Clarification for Debt Collectors and Servicers

first_img The Consumer Financial Protection Bureau (CFPB) has issued a Notice of Proposed Rulemaking (NPRM) to implement the Fair Debt Collection Practices Act (FDCPA). According to the CFPB, the proposal would provide consumers with clearer protections against harassment by debt collectors and straightforward options to address or dispute debts.“The Bureau is taking the next step in the rulemaking process to ensure we have clear rules of the road where consumers know their rights and debt collectors know their limitations,” said CFPB Director Kathleen L. Kraninger. “As the CFPB moves to modernize the legal regime for debt collection, we are keenly interested in hearing all views so that we can develop a final rule that takes into account the feedback received.”As part of the proposal, the CFPB intends to establish a clear, bright-line rule limiting call attempts and telephone conversations, clarify consumer protection requirements for certain consumer-facing debt collection disclosures, clarify how debt collectors can communicate with consumers, and prohibit suits and threats of suit on time-barred debts and require communication before credit reporting.For debt collectors and servicers, communication with customers is a key issue, as “robocalls” have become more of an issue. According to the Urban Institute and a report from the U.S. Treasury, the 27-year old Telecommunications Consumer Protection Act (TCPA) may be preventing mortgage servicers from reaching customers when that contact could be helpful. For example, a servicer might not be able to inform borrowers about mortgage relief options or warn about scams, or reach thousands of borrowers with time-sensitive information during natural disasters such as hurricanes, especially when landlines may be down and cell phones are the only option.The National Mortgage Servicing Association (NMSA) last year wrote a letter to the to the Federal Communications Commision (FCC), outlining their suggestions for changes to regulations imposed by the TCPA. One suggestion involved a re-examination of the definition of an “autodialer.” For example, the NMSA proposed that it should be made clear that the definition of an autodialer does not include dialing from a list, and that the technology used must involve both generating a phone number in random or sequential order and calling that generated number.In addition, the NMSA supports the FCC’s creation of a reassigned number database as well as a “safe harbor” for businesses to check the database. The NMSA also supports the integration of a more structured process in order for consumers to revoke consent to receive calls from a company, giving consumers peace of mind while reducing the headache for businesses to trying to comply with regulations.Exempting servicers from the Act would give servicers the opportunity to reach out when it would benefit the borrower, and allow borrowers to identify numbers that have been transferred. Another option would be to temporarily exempt servicers from Act requirements specifically during natural disasters in order to send out time-sensitive information. Demand Propels Home Prices Upward 2 days ago The Best Markets For Residential Property Investors 2 days ago in Daily Dose, Featured, Market Studies, News Servicers Navigate the Post-Pandemic World 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago Clarification for Debt Collectors and Servicers CFPB Debts 2019-05-08 Seth Welborn Share Save Previous: Advancing Diversity and Inclusion in the Mortgage Industry Next: Americans Continue to Bet on Real Estate Investment May 8, 2019 1,670 Views Home / Daily Dose / Clarification for Debt Collectors and Servicers Related Articles Demand Propels Home Prices Upward 2 days agocenter_img Seth Welborn is a Reporter for DS News and MReport. A graduate of Harding University, he has covered numerous topics across the real estate and default servicing industries. Additionally, he has written B2B marketing copy for Dallas-based companies such as AT&T. An East Texas Native, he also works part-time as a photographer. The Week Ahead: Nearing the Forbearance Exit 2 days ago The Best Markets For Residential Property Investors 2 days ago About Author: Seth Welborn Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago  Print This Post Tagged with: CFPB Debts Servicers Navigate the Post-Pandemic World 2 days ago Sign up for DS News Daily Subscribelast_img read more

Smoke from West Coast wildfires travels to Europe

first_imgmilehightraveler/iStockBy JULIA JACOBO, ABC News(NEW YORK) — Heavy smoke from the dozens of wildfires blazing up and down the West Coast has traveled as far east as Europe — nearly 5,000 miles — satellite images show.Images released by the European Union’s Copernicus Atmosphere Monitoring Service show the smoke moving from the western U.S. and across the Atlantic Ocean to Europe. Meanwhile, the smoke is still creating hazardous conditions in the West. The haze is so thick that it has cooled expected record-high temperatures for September by 10 degrees, according to climate scientists.The aerosol optical depth, which is the measure of how much sunlight is blocked by aerosol particles in the atmosphere, has reached levels of seven or above, according to CAMS, which is part of the European Centre for Medium-Range Weather Forecasts. To put this in perspective, a level one AOD measurement already implies poor air quality and hazy conditions.“The fact that these fires are emitting so much pollution into the atmosphere that we can still see thick smoke over 8,000 kilometers away reflects just how devastating they have been in their magnitude and duration,” CAMS Senior Scientist Mark Parrington said in a statement.The fires also have emitted far more carbon in 2020 than in any other year since CAMS began recording data in 2003.While crews are starting to gain containment on several fires, dozens are still burning, and millions of acres in California and Oregon have been scorched.More than two dozen people have died.Copyright © 2020, ABC Audio. All rights reserved. #Smoke from the unprecedented #USFires is moving back across #NorthAmerica from the #Pacific and is on its way to #Europe.Find out more about the monitoring of fires and their smoke by the #CopernicusAtmosphere Monitoring Service in our latest article— Copernicus ECMWF (@CopernicusECMWF) September 16, 2020last_img read more