Since the start of the pandemic, state and federal lawmakers have taken aggressive measures to protect the health and economic security of their citizens, including legislative and regulatory measures limiting, or proposing to limit, certain debt collection practices. In May, the US House of Representatives passed H.R. 6800, the Health and Economic Recovery Omnibus Emergency Solutions Act (the “Heroes Act”).
The Heroes Act revived, among other things, many of the severe debt collection-related restrictions House Democrats have been pushing since the start of the pandemic. The Heroes Act is unlikely to be enacted in anything resembling the form passed by the House, but it, combined with other federal and state debt collection proposals and emergency regulations, may inform future legislative and regulatory proposals as temporary financial services relief programs come to an end and the Consumer Financial Protection Bureau finalizes its rulemaking under the Fair Debt Collection Practices Act.
Please join Mayer Brown partners Debra Bogo-Ernst and Eric Mitzenmacher and associate Anjali Garg as they discuss the Heroes Act and various other federal and state debt collection-related actions that may offer a glimpse into the future of debt collection as we know it.
Mayer Brown’s Global Financial Markets Initiative helps clients deal with the legal and business challenges resulting from the ongoing turbulence in worldwide financial markets. By mobilizing the firm’s global resources from multiple practices and offices, the initiative provides clients with knowledgeable and timely counsel on a broad spectrum of their legal needs.