and stay on top of security requirements with a TCO model that also avoids unnecessary technology, minimizes the need for costly professional services, and offloads security costs.

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A Partnership You Can Trust

LiveVox contact center solutions will support your unique business goals with a continuously evolving platform, in-depth training, dedicated account managers, our Customer Care Team, and Business Consulting sessions.

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