The discussions focused on concerns with the rulemaking and proposals for communication with consumers. Editor’s note: This article is available for members only.
10/28/2020 11:30
Earlier this month, Consumer Financial Protection Bureau staff and representatives of several consumer and legal aid organizations met to discuss debt collection rulemakings, according to a notice of the ex parte meeting published in the Federal Register.
There were several CFPB staff members participating in the meeting.
The CFPB’s final debt collection rule is due to be released at any time this year, and possibly still in October, according to the bureau’s latest rulemaking agenda, ACA International previously reported.
During the meeting, group representatives shared concerns with bureau staff about the proposals for electronic communications in the rule and stated that “not issuing a rule would be preferable.” The group also discussed safe harbors, call frequency and out-of-statute debt, which is being addressed separately by the CFPB.
As ACA awaits the release of the CFPB’s final debt collection rule, plans are in place to analyze the rule as quickly as possible to provide education and compliance resources to members, including a series of complimentary ACA Huddle webinars on various components of the rule, which are available for registration now.
ACA’s advocacy efforts since the CFPB’s inception have focused on representing the accounts receivable management industry’s priorities to communicate with consumers in a legal manner that they prefer with the common goal to resolve their accounts. ACA will continue to engage with the CFPB on these topics after the rule’s release.