FMA Alliance Selected to Speak at CFPB Small Buisness Panel on Arbitration

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Houston, TX — FMA Alliance, Ltd. (“FMA”) is excited to announce that Michael Janakes, President, and Lauren Rosenfeld, General Counsel/VP Compliance, have been invited to participate in the Consumer Financial Protection Bureau’s (“CFPB”) panel in relation to the agency’s recent proposals regarding arbitration.

The panel will convene in Washington, D.C. on October 28, 2015, to discuss the impact of the proposed restrictions on small businesses.  The CFPB has assembled this Small Business Reform Enforcement Act (“SBREFA”) panel to allow industry representatives to comment on the potentially burdensome effects of the proposed rule prior to the formal comment period. This proceeding allows the CFPB to mitigate any onerous effects of the regulations in the early stages of rulemaking.

The CFPB’s proposed rule would restrict the use of arbitration clauses except where 1) the clause does not restrict class actions, or 2) a court has already refused to certify the case as a class action or has dismissed the consumer’s class claims. Widely covered by industry and national news, the proposal will impact many businesses within the financial services industry, making FMA’s participation on the SBREFA panel all the more important.

Mr. Janakes has more than twenty-nine years’ of leadership experience in the contact management industry, with hands-on experience in virtually every industry vertical. Known as a compliance and performance management expert, he is recognized as possessing the rare combination of analytical, communication, and vision-driven talent. As a subject matter expert in the FDCPA, TCPA, FCRA, and GLBA, he has guided FMA’s approach to focus on positive customer experience; one that is compliant, controlled, fair and consistent. Mr. Janakes also maintains an active role in compliance initiatives by serving on the Board of Directors for the Houston Better Business Bureau’s (“BBB”) Education Foundation.

Ms. Rosenfeld is an influential member the financial services industry and frequently works with regulators, clients, and industry members regarding critical compliance issues.   As such, Ms. Rosenfeld will act as FMA’s voice at the SBREFA hearing. Ms. Rosenfeld has moderated discussions with the New York Department of Financial Service (“NYDFS”), and has been published by top industry resources in relation to state law changes.

FMA is a member of prominent groups, including the Consumer Relations Consortium (“CRC”), and is proud to serve as a compliance resource to our clients, other agencies and the industry as a whole.

About FMA Alliance, Ltd.: FMA is a privately owned receivables management company founded in 1983 and headquartered in Houston, Texas.  FMA heavily invests in state-of-the-art technology, security, and training so our employees have the tools to be compliant, effective and efficient. Additionally, FMA is well known for its commitment to the fair and honest treatment of consumers and patients. FMA is BBB accredited and was a recipient of the 2015 BBB Awards for Excellence. More details about FMA can be found at www.theFMAdifference.com.

 

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Posted in CFPB, Credit Grantors .

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