ACA International Applauds Move By CFPB To Exclude Enforcement Attorneys From Company Exams
MINNEAPOLIS, Oct. 10, 2013 /PRNewswire-USNewswire/ -- ACA International, the largest trade group for the consumer debt collection industry, today applauds the decision by the Consumer Financial Protection Bureau to no longer include enforcement lawyers at routine examinations of financial institutions.
"This change is important in that it corrects our concern that the inclusion of enforcement lawyers during an examination creates an inherent perception that wrong doing has occurred," said ACA International Chief Executive Officer Pat Morris. "ACA members want to work with the Bureau and believe it will make these examinations less combative by removing a significant hindrance to constructive, open dialogue with the CFPB."
ACA International has communicated its opposition to this practice during several meetings with the CFPB and in formal written comments. "It's reassuring that the CFPB is open to evaluating its policies and procedures, and willing to make revisions," added Morris.
ACA International (www.acainternational.org) is the comprehensive, knowledge-based resource for success in the credit and collection industry. Founded in 1939, ACA brings together nearly 5,000 members in the United States and abroad, and their more than 300,000 employees, representing third-party collection agencies, asset buyers, attorneys, creditors and vendor affiliates.
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SOURCE ACA International