We asked ACA members about the ups and downs of implementing Reg F—one of the biggest requirements for the accounts receivable management industry from the Consumer Financial Protection Bureau to date.
01/04/2022 9:45 A.M.
3 minute read
Courtney Reynaud, president of Creditor’s Bureau USA, Fresno, California; ACA board member and president-elect.
What Are You Grateful for When it Comes to Reg F?
I am grateful for ACA and all the educational ACA Huddles made available to members. The information received has been invaluable for the implementation of Reg F.
What Was Most Challenging About Implementing Reg F?
The biggest challenge has been the juggling of the old rules versus the new rules, including the timing for implementation of the new rules by Nov. 30, 2021. This involved changes to programming, to client communications, training, our policies and procedures, and more. It felt overwhelming at times.
How Did You Train Your Team on Reg F?
My supervisor team created a fun and interactive PowerPoint for the whole staff. We had weekly meetings to talk about the implementation process and to ensure that all areas of compliance were addressed. We also updated our knowledge- based training program with new daily topics to test our staff on their Reg F knowledge and rolled out a new internal Fair Debt Collection Practices Act exam for all staff that includes the changes from Reg F.
Greg Ruffino, director of training at Williams & Fudge Inc.
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