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-- WITH PHOTO -- TO BUSINESS, AND NATIONAL EDITORS:
ACA International Submits Comments On CFPB Advanced Notice Of Proposed
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-- The CFPB should address outdated, unnecessary or unduly burdensome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
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
SOURCE ACA International
/Web Site: http://www.acainternational.org
CO: ACA International
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0000 03/03/2014 14:00:00 EDT http://www.prnewswire.com
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