ACA International is working on behalf of the industry to highlight members’ important work to help consumers. Editor’s note: This article is available for members only.
3/20/2020 16:00
We wanted to update ACA International members on actions taken over the past few days on behalf of the ARM Industry. Throughout this crisis facing the country, we will continue to highlight to federal lawmakers and regulators why the work you do is important to help consumers continue to access credit and services.
Letters
We sent letters last week outlining why limiting the work of the ARM industry is a problematic response to the coronavirus. We also expressed concerns that such an action would disrupt the credit ecosystem and cause further harm to consumers, lenders, medical providers, and other businesses throughout the country who rely on the ARM industry.
U.S. Small Business Administration
Response to U.S. Senator Sherrod Brown
Discussion with the CFPB
This morning we also spoke to Consumer Financial Protection Bureau staff to provide an update about how the ARM industry is being impacted by the coronavirus. During the call we explained why state and federal efforts that impede the work of the industry harm consumers and provided suggestions for steps the CFPB could take to make it easier to communicate using modern technology that consumers prefer. ACA submitted a letter to CFPB Director Kathy Kraninger on behalf of the industry Friday.
The CFPB has extended its comment period on the Supplemental Notice of Proposed Rulemaking (SNPRM) concerning out-of-statute debt to June 5, 2020, a change ACA International requested earlier in the week.
Senate Legislation
As the House and Senate continue to debate relief packages related to the coronavirus, we are reviewing the latest proposal which we believe could be voted on as soon as Monday. In our initial review and discussions with the Senate, we do not believe it will include a direct impact on the ARM Industry. However, we know the legislation is still being negotiated with House Democrats tonight and over the weekend. As of late Friday, Senate Majority Leader Mitch McConnell filed for cloture setting up a possible Sunday night vote.