Collector – May 2019 - 49

GOVERNMENTAFFAIRS

for Weltman cost the firm $2 million in
attorney's fees; numerous clients and more
than 100 employees (out of 650) lost their
jobs, according to Weltman's testimony.
"We encountered overzealous
enforcement attorneys with the power of the
U.S. government behind them. Our nearly
four-year ordeal included an extensive CID
process-with which we fully cooperated,
albeit at great expense-followed by a lawsuit
that we won," Weltman said.
During the hearing, McHenry called the
CFPB's previous approach to regulation by
enforcement "dangerous."
Indeed, Weltman told the committee,
"Our case with the CFPB was the epitome
of an effort to legislate through misguided
enforcement instead of by rulemaking."
Like many in the accounts receivable
management industry-including ACA
International-Weltman noted that he

welcomes common-sense, transparent
debt collection rules, which are in the
process of being formed by the CFPB. At
press time, the industry was awaiting the
publication of the rules.
Weltman asked the House committee to
"question the CFPB's goals when it made its
allegations against us in a very public lawsuit
and press release; allegations with no facts
behind them, which damaged our firm's
reputation and, ultimately, which cost 100 of
our employees their jobs."
The "regulation by enforcement"
process that reportedly led to Weltman's
case came under review during the hearing
as it relates to the bureau's approach
to supervisory actions and developing
rulemakings as well as the separate role of
Congress to develop legislation connected
to accountability and transparency and the
bureau's leadership structure.

House Financial Services Committee Chairwoman Maxine Waters poses for a picture
with Scott Weltman after he delivers riveting testimony before the committee.

COLLECTOR 05.19

"One of the concerns I, and I think
others on my side of the aisle and-
actually maybe some on the other side-
[have] about the CFPB is the lack of
oversight and the lack of control that the
Congress gave to the executive branch,"
said U.S. Rep. John Rose, R-Tenn. "It does
concern me as I think about the province
of the CFPB and the structure ... that
we have very little oversight opportunity
[and] that we do not control in any way
their budget or get the chance on behalf of
the taxpayers to exert any influence there.
As I heard of your case and looked over
some of the background information, the
adage of fighting city hall came to mind.
Regulators should be in the business of
helping the regulated comply."
Katy Zillmer is ACA International's
communications specialist.

Leah Dempsey, Robert Weltman, Scott Weltman and Melanie Weltman.

49



Collector – May 2019

Table of Contents for the Digital Edition of Collector – May 2019

Upfront
Industry News
Best Practices
FYI
Collection Tips
The Robot Revolution
ACA International’s 2019 Convention & Expo
Number Crunching
Calendar
Honor Roll
Education Spotlight
Regulators Should Be In The Business Of Helping The Regulated Comply
ACA SearchPoint
Ad Index
Membership
Last Word
Collector – May 2019 - Cover1
Collector – May 2019 - Cover2
Collector – May 2019 - 1
Collector – May 2019 - 2
Collector – May 2019 - 3
Collector – May 2019 - Upfront
Collector – May 2019 - 5
Collector – May 2019 - Industry News
Collector – May 2019 - 7
Collector – May 2019 - 8
Collector – May 2019 - 9
Collector – May 2019 - 10
Collector – May 2019 - 11
Collector – May 2019 - Best Practices
Collector – May 2019 - 13
Collector – May 2019 - FYI
Collector – May 2019 - 15
Collector – May 2019 - Collection Tips
Collector – May 2019 - 17
Collector – May 2019 - The Robot Revolution
Collector – May 2019 - 19
Collector – May 2019 - 20
Collector – May 2019 - 21
Collector – May 2019 - ACA International’s 2019 Convention & Expo
Collector – May 2019 - 23
Collector – May 2019 - 24
Collector – May 2019 - 25
Collector – May 2019 - 26
Collector – May 2019 - 27
Collector – May 2019 - 28
Collector – May 2019 - 29
Collector – May 2019 - 30
Collector – May 2019 - 31
Collector – May 2019 - 32
Collector – May 2019 - Number Crunching
Collector – May 2019 - 34
Collector – May 2019 - 35
Collector – May 2019 - Calendar
Collector – May 2019 - Honor Roll
Collector – May 2019 - Education Spotlight
Collector – May 2019 - 39
Collector – May 2019 - 40
Collector – May 2019 - 41
Collector – May 2019 - 42
Collector – May 2019 - 43
Collector – May 2019 - 44
Collector – May 2019 - 45
Collector – May 2019 - 46
Collector – May 2019 - 47
Collector – May 2019 - 48
Collector – May 2019 - Regulators Should Be In The Business Of Helping The Regulated Comply
Collector – May 2019 - 50
Collector – May 2019 - 51
Collector – May 2019 - ACA SearchPoint
Collector – May 2019 - Ad Index
Collector – May 2019 - Membership
Collector – May 2019 - 55
Collector – May 2019 - Last Word
Collector – May 2019 - Cover3
Collector – May 2019 - Cover4
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