Dear ACA International,
Thank you for making me, and the rest of the ARM industry, smile today.
I read with interest an email from Lucia Lebens, ACA Director of Federal Government Affairs, identifying a very recent win for our industry with Congress:
“ACA is pleased to report that on Dec. 11, 2012, the U.S. Senate passed legislation, previously passed by the U.S. House of Representatives, which will ensure protection when turning over legally privileged communications to the Consumer Financial Protection Bureau (CFPB). H.R. 4014 will amend the Federal Deposit Insurance Act (FDIA) to add the CFPB to the list of banking regulators, clarifying that legal privilege is not waived when legally privileged communications are shared with the bureau.” (Note: ACA Members can read the full letter from Lucia Lebens, here.)
The letter explains that ACA combined forces with other “like-minded industries” to educate congress about H.R. 4014 and promote its passing. Many ACA Members (including those from the Fall fly-in) also contributed to the effort. I wholeheartedly agree with Ms. Lebens when she said “In an extremely divided Congress, and a fairly unproductive lame duck session, passage of this legislation was no small feat.”
Regular readers of DialerFan know that I strongly encourage everyone to participate in industry lobbying efforts in whatever way they can. I think this is evidence that it WORKS! Communicate with your political leaders. Let them know about our industry concerns and needs. It is a slow process, but together we can make change happen!
Thank you again, ACA International! We are ecstatic you’re here to help us.