ACA Member Talks Social Media and Reg F in Interview

Attorney Member Lacey Cherrington shares how the CFPB’s Reg F debt collection rule allows more options for communication with consumers as well as welcome updates to regulations for the accounts receivable management industry.

4/15/2021 9:00 AM

CFPBNewsAdvocacy
ACA Member Talks Social Media and Reg F in Interview

In an interview with KSL-TV in Provo, Utah, ACA International member Lacey Cherrington mapped out the impact of the Consumer Financial Protection Bureau’s debt collection rule (Reg F) on businesses and consumers.

“Collections is the backbone of a successful credit-based economy,” Cherrington said in the interview. “And businesses and government organizations—they truly, really, truly rely on us to recover their bad debt.”

When discussing social media and text messaging and the CFPB’s guidance on those communication methods in Reg F, Cherrington noted communications will remain private and include instructions for consumers to opt out.

However, she encourages consumers to continue receiving communications, in the method they prefer, about their accounts that debt collectors can help manage.

The CFPB recently proposed delaying the effective date of Reg F to Jan. 29, 2022, and will seek public comments for 30 days after the notice is published in the Federal Register. ACA encourages members to continue progress on their compliance plans and has resources available on the CFPB Reg F Resource Center.

Read the complete interview with Cherrington here.


Follow ACA International on Twitter @ACAIntl and @acacollector, Facebook and request to join our LinkedIn group for news and event updates. ACA International members are welcome to submit news items for possible publication to comm@acainternational.org. Visit our publications page for news submission guidelines and subscriptions to ACA Daily, Collector magazine and Pulse.

Advertising is available for companies wishing to promote their products or services. Be sure to visit the ACA Events Calendar on the Education and Training page to view our listing of upcoming CORE Curriculum and Hot Topic seminars featuring critical educational opportunities for your company.


Subscribe to ACA Daily NEWSROOM

ACA Member Talks Social Media and Reg F in Interview

In an interview with KSL-TV in Provo, Utah, ACA International member Lacey Cherrington mapped out the impact of the Consumer Financial Protection Bureau’s debt collection rule (Reg F) on businesses and consumers.

“Collections is the backbone of a successful credit-based economy,” Cherrington said in the interview. “And businesses and government organizations—they truly, really, truly rely on us to recover their bad debt.”

When discussing social media and text messaging and the CFPB’s guidance on those communication methods in Reg F, Cherrington noted communications will remain private and include instructions for consumers to opt out.

However, she encourages consumers to continue receiving communications, in the method they prefer, about their accounts that debt collectors can help manage.

The CFPB recently proposed delaying the effective date of Reg F to Jan. 29, 2022, and will seek public comments for 30 days after the notice is published in the Federal Register. ACA encourages members to continue progress on their compliance plans and has resources available on the CFPB Reg F Resource Center.

Read the complete interview with Cherrington here.


Follow ACA International on Twitter @ACAIntl and @acacollector, Facebook and request to join our LinkedIn group for news and event updates. ACA International members are welcome to submit news items for possible publication to comm@acainternational.org. Visit our publications page for news submission guidelines and subscriptions to ACA Daily, Collector magazine and Pulse.

Advertising is available for companies wishing to promote their products or services. Be sure to visit the ACA Events Calendar on the Education and Training page to view our listing of upcoming CORE Curriculum and Hot Topic seminars featuring critical educational opportunities for your company.


Subscribe to ACA Daily NEWSROOM

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