CEO Mark Neeb continues advocacy with lawmakers to ensure Congress knows the ARM industry’s role in helping consumers as well as creditor clients through challenging financial situations. Editor’s note: This article is available for members only.
3/11/2021 15:30
In a letter to U.S. Senate and House leaders Thursday, ACA International CEO Mark Neeb shared how ACA members and the accounts receivable management (ARM) industry are dedicated to helping consumers manage their finances and accounts on behalf of creditor clients, not targeting stimulus payments that will be issued soon under the latest COVID-19 relief bill.
President Joe Biden signed the $1.9 trillion “American Rescue Plan” Thursday.
The U.S. House of Representatives approved the bill with a 220-211 vote Wednesday after it passed in the U.S. Senate last weekend.
“As businesses, community lenders, hospitals and other providers throughout the country continue to face unprecedented challenges as a result of COVID-19, the work of ACA members is more important than ever. As part of the process of attempting to recover outstanding payments, ACA members are an extension of every community’s businesses,” Neeb said in the letter. “ACA members work with these businesses, large and small, to obtain payment for the goods and services already received by consumers. Seeking to garnish stimulus checks through bank levies, however, is not part of this work.”
The American Rescue Plan means $1,400 stimulus checks for millions of households, continued unemployment benefits, vaccine distribution funding and expanded support and guidelines for the Paycheck Protection Program, The Hill reports. It does not include the $15 federal minimum wage.
Passage of the COVID-19 relief bill brings to light the ongoing discussion and misperceptions about garnishment when it comes to consumers’ stimulus checks.
According to The Hill, U.S. Ron Wyden, D-Ore., announced that he plans to introduce a bill that would prevent the $1,400 direct payments from “being seized by private debt collectors.”
ACA continues to work closely with Senate staff to educate them that the debt collection industry is not actively targeting stimulus checks.
“Our members are uniquely trained to access emergency hardship programs and offer assistance during difficult times, such as what we are experiencing with COVID-19,” Neeb said. “They are not targeting stimulus payments and, in fact, would have no ability to know if a consumer has a payment deposited into their bank account.”
Members interested in learning more about ACA’s advocacy strategy and opportunities to connect with state and federal legislators and regulators are invited to attend the Washington Insights Virtual Fly-In April 22.