2021 Debt Management Legal Updates

Biden Administration Extends Student Loan Payment Suspension Until May 1, 2022

December 22, 2021. The payment suspension for most federal student loans will now last until May 1, 2022.

New Debt Collection Law Passed in New York

April 7, 2022 and May 7, 2022. A recently-passed law in New York places additional requirements on creditors and collectors that sue consumers for unpaid debts.

New Credit Reporting Rules for Debt Collectors

November 30, 2021. A new federal law prohibits a debt collector from telling a credit reporting agency about a debt before either speaking to the consumer or sending a debt validation notice and then waiting to make sure it's delivered.

New Rules for Debt Collection Notices

November 30, 2021. As of November 30, 2021, debt collection notices must give additional information and disclosures to consumers.

Significant Changes to the FDCPA in Late 2021

November 30, 2021. Starting November 30, 2021, debt collectors face new restrictions under changes to the federal Fair Debt Collection Practices Act (FDCPA).

Biden Administration Waives Student Loan Interest Retroactively for Military Servicemembers

August 20, 2021. The U.S. Department of Education has retroactively waived interest on federal student loans for more than 47,000 current and former active duty servicemembers.

CFPB Resumes Enforcement of Credit Reporting Dispute Deadlines

March 31, 2021. The Consumer Financial Protection Bureau will resume enforcing FCRA requirements on credit report disputes and rescinded the leeway it gave to the credit reporting bureaus due to the coronavirus crisis.

New CFPB Rule Clarifies When the FDCPA Applies to Debt Buyers

November 30, 2021. The CFPB has clarified when a debt buyer is considered a "debt collector" and must comply with the Fair Debt Collection Practices Act (FDCPA).