A Statement From ACA International CEO Mark Neeb
“ACA appreciates that the CFPB listened to our concerns and has provided much needed guidance to the accounts receivable management industry and others in the financial services marketplace concerning the use of the ‘abusiveness’ prong of UDAAP in enforcement and supervision proceedings. Businesses in the financial services industry can best contribute to a functioning credit-based economy when the CFPB is acting in a transparent way and not engaging in rulemaking by enforcement. Too often in the past, the Bureau’s actions have fallen short of these standards and we applaud the policy statement as a step in the right direction.”
Click here to read more about the CFPB’s new UDAAP policy statement.
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.