U.S. grants loan sharks power to harass debtors on social media
New U.S. regulation has granted debt collectors direct access to harass debtors on social media platforms.
According to the Washington Post, the new rule, which grants debt collectors direct access to their debtors on various social media platforms and available options to bombard them with emails, texts, and calls, was effected on November 30, 2021.
The new rule was designed to eliminate abusive debt collection practices and modernise the legal debt collection regime.
Although the rule grants access to harass debtors, privacy limitations have been put in place to protect debtors in the process.
This means a private conversation between the debtor and collector cannot reveal to the public, social media followers and friends to both parties.
The director of the Consumer Financial Protection Bureau (CFPB), Rohit Chopra, said the agency was currently observing the rule’s effectiveness to see if there is a need to “strengthen it further.”
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