ACA International Launches Compliance Checklist Based On CFPB Exam Procedures

As the Consumer Financial Protection Bureau (CFPB) moves forward with examinations of collection industry large market participants, ACA International has created a handy Compliance Checklist for members to assess how well their compliance management systems are functioning.

Based on the CFPB Examination Procedures for Debt Collection, ACA’s new Compliance Checklist will help members evaluate how well their organization plans, identifies and documents corrective actions to ensure they are complying with federal laws.

“The electronic CFPB Compliance Checklist is one of the most helpful products produced by ACA in my many years of membership,” said ACA agency and Member Attorney Program Member Steven McCabe, Esq., of Pressler & Pressler, in Parsippany, N.J. “It provides timely and organized help on the critical need to ensure that our company and our clients are in compliance.”

Consistent with the CFPB’s examination focus, areas of compliance highlighted in the new checklist include internal structure, controls management, FDCPA, GLBA and FCRA compliance, and litigation practices and repossession.

The Compliance Checklist includes a PDF User Guide with instructions and information about the areas of risk associated with each module found in the CFPB Examination Procedures for Debt Collection. The user guide also includes a sample complaint-tracking form and a consumer issues log to help collection companies improve their complaint-tracking management systems.

“ACA continues to be at the forefront in creating essential tools to help members succeed in their business.  The addition of the Compliance Checklist is an invaluable resource,” said ACA Chief Executive Officer Pat Morris.

To purchase ACA’s new Compliance Checklist, visit the ACA Online Store at http://www.acainternational.org/compliancechecklist.

The next ACA CFPB seminar, How to Prepare Your Compliance Program for the CFPB, takes place at ACA’s 2013 Spring Forum & Expo from March 20-22 in Scottsdale, Ariz.  Click here to register online today.

ACA International (www.acainternational.org) is the comprehensive, knowledge-based resource for success in the credit and collection industry. Founded in 1939, ACA brings together 5,000 members in the United States and abroad, and their more than 300,000 employees, representing third-party collection agencies, asset buyers, attorneys, creditors and vendor affiliates. ACA supports members through state and federal advocacy, training and resources.