ACA CEO Mark Neeb announces additional use of the Industry Advancement Fund effective Jan. 1, 2020. Editor’s note: This content is available for members only.
12/4/2019 12:00
Fighting frivolous lawsuits is a time consuming, expensive challenge many ACA International members face as they continue to await clarity on rules and policies from various government agencies, including the Consumer Financial Protection Bureau. In response to your requests for support in addressing these legal challenges, I’m pleased to announce that the ACA International Board of Directors approved an additional use of the Industry Advancement Fund (IAF) to defray defense costs of member applicants by matching up to $10,000 for members that have incurred and spent an equal amount in legal fees and associated costs in a case.
Effective Jan. 1, 2020, the Matching Funds Program will provide an exclusive opportunity for more ACA International members, including smaller companies, to benefit from the highly successful Industry Advancement Fund (IAP) by receiving a distribution from the IAF to defray the cost of litigation. The program provides an avenue for financial support in lawsuits that may not have nationwide impact but are nevertheless significant to the member. Successful applicants will receive a dollar-for-dollar match up to the $10,000 cap for out-of-pocket expenses not to include any amounts covered by the member applicant’s insurance policy.
We expect this program to allow more members to respond to consumers and consumer lawyers in cases that may not have qualified for IAP funding as they were not considered industry-significant or potentially resulting in precedent-setting decisions.
ACA launched the IAP in 2013 as the first and only long-term advocacy-focused initiative dedicated to strategically taking on legal battles that threaten the accounts receivable management industry’s ability to survive and thrive. Since then, ACA has led the charge to combat encroachments against the industry through ground-breaking litigation, and advocacy in the regulatory and legislative arenas on behalf of our members.
Applications will be accepted for the Matching Funds Program beginning Jan. 1, 2020 and will apply to costs incurred after that date. Any applications received prior will not be considered for the program. Additional information about the application process, rules and other criteria will be available in coming weeks. Watch ACA Daily for updates.