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California Regulatory Agency Opens Applications for Debt Collection Advisory Committee

application formThe committee seeks members with experience at state or national trade associations or with policy discussions regarding debt collection issues. Committee involvement is an opportunity to engage with state regulators on behalf of the ARM industry and consumers.

01/25/2023 1:55 P.M.

3 minute read

The California Department of Financial Protection and Innovation (DFPI) is seeking applicants to fill upcoming positions on the Debt Collection Advisory Committee for the 2023-2025 term.

The Debt Collection Advisory Committee is a seven-member board established under the Debt Collection Licensing Act that advises the DFPI on matters related to the debt collection business, including proposed fee schedules and other requirements.

Those interested in serving on the Debt Collection Advisory Committee will need to provide a statement summarizing their qualifications, or submit the available form (PDF), according to the DFPI. The statement of qualification needs to include the following:

  • Name, title, address, phone and email.
  • Background and areas/years of expertise.
  • Experience with state or national trade associations or policy discussions regarding debt collection issues.
  • Any certifications, or membership in state or national trade associations, held by the applicant or the applicant’s business.

ACA International member and president of State Recovery Systems Inc. Cindy Yaklin is finishing her term on the committee and says representation from the accounts receivable management (ARM) industry is critical.

“There needs to be more meaningful engagement and those that have strong industry experience and knowledge of licensing requirements, audits and examinations, complaints and dispute processes and litigation need to apply,” Yaklin said.

Advising the DFPI on California’s new debt collection licensing process was a key part of the committee members’ role last year, and Yaklin said now that the department has started to issue conditional licenses, there may be a focus on additional rulemaking.

“The DFPI has been receptive when we have offered suggestions and comments so far,” Yaklin said. “They need guidance as to how other states have implemented processes, so they have a framework. The department needs information regarding the way we operate our businesses and we need to continue to stress the importance and the value-added benefit our industry provides to the business community, the stability of the economy, and the ability for consumers to have access to credit.”

The DFPI Commissioner has identified the following priorities for industry appointments to the advisory committee:

  • Location within California; geographic representation is preferred (but not required).
  • Small and large agencies.
  • Owner, corporate officer or senior-level employees of debt collector licensees or applicants.
  • Representation of different industry segments required to be licensed, including:
    • Third-party collection agencies
    • Debt buying companies (preference for Receivables Management Certification Program)
    • Collection law firms
  • Leadership in the industry through participation in state and national trade associations.
  • Direct experience working with clients, consumers, auditors and licensing.
  • Experience with types of debt collection, including financial, educational, medical, retail, municipal and others.
  • Diversity of backgrounds and experiences.

“They need to hear from those on the committee about the challenges we are facing with increased compliance and regulations from the federal and state level that are overly burdensome to businesses and not creating any added benefit to consumers who are already experiencing financial hardship,” Yaklin said.

Yaklin said any ACA members interested in applying and learning more can reach out to her by email.

Forms or statement of qualifications should be submitted to [email protected] by Feb. 23, 2023.

Members’ current terms are expiring in April 2023. New appointments will be announced in April 2023 for the upcoming term.

For full details, please go to the DFPI Application Process webpage

If you have executive leadership updates or other member news to share with ACA, contact our communications department at [email protected]. View our publications page for more information and our news submission guidelines here.

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