ACA International cites Policy Analyst Matthew Adams on the HEROES Act:
In a blog post for the Competitive Enterprise Institute, Policy Analyst Matthew Adams, outlines concern with the legislation that mirror ACA’s issues as well.
Following is an excerpt from Adams’s article :
“The HEROES Act would further constrain the debt collection and credit reporting industries, to the detriment of consumers.
On the matter of debt collection, the legislation would place additional restrictions on the ability of debt collectors to service accounts, essentially placing a temporary moratorium on debt collection. More specifically, the HEROES act broadens the emergency restrictions under the Fair Debt Collection Practices Act (FDCPA) to prevent collectors from repossessing or foreclosing on any personal property or from garnishing wages or other income. Violations of these emergency restrictions would result in a fine 10 times normal FDCPA fines. And while these restrictions would only come into play during the ‘covered period’—from the date of enactment of the bill to a date 120 days after the COVID-19 pandemic ends—there is always the chance that Congress chooses to make the restrictions permanent.