The Consumer Financial Protection Bureau on Monday wrote to the Federal Communications Commission in support of a petition filed by ABA and six other financial trade groups seeking an expedited ruling from the FCC on the exempt status of banks’ COVID-19 related calls. The CFPB called on FCC to exempt forbearance and certain other calls related to the pandemic from the Telephone Consumer Protection Act restrictions.
Specifically, CFPB supported allowing a limited number of financial institutions’ automated COVID-19-related calls to offer forbearance, payment deferrals, fee waivers, extension or relaxation of repayment terms, or loan modifications on loans secured by homes or vehicles. “Allowing financial institutions to make automated calls is one more way to maximize the outreach to ensure consumers receive important and timely information,” said CFPB Director Kathleen Kraninger.
