From Collector: A Whole New Ball Game

What you need to know about the CFPB’s proposed new rule for the debt collection industry.

7/19/2019 8:00 AM

NewsCollector Magazine
From Collector: A Whole New Ball Game

The deadline for comments on the Consumer Financial Protection Bureau’s proposed rule for the debt collection industry is Aug. 19. Here is what you need to know about the proposal and ACA International’s advocacy to this point, reported by Collector magazine Managing Editor Anne Rosso May in the July issue.

This proposed rule comes after six years of CFPB fact-finding, during which the bureau facilitated and conducted surveys, panels, discussions, meetings, data analysis and more, Rosso May reports. Because the road that got us to this point has been so long, it’s easy to think that we’re at the finish line, but really this is just the beginning. The real work is taking place now as ACA and other industry stakeholders—including individual ACA member companies—review the proposed rule and tell the CFPB where they would like to see changes or how some of the rules could adversely affect consumers.

Even though there are aspects of the rule ACA believes could be improved, it’s evident the CFPB took a lot of our requests and concerns seriously. Many of the issues ACA and its members have been pushing the CFPB to address for years—a safe harbor for voicemail messages and how to lawfully communicate with consumers through email and text messages, for instance—made it into the proposed rule.

Rosso May’s comprehensive report includes an overview of what the proposed debt collection rule says and highlights on specific components such as communicating with consumers about a debt, limited content messages, credit reporting and more.

Members may also find more information on specifics of the proposed rule in recordings of the Deep Dive Webinar Series by ACA staff and members.

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