BPI, along with the Mortgage Bankers Association, American Bankers Association, U.S. Chamber of Commerce, Securities Industry and Financial Markets Association, and Western Bankers Association, submitted an amicus curiae brief to the U.S.Supreme Court in Obduskey v. McCarthy & Holthus LLP. The brief, filed on Wednesday, argues that the procedural requirements of the Fair Debt Collection Practices Act (FDCPA) should not extend to enforcing a security interest in a non-judicial foreclosure. According to the brief, the FDCPA’s procedural requirements were enacted to address third-party collection of unsecured consumer debts rather than the process of mortgage foreclosure. Moreover, applying the FDCPA in the non-judicial foreclosure context would not provide meaningful protection for borrowers beyond the already-robust procedural protections of state and federal foreclosure law and would introduce unnecessary complexity in the foreclosure process, resulting in higher costs and burdens for both mortgage lenders and mortgage borrowers.
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