NCBA Submits Letter to Trump Administration
Regarding Flawed COVID-19 Legislative Proposals Harmful to the Credit Ecosystem
In a letter to the Trump Administration, NCBA President Mark Groves and Executive Director Liz Terry addressed concerns that have arisen out of suggestions by certain lawmakers that eliminating the work of the creditors rights attorneys is a prudent action that should be taken in response to COVID-19. House Financial Services Chairwoman Maxine Waters (D-CA) in a March 18 memo proposed prohibiting debt collection during the pandemic. This provision would ban the collection of all consumer debt for 120 days after the pandemic ends. In the letter to the White House we outline the harm these proposed pieces of legislation would have on our industry and the ways in which NCBA attorney members help consumers.
- Remain committed to helping consumers resolve their debt.
- Play a critical role in educating consumers about legal proceedings and ensuring that they can continue to access credit and services.
- Work with creditors to help consumers make arrangements that best suit their unique financial situation.
Additionally, NCBA is working, together with our sister trades (ACA, RMAi and CRC) to execute an appropriate strategy to voice broadly the value of our businesses within the financial ecosystem.