The Federal Government has a proposed policy in relation to COVID-19 that would revise the Fair Debt Collections Practices and enact a blanket suspension of debt collection. This proposed legislation would have incalculably negative implications for not only the loan origination and servicing industries, but for small business across the Country.
It is imperative that there remain some mechanism for creditors, secured and unsecured alike, to enforce a collection through either the commencement of litigation, enforcement of a security interest, execution on property, or earnings and non-earnings garnishment.
We must urge our elected officials to oppose any legislative efforts that would include prohibition on consumer and commercial debt collection. Below are links to find the senators and representatives in your area and a letter to send to oppose this proposed legislation.
https://www.senate.gov/general/contact_information/senators_cfm.cfm
https://www.house.gov/representatives