The Consumer Relations Consortium (CRC) announced today that Cavalry Portfolio Services, LLC (Cavalry) recently joined as its newest member company.
The CRC is a membership group for larger market participants in the debt collection industry (defined by the Consumer Financial Protection Bureau as those firms with $10M or more in annual revenue from collection activity). The fundamental mission of the CRC is to approach industry and regulatory change by building relationships and engaging in meaningful dialogue with consumer advocacy groups and regulators.
Since its founding in September 2013, CRC members have been meeting repeatedly with consumer groups and regulators to discuss the details of the thorniest issues raised in the CFPB’s Advance Notice of Proposed Rulemaking as well as state rulemaking activities. Both consumer advocates and regulators have commented on the surprisingly candid and collaborative nature of CRC representatives during these extended small group sessions, which have been productive and eye-opening for all involved.
In addition to its efforts with regulators and consumer advocates, the CRC acts as a valued peer group for its members, who welcome the opportunity to discuss best practices and industry trends within a trusted group of similarly-sized companies.
Cavalry has immediately begun participating in strategic CRC initiatives, including the group’s current work with Consumer Action to develop a guide for consumers providing an insider’s perspective on communicating with debt collectors. Tim Stapleford, CEO of Cavalry, commented, “I truly believe that this is the right initiative at the right time. The CRC has developed relationships with consumer groups and is working to open lines of communication that have been closed for a long time. We are excited to be a part of this important effort, and to help where we can.”
Consumer Action has been a champion of underrepresented consumers nationwide since 1971. With offices in San Francisco, Los Angeles, and Washington, DC, the group focuses on consumer financial and privacy education to empower low- and moderate-income and limited English-speaking populations. More than 7,500 community-based organizations benefit annually from Consumer Action’s programs and materials. The organization also advocates for consumers in the media and before lawmakers to advance consumer fairness and promote industry-wide change.
In October 2014, the CRC was a sponsor of Consumer Action’s 43rd Annual Awards Event , which honors three individuals or organizations that have made a significant impact on consumer literacy.