Editor’s note: This article is available for members only.
Tune in to our newest episode of ACA Cast to hear helpful insights from ACA International member Lauren Valenzuela, corporate counsel at Performant Recovery Inc., on how her company is processing the Consumer Financial Protection Bureau’s final debt collection rule and prioritizing compliance planning.
Valenzuela talked with ACA’s Corporate Counsel Colin Winkler about three important steps to take when digging into the rule:
– Communicate about the rule with your entire team, from executive-level managers to compliance and collection staff.
– Identify key stakeholders to be a part of a team to plan and implement compliance with the new rule.
– Create a project management plan and timeline.
“At the end of the day, compliance is everybody’s job so making sure that you’re making those key stakeholders aware that the rule is here and getting them ready to dive in with you [is important] because you’re probably going to have to assemble a cross-functional team once you really get into planning how you’re going to implement compliance with the new rule,” Valenzuela said.
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