With legislative and regulatory threats constantly looming, ACA Convention attendees filled the room on July 19 for an update on the association’s government affairs priorities. “I Am Here From Washington, and I Am Here to Help” included comments by ACA’s retained regulatory counsel Andrew Beato, Esq., ACA’s TCPA coalition counsel Howard Waltzman, Esq., and government affairs consultant T.J. Petrizzo.
“There is a new federal regulatory sheriff in Washington, D.C.,” Beato said about the Consumer Financial Protection Bureau. “One very important difference [from the FTC] is rule-making authority.”
Although the CFPB’s authority presents uncertainty, Beato said the bureau’s ability to address outdated aspects of the law is a positive. The FTC didn’t have the ability to adapt the law to new technology, which has presented challenges for consumers, creditors and collection agencies alike.
Beato identified several of ACA’s objectives related to the CFPB, including:
- Articulate and address concerns with excessive, duplicative and overlapping regulations.
- Prevent the burdensome impact of regulation on small businesses.
- Improve the clarity and transparency in the CFPB’s supervisory authority.
- Protect privileged communications.
- Develop procedures for the CFPB to distinguish “complaints” from mere “inquiries."
- Meet regularly with CFPB staff.