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Moreover, the fact that the proposal would have such a disruptive impact on these lenders' current source of revenue does not, in the Bureau's view, detract from the appropriateness of these provisions to prevent the unfair and abusive practice that the Bureau has preliminarily identified.
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Rather, consumers are likely to expect payment withdrawals made pursuant to their authorizations to operate in a convenient and predictable manner, similar to the way such authorizations operate when granted to other types of lenders and in a wide variety of other markets.
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Lenders may attempt to contact borrowers via one or more authorized methods, including phone calls and emails, to arrange for payment.
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The only caveat that comes with this advice: make sure your new career will pay well enough.
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