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THURSDAY MAY 13, 2021 SUMMARY OF LEGISLATIVE BUSINESS Waters (D-CA) En Bloc #1 Bonamici (D-OR), Cohen (D-TN) – Amendment No. 1 – Expands requirements debt collectors must meet to take legal action on a debt, including providing advanced notice of commencing legal action and updates FDCPA to require proof that a debt is legally owed and due Adams (D-NC), Williams (D-GA) – Amendment No. 2 – Provides private student loan borrowers the same protections as federal borrowers, with regards to prohibiting servicers and credit reporting agencies from reporting adverse information and directs the credit reporting agencies to remove any adverse information Bowman (D-NY) – Amendment No. 3 – Ensure that debt collectors would not be allowed to contact consumers via social media unless explicitly provided written consent Bush, Cori (D-MO) – Amendment No. 5 – Requires the CFPB report to Congress in 6 months analyzing consumer complaint data relating to debt collection practices (including debt collection practices as it relates to medical debt and debts owed by servicemembers) during the pandemic, as well as a list of enforcement actions taken by CFPB relating to debt collection during the pandemic. The report must also outline a strategy on how the CFPB will utilize regulatory, supervisory and enforcement tools to combat predatory debt collection practices identified during the pandemic and the CFPB would be required to request debt collectors covered by their larger participant rule provide to the Bureau information about their default judgements pursued through litigation during the pandemic Cohen (D-TN), OcasioCortez (D-NY), Bonamici (D-OR) – Amendment No. 6 – Adds language that would explicitly prohibit debt collectors from collecting or attempting to collect debt from consumers which the statute of limitations has expired and would also prohibit a debt collector from bringing, or threatening to bring, legal action against any consumer on a debt in which the statute of limitations has expired Craig (D-MN) – Amendment No. 7 – Adds a new section entitled the “Ryan Frascone Memorial Student Loan Relief Act of 2021” to release cosigners of private student loan agreements in the event of the death of the borrower, which will align current law with loans made prior to enactment of the Economic, Growth, Regulatory Relief, and Consumer Protection Act (P.L. 115-174). The amendment also creates the Treasury Loan Purchase Program administered by the Dept. of Treasury that would allow private student loan providers who sustain significant financial injury from releasing cosigners retroactively as provided in the amendment to apply to the Secretary of the Treasury to have the Secretary purchase and retire such loan Newman (D-IL) – Amendment No. 10 – Requires the CFPB to create a page on their website with a consumer bill of rights for abusive debt collectors and resources, as well as directing it to be offered in different languages Omar (D-MN) – Amendment No. 11 – Directs the CFPB to study and report to Congress within 18 months about the consumer experiences and financial impacts of debt collection practices on student loan borrowers with private education loans, and requires an analysis on the practices of private student lenders challenging undue hardship petitions Payne, Jr. (D-NJ) – Amendment No. 12 – Requires the CFPB to report to Congress on the number of people unable to pay a debt because a debt collector is unable to accept a cash payment Ross, Deborah (D-NC) – Amendment No. 13 – Directs the GAO to (1) analyze the trends and impacts associated with the use of electronic and telephone communications in the debt collection industry, and (2) recommend regulatory and legislative proposals to reduce the annoyance, abuse, and harassment of consumers by debt collectors, including the frequency of electronic and telephone communications by debt collectors to consumers Williams (D-GA) – Amendment No. 14 – Commissions a report that identifies and analyzes racial disparities relating to debt collection practices and provides administrative and legislative recommendations to address such disparities – EN BLOC ADOPTED 210 – 202, ROLL CALL 138 Republican YEA – 0; NAY –202 Democrat YEA – 210; NAY – 0 Waters (D-CA) En Bloc #2 Burgess (R-TX) – Amendment No. 4 – Prior to enacting this legislation, the Treasury Secretary shall certify that this legislation will not limit the availability of debt products or increase their cost for Americans without a credit history, Americans with poor credit history, or Americans from lower socioeconomic backgrounds Luetkemeyer (R-MO) – Amendment No. 8 – Directs the GAO to study and report to Congress within 1-year about how restricting debt collection will impact low- to moderate income and minority borrowers with the bill becoming effective upon date of the report’s release – EN BLOC REJECTED 208 – 214, ROLL CALL 139 Republican YEA – 205; NAY – 1 Democrat YEA – 3; NAY – 213 Wagner (R-MO) [on behalf of McHenry (R-NC)] â€“ Amendment No. 9 – Replaces the underlying bill with targeted approaches to improve the debt collection and credit reporting framework which will ensure the financial system remains safe and sound while protecting and introducing options for consumers – REJECTED 199 – 224, ROLL CALL 140 Republican YEA – 197; NAY – 10 Democrat YEA – 2; NAY – 214 Passage of H.R. 2547 – Comprehensive Debt Collection Improvement Act – PASSED 215 – 207, ROLL CALL 141 Republican YEA – 0; NAY –206 Democrat YEA – 215; NAY – 0 Postponed Suspension Vote: 1) H.R. 2877 – Behavioral Intervention Guidelines Act of 2021 – PASSED 323 – 93 – 2, ROLL CALL 142 Republican YEA – 178; NAY –28 Democrat YEA – 145; NAY – 65