Consumer Financial Protection Bureau (CFPB) Director Kathy Kraninger wrote to Federal Communications Commission (FCC) Chairman Ajit Pai this week calling on the FCC to allow financial institutions certain relief when it comes to contacting consumers during the coronavirus disease (COVID-19) pandemic. CUNA has also called on the FCC for a ruling, clarification or waiver that calls and texts from financial institutions related to the pandemic fall under the Telephone Consumer Protection Act (TCPA) Emergency Purposes Exception.
“Allowing financial institutions to make automated calls is one more way to maximize the outreach to ensure consumers receive important and timely information,” Kraninger wrote. ““A limited number of automated calls from financial institutions to their customers alerting them to offers of forbearance; payment deferrals; fee waivers; extension or relaxation of payment terms; loan modifications; and other programs, relief and resources relating to loans secured by homes or vehicles is an important avenue to ensuring that consumers know the various options that may be available to them.”
“Financial institutions engaging in this activity remain subject to other existing legal requirements with respect to communications with consumers, such as the Bureau’s mortgage servicing rules and the Dodd-Frank Act’s prohibition on unfair, deceptive or abusive acts or practices,” she added.
CUNA has called on FCC to immediately grants its petition that calls related to the pandemic be protection, arguing that the FCC’s failure to act urgently has put credit unions at risk when trying to keep their members informed.
Additional details can be found on CUNA’s Removing Barriers Blog.