ACA International Encouraged by CFPB Announcement on Debt Collection Rulemaking Process
6/8/2017 8:00 AM
ACA is pleased that the CFPB has listened to the concerns of the debt collection industry
Patrick J. Morris, CEO of ACA International, the Association of Credit and Collection Professionals, released the following statement in response to Consumer Financial Protection Bureau (CFPB) Director Richard Cordray's remarks delivered today at the CFPB's Consumer Advisory Board meeting in Washington, DC:
"Director Richard Cordray's announcement that the CFPB has decided that it will handle the substantiation component of the debt collection rulemaking by consolidating those issues into a separate rule for first-party creditors in order to allow first and third parties to provide input at the same time is welcome news to ACA International."
"ACA has consistently urged the CFPB to obtain joint feedback from first and third parties on its debt collection proposals, stressing that third-party debt collectors cannot meaningfully assess the CFPB's proposals without knowing the potential impact on first-party creditors, nor the information and data that first parties possess."
"We are pleased that the CFPB has listened to the concerns of the debt collection industry and recognizes the inextricably-linked relationship between first and third parties when it comes to developing potential rules to ensure debt collectors are collecting the right amount from the right consumer," Morris said.
For additional information on this topic, visit ACA International's website at https://www.acainternational.org.
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. www.acainternational.org.