General World News

CFPB lets mortgage servicers collect on social media, but will they?

CFPB Director Rohit Chopra

” data-medium-file=”https://www.housingwire.com/wp-content/uploads/2021/10/HW-Rohit-Chopra.png?w=300″ data-large-file=”https://www.housingwire.com/wp-content/uploads/2021/10/HW-Rohit-Chopra.png?w=1024″ loading=”lazy” width=”1220″ height=”700″ src=”https://www.housingwire.com/wp-content/uploads/2021/10/HW-Rohit-Chopra.png?w=1024″ alt=”HW-Rohit-Chopra” class=”wp-image-323927″ srcset=”https://www.housingwire.com/wp-content/uploads/2021/10/HW-Rohit-Chopra.png 1220w, https://www.housingwire.com/wp-content/uploads/2021/10/HW-Rohit-Chopra.png?resize=150,86 150w, https://www.housingwire.com/wp-content/uploads/2021/10/HW-Rohit-Chopra.png?resize=300,172 300w, https://www.housingwire.com/wp-content/uploads/2021/10/HW-Rohit-Chopra.png?resize=768,441 768w, https://www.housingwire.com/wp-content/uploads/2021/10/HW-Rohit-Chopra.png?resize=1024,588 1024w, https://www.housingwire.com/wp-content/uploads/2021/10/HW-Rohit-Chopra.png?resize=600,344 600w” sizes=”(max-width: 1220px) 100vw, 1220px”>

CFPB Director Rohit Chopra

The new Consumer Financial Protection Bureau (CFPB) debt collection rule allows mortgage servicers to communicate with borrowers on social media, but the compliance risk may outweigh the potential reward.

The CFPB’s rule went into effect Nov. 30. The watchdog agency said it would be looking very carefully at how debt collectors use the new means of contacting consumers, including through social media.

“We’re not going to tolerate excessive details ⇒

BusinessMediaguide.Com portal received this content from this noted web source: HousingWire.Com