Collector - February 2018 - 5

COLLECTOR

®

VICE PRESIDENT, COMMUNICATIONS
Kimberly Coghill
EDITOR
Anne Rosso May

PRESIDENT'SPAGE

What a Difference a Year Makes

DESIGN FIRM
The YGS Group

How seeds planted by ACA and its members have helped change the
collection industry landscape.

COMMUNICATIONS SPECIALIST
Katy Zillmer

By Rick Perr, Esq.

Collector is published monthly
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explanation of the law, nor should it be
used to replace the advice of your counsel.

B

y the time you read this column, it will have been a little over one year since the Trump
administration took office. I think it is fair to say that the future of the ARM industry
looks radically different from what was commonly perceived just 18 months ago.
One year ago, we believed that the release of proposed debt collection rules by the Consumer
Financial Protection Bureau was imminent. Earlier in 2016, the CFPB had released its thoughts
on the framework of those rules (debt substantiation, contact restrictions and an established
format for initial validation letters), implemented a SBREFA panel as a precursor to the release
of such rules and adjusted its timeline to reflect release in 2017.
One year ago, despite denials from government officials, Operation Choke Point was in full
effect throughout the country as many ACA International members continued to experience
its impact in their banking relationships. While members of Congress rallied in support of the
elimination of the practice, it was clear the policy continued behind the scenes.
One year ago, CFPB Director Richard Cordray had fortified himself in his position.
The CFPB was issuing new rules on many fronts and appeared poised to oppose the
administration's plan to rein in abusive regulatory excesses. The CFPB issued rules for payday
lenders, eliminated arbitration and class-action waiver provisions in consumer financial credit
agreements and increased its enforcement activity.
Today the landscape has changed, and because of efforts many years in the making, the
seeds sown by ACA and its members are growing fruit. Our relationships in Congress helped
to invoke the Congressional Review Act and repeal the CFPB arbitration rules. Our lobbying
efforts bolstered legislation prohibiting Operation Choke Point. (Check out the article on page
28 of this issue to learn more about how your fellow members are connecting with legislators to
support our industry.)
Today, Cordray has resigned from the CFPB, and Acting Director Mick Mulvaney has many
relationships with ACA members. He halted the release of any new rules, engaged in a thorough
review of all enforcement actions in order to see where the CFPB has overreached beyond its
intended mission and promised that the CFPB will no longer be a barrier to small business.
One year is a long time in politics. We must remain ever vigilant to ensure that the progress
from one year ago does not evaporate in the coming year or years. While it is difficult to
predict the future with any certainty, I am looking forward to reading ACA President-Elect
Jack Brown's column in the February 2019 issue of Collector magazine to see how much further
ACA has come. If the past year is any indicator, hold on to your seats and make sure you are
prepared to take advantage of the new landscape ACA helped create.

Rick Perr, Esq.

is a partner at the firm Fineman,
Krekstein and Harris, P.C., in
Philadelphia. He can be reached
at rperr@finemanlawfirm.com.

©2018 ACA International. All rights reserved. Materials

COLLECTOR 02.18

5


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Table of Contents for the Digital Edition of Collector - February 2018

President’s Page
Industry News
Best Practices
FYI
Perspective
The Many Sides of a Chief Compliance Officer
Collection Tips
Is This Working?
Advocacy at its Finest
Calendar
Honor Roll
Express Yourself
A Step Above
Ask the Experts: Solving a Problem
ACA Submits Amicus Brief to U.S. Supreme Court in Case Challenging the 7th Circuit’s Treatment of Letters Seeking Collection of Out-of- Statute Debt.
Compliance
ACA SearchPoint
Last Word
Collector - February 2018 - Cover1
Collector - February 2018 - Cover2
Collector - February 2018 - 1
Collector - February 2018 - 2
Collector - February 2018 - 3
Collector - February 2018 - President’s Page
Collector - February 2018 - 5
Collector - February 2018 - Industry News
Collector - February 2018 - 7
Collector - February 2018 - 8
Collector - February 2018 - 9
Collector - February 2018 - Best Practices
Collector - February 2018 - 11
Collector - February 2018 - FYI
Collector - February 2018 - 13
Collector - February 2018 - Perspective
Collector - February 2018 - 15
Collector - February 2018 - Collection Tips
Collector - February 2018 - 17
Collector - February 2018 - 18
Collector - February 2018 - 19
Collector - February 2018 - 20
Collector - February 2018 - 21
Collector - February 2018 - Is This Working?
Collector - February 2018 - 23
Collector - February 2018 - 24
Collector - February 2018 - 25
Collector - February 2018 - 26
Collector - February 2018 - 27
Collector - February 2018 - Advocacy at its Finest
Collector - February 2018 - 29
Collector - February 2018 - Calendar
Collector - February 2018 - Honor Roll
Collector - February 2018 - Express Yourself
Collector - February 2018 - 33
Collector - February 2018 - A Step Above
Collector - February 2018 - 35
Collector - February 2018 - Ask the Experts: Solving a Problem
Collector - February 2018 - 37
Collector - February 2018 - ACA Submits Amicus Brief to U.S. Supreme Court in Case Challenging the 7th Circuit’s Treatment of Letters Seeking Collection of Out-of- Statute Debt.
Collector - February 2018 - 39
Collector - February 2018 - 40
Collector - February 2018 - 41
Collector - February 2018 - 42
Collector - February 2018 - 43
Collector - February 2018 - Compliance
Collector - February 2018 - 45
Collector - February 2018 - ACA SearchPoint
Collector - February 2018 - 47
Collector - February 2018 - Last Word
Collector - February 2018 - Cover3
Collector - February 2018 - Cover4
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