Part three of the 10-part ACA Huddle CFPB Rule Series, “Credit Reporting: No Introduction Needed-See You There” on Jan. 6 features agency and law firm representatives. Editor’s note: This article is available for members only. UPDATE: This ACA Huddle will include an additional 15 minutes of discussion to cover the credit reporting requirements.
1/5/2021 11:30
The Consumer Financial Protection Bureau released part two of its long-awaited debt collection rule Dec. 18 and ACA International is ready to help members continue to unpack its contents and prepare for compliance by Nov. 30, 2021.
The release of the final rule signals the biggest development in the accounts receivable management (ARM) industry since the passage of the Fair Debt Collection Practices Act more than 40 years ago.
ACA’s panel of experts is continuing to review part two of the comprehensive rule to provide detailed analysis and compliance resources for members.
As part of that process, ACA is offering daily ACA Huddle webinars complimentary for members sponsored by Neustar and Ontario Systems.
ACA kicked off the series of webinars Dec. 21 to provide initial compliance insights and an overview of the requirements from the CFPB, including model validation notices, out-of-statute debt and decedent debt.
Registration for the remainder of the webinars, which will be held on weekdays through Jan. 15, is available now. Recordings and slide presentations of each webinar will be available throughout the series.
Here is a look at the third webinar in the series and featured speakers:
Credit Reporting: No Introduction Needed—See You There
Kim Phan, partner at Ballard Spahr, Leslie Bender, IFCCE, CCCO, senior counsel at Clark Hill PLC, and Jeff DiMatteo, president of American Profit Recovery, will discuss credit reporting as it relates to part two of the rule. The rule prohibits a debt collector from furnishing information to a consumer reporting agency (CRA) about a debt before taking specific actions to contact the consumer about that debt. However, as requested by ACA, the bureau provided more clarification about how a collector can satisfy these requirements, ACA previously reported.
DiMatteo, a founder and partner at American Profit Recovery with locations in Massachusetts and Michigan, will bring an agency perspective to the credit reporting discussion. He is a longtime industry advocate currently serving as the president of the New England Collectors Association and as a member of ACA’s Unit and State Affairs Committee. DiMatteo is actively engaged in state and federal legislation lobbying for the industry while promoting financial literacy. He was ACA’s 2019 Member of the Year.
Bender, a past president of ACA, has spent her career on compliance, regulatory and legal matters for hospitals and financial services companies. She is a frequent speaker and moderator at ACA events and webinar instructor for ACA’s compliance professional education programs.
She also attended the CFPB’s May 2019 debt collection town hall with ACA members and staff and spoke during a credit reporting workshop cohosted by the Federal Trade Commission and CFPB in December 2019.
Phan’s practice at Ballard Spahr in Washington, D.C., focuses on providing privacy and data security guidance to clients on laws such as the Telephone Consumer Protection Act, Gramm-Leach-Bliley Act, FCRA and FDCPA, and on regulatory compliance matters including supervisory and enforcement interactions with the CFPB and the Federal Trade Commission and other federal regulatory agencies. She has successfully represented multiple national companies through the FTC investigatory process, resulting in “no-action” letters. Phan previously spoke on credit reporting during ACA’s webinars on the CFPB’s proposed rule and during part one of the ACA Huddle series on the final rule.
Register for ACA’s webinars on the CFPB debt collection rule, available only for members, now. Session presentations from part one of the webinars are available here and the website will be updated with materials from part two.
The second webinar in the series, Jan. 5, “The Rule is Final: Where Do We Go from Here at the CFPB and in Congress?” will focus on a discussion about how the debt collection rule intersects with congressional activity on Capitol Hill.
Leah Dempsey, ACA’s vice president and senior counsel of federal advocacy, will be joined by Mark Brennan, lead innovation partner at Hogan Lovells, Ryan Donovan, chief advocacy officer at the Credit Union National Association and Jane Luxton, partner at Lewis Brisbois Bisgaard & Smith LLP.
For CFPB and ACA advocacy updates, log in to your My ACA profile on acainternational.org to subscribe to ACA Daily and Member Alerts.