The trade associations representing the debt collection industry are working on the possibility of creating a unified response to the Consumer Financial Protection Bureau’s (CFPB) proposal to adopt new rules for the ARM industry.
On a joint conference call two weeks ago, key leaders from debt collection group ACA International, the American Bankers Association, the Community Bankers Association, the Consumer Relations Consortium, debt buying association DBA International, and the National Association of Retail Collection Attorneys (NARCA) discussed how to best reach a consensus on responses to the CFPB’s Advance Notice of Proposed Rulemaking (ANPR).
The industry responses are critical. The ANPR represents the best opportunity for regulators to hear directly from ARM companies in a direct way. The CFPB has signaled that it will be taking all responses very seriously.
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