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The law does not impact most third-party collection agencies, but it does impact some creditors and debt buyers. The California commissioner of financial protection and innovation recently issued proposed changes to the notice of rulemaking for acquiring a debt collection license under the Debt Collection Licensing Act.
Financial institutions, servicers, lenders, and debt collectors must stay up-to-date on evolving federal and state laws stemming from the COVID-19 pandemic, as such laws impact all facets of consumerloan servicing and debt collection. This Bulletin serves as an update to that non-exhaustive compilation of information.
Established by the Economic Growth, Regulatory Relief, and Consumer Protection Act, IPAC consists of 21 members, who serve staggered three-year terms and bring professional backgrounds in insurance accounting, actuarial science, academia, insurance regulation, and policyholder advocacy. For more information, click here.
Senators Elizabeth Warren, Tina Smith, Sherrod Brown, and Edward Markey wrote a letter to President Joe Biden, signed by 60 other lawmakers, requesting that that he extend the pause of federal studentloan payments for at least six months or whenever employment returns to pre-pandemic levels. For more information, click here.
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