Days after proposing the bill, Democrats in the U.S. House of Representatives approved a $2.2 trillion relief package and updated version of the Health and Economic Recovery Omnibus Emergency Solutions (HEROES) ACT, 214-207, along party lines.
The updated HEROES Act includes components of the original bill that would have a significant impact on the accounts receivable management (ARM) industry related to credit reporting and some restrictions on debt collection during a national emergency, when collectors can actually help consumers more through hardship programs.
ACA International appreciates that Congress still did not include language limiting the ability to make phone calls. Changes impacting the ARM industry are outlined for members in a summary from our advocacy team.
ACA is continuing to advocate with Congress on the proposal. The U.S. Senate is not expected to take up the full package from the House and there will continue to be opportunities for Congress to remove the problematic sections.
ACA is not expecting an agreement on the bill before the Nov. 3 election, but is preparing for it to resurface during the lame duck session and before the end of the year.
The updated proposal includes:
- Suspending Negative Credit Reporting and Strengthening Consumer Protections
This section would suspend negative consumer credit reporting during the COVID-19 pandemic and other declared major disasters, plus 120 days. Credit score furnishers would be prohibited from implementing new credit scoring models that would lower existing consumer credit scores during the COVID-19 pandemic or during other major disaster periods. This section also permanently bans the reporting of medical debt arising out of COVID-19 treatments. - Restrictions on Collections of Consumer Debt During a National Disaster or Emergency
This legislation provides a temporary moratorium on consumer debt collection during this COVID-19 crisis, and for 120 days thereafter, except for mortgage loans covered by Sections 4022 and 4023 of the CARES Act. - Repayment Period and Forbearance for Consumers
This section ensures reasonable forbearance and repayment options for consumers when payments resume following the current moratorium, including simply maintaining the same payment schedule by extending the maturity by the same period of time that payments were suspended.
ACA members may read more on the updated bill in coverage from ACA here:
House Democrats Propose Updated HEROES Act
Related Content from ACA International:
Member Alert: ACA Outlines Concerns in the HEROES Act
ACA International Outlines Problems with House HEROES Act
ACA Advocacy: Comparing Senate and House Economic Relief Proposals
"along" - Google News
October 06, 2020 at 12:35PM
https://ift.tt/30ELaFr
House Democrats Pass Updated HEROES Act Along Party Lines - ACA International
"along" - Google News
https://ift.tt/2z4LAdj
https://ift.tt/35rGyU8
Bagikan Berita Ini
0 Response to "House Democrats Pass Updated HEROES Act Along Party Lines - ACA International"
Post a Comment