ACA International Submits Comments On CFPB Advanced Notice Of Proposed Rules

By The Associated Press | Posted - Mar. 3, 2014 at 7:01 a.m.



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-- WITH PHOTO -- TO BUSINESS, AND NATIONAL EDITORS:

ACA International Submits Comments On CFPB Advanced Notice Of Proposed

Rules

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-- The CFPB should address outdated, unnecessary or unduly burdensome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.

Logo - http://photos.prnewswire.com/prnh/20101018/ACALOGO

Contact: Mark Schiffman Tel. (952) 259-2124 or

schiffman@acainternational.org

SOURCE ACA International

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/Photo: http://photos.prnewswire.com/prnh/20101018/ACALOGO

/Web Site: http://www.acainternational.org

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The Associated Press

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