The Bureau’s Advisory Opinion program provides written guidance to assist regulated entities to better understand their legal and regulatory obligations through advisory opinions.
Parties may submit requests for advisory opinions regarding any issue under the Bureau’s purview that can be resolved through an interpretive rule.
On April 26, 2023, the CFPB issued an Advisory Opinion to affirm that the Fair Debt Collection Practices Act (FDCPA) and its implementing Regulation F prohibit a debt collector, as that term is defined in the statute and regulation, from suing or threatening to sue to collect a time-barred debt.
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Purpose of the program
The Advisory Opinion program provides a mechanism through which the Bureau can carry out its statutory purposes and objectives by better enabling compliance.