ACA International Encourages Involvement of Industry Groups in Consumer Financial Education

The Bureau of Consumer Financial Protection could benefit from working with groups, especially ACA International, to help consumers understand the role of the accounts receivable management industry.

7/9/2018 3:00 PM

ACA International Encourages Involvement of Industry Groups in Consumer Financial Education

Working with consumer and industry groups alike will ensure access to broader financial education options offered by the Bureau of Consumer Financial Protection, ACA International stressed in comments filed with the bureau July 9.

“ACA member companies fully support the bureau’s efforts to educate consumers about financial products and services,” ACA International CEO Mark Neeb said in the comments on the BCFP’s Financial Education Programs Request for Information. “A consumer who has a better understanding of his or her financial matters will ultimately make better decisions before utilizing certain products and services.”

In its RFI, the BCFP seeks feedback and input regarding the efficiency and effectiveness of its financial education programs.

Input from industry groups, including the accounts receivable management industry, needs to be a part of this process, particularly given that some of the educational materials published by the BCFP provide misguided advice and guidance for consumers.

“ACA hopes that future bureau efforts in implementing financial education programs will include not only input from ACA but a broad sampling of opinions from all stakeholders in order to provide the most comprehensive information for consumers,” Neeb said.

Collaboration with ACA International on debt collection topics would be vitally important to fully educate consumers not only about how to identify bad actors in the industry but also about legitimate debt collection practices.

ACA encourages the bureau to develop programs that encourage consumers to communicate with debt collectors to resolve legitimate debts that are due. The bureau should consider highlighting some of the negative aspects of not paying debts, rather than focusing overwhelmingly on efforts to help consumers push back against debt collectors.

ACA appreciates the ongoing opportunity to provide comments on the bureau’s various processes to help leadership understand the work of the accounts receivable management industry and continues to review the bureau’s Request for Information series to provide comments on behalf of its members.

ACA International also specifically commented on the use of technology in consumer financial education, measuring the effectiveness of BCFP programs and coordinating education activities with other agencies.

A full copy of the letter on financial education programs sent to the Bureau of Consumer Financial Protection may also be found on ACA International’s website for members tracking our RFI coverage and comments.

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