Consumer Relations Consortium Prepares to Respond to CFPB’s Rulemaking Notice

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The Consumer Relations Consortium (CRC) has gathered a team of nearly twenty innovative collection industry thought-leaders to collaborate on a response to the Consumer Financial Protection Bureau’s (CFPB) recently released Advance Notice of Proposed Rulemaking. Among others, the team includes a panel of attorneys – including both in-house general counsel as well as members of prominent national law firms.

John Rossman, attorney from Moss & Barnett, is a member of the CRC steering committee, and is coordinating the response effort on behalf of the group.

“The CRC approach is for our positions to be informed to the greatest extent possible by meaningful collection industry data coupled with thoughtful input from consumer advocacy groups,” said Rossman.

Tim Bauer, CEO of Integrity Solution Services and CRC steering committee member added, “We have put forth a considerable effort in our early stages to establish dialogue with consumer groups, and we expect this to continue into the future. We feel the best solutions for both the industry and consumers will come from a collaborative approach.”

The CRC was formed in 2013 to represent the interests of Large Market Participants (as defined by the CFPB) in the debt collection industry; there are currently fourteen founding CRC members, though the group anticipates adding members who share its mission and want to be engaged at the CEO level.

The Consumer Relations Consortium (CRC) was formed by a group of industry executives who believe that a reasonable and knowledgeable voice is needed to address both issues and solutions in the collection industry. We firmly believe that communication – “relations” – is the key to respectful resolution of a consumer’s financial situation.

Our mission is to collaborate with regulatory agencies to affect change resulting in industry reform that not only provides the best level of service to consumers but also ensures the critical role collections plays in the economic cycle survives, and allows product and service providers to continue to make affordable credit available to the Consumer.

The CRC brings a unique approach to the marketplace by proactively engaging with consumer advocacy groups to bridge the gap of understanding and expectations often present between consumers and collectors. We believe that there is a true common interest among all constituents in the debt collection space; our work will yield solutions to issues that impact the ultimate stakeholder, the Consumer.

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Posted in CFPB, Collection Laws and Regulations, Debt Collection, FDCPA .

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  • avatar Raymond says:

    Maybe I am missing something, but those whom have been in the collection industry have already seen and heard about account documentation, data security, statue of limitations, consumer complaints, dispute resolutions and credit reporting. It seems to me that promotional programs, while well intended appear to suggest the industry has done nothing or are receiving brand new news and must stop and reinvent a wheel that has been turning in my time of over 48 years. In fact, I don’t recall that any regulatory agency has not only published what their scope of review will be in advance. Maybe this is the reason to raise the flag and begin thinking maybe to get out of the business because those items published in advance by the CFPB are all new or have been always on the back burner for debt collection agencies. I don’t see it that way and know the majority of agencies I am familiar with these many years have attempted to realize many of these issues. I also think that there has been a lack of regulatory inspection consistent to ensure these items had clarity and understanding rather than paying out large sums via lawsuits or be subject to the few law firms that enhance their pockets. While there needs continued improvement and to address those who choose to cross the line, the industry as a whole has made reasonable attempts to do things right. We all continue to realize that experience is when you get something you did not expect. However, the CFPB has, in my opinion, made commendable attempts to be transparent. Look at what you are doing, why your doing it, and change what is needed via better written policies and procedures and to be consistent in due diligence to ensure they are being done. More importantly, taking a more active role in each may save added expenses. If everyone believes a storm is coming, buy an umbrella.

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