A Change Is Coming: Can ARM Industry Adapt and Embrace FDCPA Reform?

In the final days of September, as the fleeting warmth of summer faded into early autumn, the United States Congress voted to recess until after the November elections. This vote means that its members can do what they do best by returning to their home states to campaign for reelection. The vote also confirms that survival is a basic human instinct, however pundits are continuing to assess the likely survival rates of each of the campaigners.

On the way out the door, Al Franken, former comedian and Saturday Night Live alum, who accomplished a mid-life career change and was elected to the Senate from Minnesota by the narrowest of margins, introduced Senate Bill 3588, the "End Debt Collector Abuse Act of 2010." This legislation would significantly change the practice of third party debt collection. The ARM Industry faces the challenge of making sure that Mr. Franken does not have his last laugh at the expense of the hardworking business owners and employees whose job it is to recover delinquent debts and to return monies to creditor s for the benefit of the economy.

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