ACA Units Participate in State Forums on Future Debt Collection Regulations
9/23/2016 12:01:00 AM
The Mid Atlantic Collectors Association and the New England Collectors Association participated in informational forums regarding the future of debt collection regulations.
Credit and collection industry professionals in Massachusetts and Maryland had opportunities Thursday to speak directly to state regulators about how debt collection regulations impact them, and the New England Collectors Association and Mid Atlantic Collectors Association both made sure their members' voices were heard.
NECA participated in an informational hearing in Boston hosted by the Massachusetts Division of Banks and the Massachusetts Office of the Attorney General, which are considering changes to the statutory and regulatory framework for debt collection. Regulators in Massachusetts sought input on the current state of debt collection and debt collection regulations at the event.
Jeff DiMatteo, partner with American Profit Recovery and President of the New England Collectors Association, and Jay Gonsalves, President of Action Collection Agencies and an ACA International Board member, represented the industry at the Boston hearing. Both detailed the impact regulations have on ACA members in Massachusetts and across the country. They also urged the Commonwealth to hold off on any major rule-writing until after the Consumer Financial Protection Bureau has the opportunity to introduce and implement its highly-anticipated rulemaking.
Industry professionals can also submit written comments on questions related to debt collection to the Massachusetts Division of Banks at email@example.com until 5:00 p.m. on Friday, Oct. 21. NECA is working with ACA and is expected to file formal comments before the deadline.
In Maryland, the Commissioner of Financial Regulation hosted a forum in Baltimore for Maryland Collection Agency Licensees to review current regulations and statutes pertaining to the industry. This forum was a continuation of an initiative launched by Gov. Larry Hogan to examine Maryland regulations, and find ways to become more efficient and responsive to the citizens and businesses of this state.
ACA's Director of State Affairs Andy Madden participated in the forum. Madden focused on the impact regulations have on small businesses and the potential impact of the CFPB's imminent debt collection rulemaking. Madden called for increased clarity, uniformity and the modernization of outdated regulations.
“Clear, uniform laws that meet consumers' changing preferences will benefit creditors, collectors and consumers alike,” Madden said. “The CFPB rulemaking has the ability to move in that direction, but only without a web of duplicative, redundant or confusing state and local requirements.”
The Mid Atlantic Collectors Association is also working closely with the Hogan Administration and ACA International to ensure industry priorities are addressed.
The Commissioner is accepting written comments which can be submitted to firstname.lastname@example.org on or before Oct. 15. MACA is expected to file formal comments.
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