One of the things that we do for our industry is gauge the loudness of the volume of various issues in an attempt to predict trends. Advocacy groups’ coordinated efforts typically result in the volume of issues being turned up across social media and in the press.
As the industry awaits new rules on debt collection from the CFPB, we’ve noticed a significant uptick in volume related to debt servicing by text message or other alternative electronic media. For example, this recent article from the Washington Post has been picked up and echoed across other news outlets and social media. https://www.washingtonpost.com/business/2019/04/17/could-debt-collectors-send-you-texts-work-emails-consumer-groups-fear-cfpb-may-allow-it/?utm_term=.be947a207b2a
We’ve been commenting on the subject of debt servicing by text-message for a while now. “Are the FTC’s Warnings on Debt Collection by Text Message Prescient or Predictable?”
We’ll keep you apprised of regulatory and case law developments on this subject.