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Passage Of Debt Collection Bill Could Be A ‘Slippery Slope’ For Lenders

Collection Industry News

2547, the Non-Judicial Foreclosure Debt Collection Clarification Act, which would reverse the unanimous decision made by the Supreme Court of the United States (SCOTUS) in 2019. Prohibit certain abusive collection practices directed at service members, including threats to reduce rank or revoke security clearance.

Lender 40
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Troutman Pepper Weekly Consumer Financial Services Newsletter

Troutman Sanders

An amendment in the NDAA to update the Fair Debt Collection Practices for Servicemembers Act passed in the Senate by a vote of 95-2. For example, some institutions incorrectly reduced the amount reported to the extent that the uninsured deposits are collateralized by pledged assets. The amendment, led by U.S.