MINNEAPOLIS, March 3, 2014 /PRNewswire-USNewswire/ -- The Consumer Financial Protection Bureau (CFPB) is gearing up to propose new rules for the consumer debt collection industry. In response to the CFPB's 162 question Advanced Notice of Proposed Rulemaking (ANPR), industry leader ACA International recently submitted comprehensive comments on behalf of its members.
"We solicited extensive, wide ranging feedback from our diverse membership and other industry stakeholders to craft a thoughtful response on this important matter that will shape the future of consumer debt collection," ACA International CEO Pat Morris. The next phase of the CFPB's rulemaking process is expected later this year – the introduction of a proposed regulation (to be called Regulation F).
ACA's submission reinforced four important priorities for the credit and collections industry:
- The CFPB should recognize that the debt collection market is extremely varied in the types of debt being collected and the nature and size of the nation's debt collectors encompasses a broad scope.
- The CFPB should appropriately tailor requirements to the specific circumstances for which any perceived problem exists when imposing additional regulatory requirements on industry participants.
- The CFPB should address outdated, unnecessary or unduly burdensome legal requirements under the Fair Debt Collection Practices Act.
- The CFPB should strive for maximum clarity in any forthcoming regulations to ensure the regulatory compliance obligations of industry participants are certain, and to develop model language, disclosures, forms and examples of compliant behavior, whenever practicable, in order to create appropriate "safe harbors" from regulatory enforcement and private civil litigation that seeks to exploit legal and regulatory uncertainty to the detriment of debt collectors.
ACA International is the comprehensive, knowledge-based resource for 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, including third-party collection agencies, asset buyers, attorneys, creditors and vendor affiliates.
Contact: Mark Schiffman
Tel. (952) 259-2124 or firstname.lastname@example.org
SOURCE ACA International