ACA Letter to Capitol Hill: ARM Industry is Helping Consumers Through Financial Challenges


Letter submitted for Senate Banking Committee hearing on American Rescue Plan.

3/25/2021 11:00

The Senate Committee on Banking, Housing and Urban Affairs met Thursday for a hearing, “American Rescue Plan: Shots in Arms and Money in Pockets.”

The committee and witnesses discussed components of the American Rescue Plan, including unemployment insurance and affordable childcare.

ACA International continues to work closely with Senate staff to educate them that the debt collection industry is not actively targeting stimulus checks and submitted a letter for the hearing.

“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,” ACA CEO Mark Neeb said in the letter. “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. Banks and creditors can work with their customers to protect stimulus payments, and ACA supports their efforts to work with those directly impacted by COVID-19.”

ACA will continue its engagement with Congress about COVID-19-related legislation and other issues impacting the industry.

“ACA maintains it is important that policies provide consumers with more options that will allow them to access credit and services while placing financial decisions into the hands of consumers—which is achieved through communication,” Neeb said. “There are various groups that are struggling. Many of ACA members’ clients, including small medical practices, regional hospitals and contractors, are struggling to make payroll and provide for their families. It is our mission to find a solution that does not create additional stress for consumers and helps keep small businesses afloat. These solutions do not include targeting consumers’ stimulus checks.”

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