The Senate Banking Committee will discuss the CFPB’s semiannual report to Congress March 10.
3/9/2020 11:30
On behalf of ACA International, CEO Mark Neeb provided an overview of the association’s advocacy efforts related to the Consumer Financial Protection Bureau in a letter to the Senate Committee on Banking, Housing and Urban Affairs.
The committee will hear testimony from CFPB Director Kathy Kraninger March 10.
In the letter to the Senate Banking Committee, Neeb covers:
- ACA Supports Providing Regulations for the Fair Debt Collection Practices Act
- The Supplemental Notice of Proposed Rulemaking for “Time-Barred Debt” Must be Improved Upon to Ensure Small Businesses and Creditors are Not Harmed
- The CFPB’s Complaint Database Paints an Inaccurate Portrait of the Debt Collection Industry
- More Transparency and Due Process Should be Included in CFPB Enforcement and Supervision Processes
- ACA Supports a Bipartisan Multimember Commission at the CFPB, as Opposed to the Single Director Structure
- Congressional Solutions Proposed by the Majority in the House Financial Services Committee have in Large Part been Woefully Flawed
“In our initial review of the Supplemental Notice of Proposed Rulemaking concerning out-of-statute debt, ACA has serious concerns that the bureau has grossly under-estimated the impact it will have on small businesses and the larger economy,” Neeb said in the letter. “Of primary concern is that the question of whether a debt is out of statute is not always a simple question, and sometimes requires an analysis that goes far beyond any duty that Congress has imposed on the accounts receivable management industry under the FDCPA.”
View the complete letter to the Senate Banking Committee and other advocacy materials through ACA’s Advocacy Resource Center.