ACA International Leadership to Discuss its Comments on the Proposed Rule in Press Briefing Today
WASHINGTON, Sept. 18, 2019 /PRNewswire/ — ACA International’s comprehensive comments in response to the Consumer Financial Protection Bureau’s proposed debt collection rule recommend fair and objective policies that clarify legal obligations for the accounts receivable management (ARM) industry and provide clarity for consumers. As the leading voice of the ARM industry, ACA International submitted more than 150 pages of comments Sept. 17, 2019 on the CFPB’s Notice of Proposed Rulemaking for the Fair Debt Collection Practices Act of 1977. (ACA’s comments are available on its website at www.acainternational.org)
ACA International CEO Mark Neeb released the following statement: “The proposed rule rightfully acknowledges that the Fair Debt Collection Practices Act, which is more than 40 years old, does not account for modern consumer preferences and impedes the free flow of information that allows consumers the ability to continue to access credit and services. ACA, in its comprehensive comments, identifies a significant number of changes that should be made to the proposal to better balance privacy concerns, with the consumer benefits that are derived from engaging in open communication with the ARM industry.
“Our economy is heavily reliant on the creditors ability to collect rightfully owed outstanding debts. In 2016, our industry returned $67.6 billion of funds to U.S. businesses—that’s an average savings of $579 for every American household,” Neeb said.