Debt Collection Industry Reviewing First-Ever Proposed Rule

MINNEAPOLIS, May 7, 2019 /PRNewswire/ -- The Consumer Financial Protection Bureau today released proposed debt collection rules providing guidance related to the law passed in 1977. ACA International, the leading voice for the accounts receivable management industry, advocates on behalf of fair and objective CFPB rules that clarify legal obligations for debt collectors and solve problems for consumers and regulated entities.

In response to the rule's release today, ACA's CEO Mark Neeb stated, "ACA has long advocated for policymakers to modernize and clarify the severely outdated Fair Debt Collection Practices Act that does not account for modern consumer preferences and impedes the free flow of information. We appreciate the bureau's ongoing willingness to engage with ACA, and look forward to an extensive review of the CFPB's proposal and the opportunity to provide detailed feedback on behalf of the accounts receivables management industry.

"In our initial review, we appreciate the potential clarity provided through a model validation notice, a limited content safe harbor voicemail message, and recognition of consumer's use of modern communications," Neeb said. "However, we think there are several areas that need to be clarified and improved upon before the rule is finalized, including the arbitrary limit on call attempts that could unnecessarily impede communications with consumers, which are critical to work out payment plans and otherwise successfully resolve debt in a way that does not limit any future ability to access credit or goods and services."

Neeb will participate in the CFPB's Debt Collection Town Hall hosted by Director Kathy Kraninger Wednesday, May 8 in Philadelphia. ACA staff will also be attendance.

ACA International will release additional information associated with the rule upon a careful examination of the details.  

ACA International (ACA), the association of credit and collection professionals, is the largest membership organization in the credit and collection industry. Founded in 1939, ACA brings together third-party collection agencies, law firms, asset buying companies, creditors and vendor affiliates, representing tens of thousands of industry professionals. ACA produces a wide variety of products, services and publications, including educational and compliance-related information; and articulates the value of the credit and collection industry to businesses, policymakers and consumers. www.acainternational.org.

Contact: Kim Coghill
VP Communications
ACA International
202-374-7535
[email protected]

SOURCE ACA International

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