ACA International Affirms Commitment to Work with New Leadership at CFPB

10/12/2021 8:00

Tags/Topics: Press Release

Contact: Anne Rosso May

Communications Director

ACA International

[email protected]

October 12, 2021 – Washington, D.C. – ACA International looks forward to working with new leadership at the Consumer Financial Protection Bureau following the swearing in of new director Rohit Chopra by President Joe Biden.

ACA CEO Mark Neeb sent a letter to Chopra in September following the vote in the U.S. Senate to confirm his role as director. Neeb outlined accounts receivable management (ARM) industry thoughts on CFPB policymaking. In the letter, Neeb expressed congratulations on behalf of ARM industry and urged the bureau to collaborate with ACA.

“ACA has served as a resource to the CFPB and has enjoyed collaborating on financial literacy projects as well as other direct outreach initiatives to improve consumer outcomes,” Neeb said in the letter to Chopra. “ACA is eager to regularly meet with Chopra and the CFPB’s leadership team to provide perspective, feedback, and data, all of which will benefit consumers, creditors, and the ARM industry.”

He added, “Unfortunately, when information about the debt collection industry relied upon during policymaking is one-sided, or embellished upon by certain groups, the resulting policies negatively impact the ARM industry as well as consumers and creditors.”

Neeb also outlined views on Regulation F implementation for the CFPB’s debt collection rule, as well as the need for transparency and due process from the CFPB. 

ACA continues to advocate for legislation to implement a new bipartisan commissioner leadership structure at the bureau, similar to the Federal Trade Commission’s, where Chopra served since 2018.

Before Chopra’s confirmation, ACA urged the bureau to continue to engage with all stakeholders and hold industry and consumer group discussions to facilitate transparent dialogue.  

“ACA will continue to engage frequently with the CFPB, while also advocating for fair, transparent and competitive markets for the ARM industry, in line with the bureau’s mission,” said Vice President and Senior Counsel, Federal Advocacy Leah Dempsey.  

ACA International (ACA), the association of credit and collection professionals, is the largest membership organization in the credit and collection industry. Founded in 1939, ACA brings together third-party collection agencies, law firms, asset buying companies, creditors and vendor affiliates, representing tens of thousands of industry professionals. ACA produces a wide variety of products, services and publications, including educational and compliance-related information; and articulates the value of the credit and collection industry to businesses, policymakers and consumers.