Interview sheds light on industry’s work with legislators and regulators.
3/9/2020 15:00
State and federal regulations often overlap, a trend ACA International Board Member and chair of New York State Collectors Association Anita Manghisi, IFCCE, discussed in an interview with Minnesota Public Radio recently.
In New York, Gov. Andrew Cuomo is proposing to require debt collectors to obtain a license from the New York Department of Financial Services (NYDFS).
Manghisi noted in the interview on debt collection regulations that New York City already has licensing requirements and a state requirement could raise costs and duplicate the city’s rules.
“If they want to regulate us, for the consumer’s benefit and protection, they’re already doing that on so many levels,” Manghisi said.
Federal rules are also under review from the Consumer Financial Protection Bureau, something state regulators should also keep in mind, she said.
“[The state] should wait until the CFPB puts out its rules, or it’s going to be either over redundant, it’s going to conflict, because the state and the federal don’t mirror one another, and then we have the city to comply with,” Manghisi said.
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