Collector – July 2019 - 17

COVER

O

What you need to know
about the CFPB's proposed
new rule for the debt
collection industry.
By Anne Rosso May

COLLECTOR 07.19

n May 7, 2019, the Consumer
Financial Protection Bureau finally
released its long-awaited proposed
rule for the debt collection industry,
marking the biggest development for
accounts receivable management (ARM)
companies since passage of the Fair Debt
Collection Practices Act over 40 years ago.
This proposed rule comes after six years
of CFPB fact-finding, during which the
bureau facilitated and conducted surveys,
panels, discussions, meetings, data analysis
and more. Because the road that got us
to this point has been so long, it's easy to
think that we're at the finish line, but really
this is just the beginning. The real work is
taking place now as ACA and other industry
stakeholders-including individual ACA
member companies-review the proposed
rule and tell the CFPB where they would
like to see changes or how some of the rules
could adversely affect consumers.
Even though there are aspects of the
rule ACA believes could be improved, it's
evident the CFPB took a lot of our requests
and concerns seriously. Many of the issues
ACA and its members have been pushing
the CFPB to address for years-a safe harbor
for voicemail messages and how to lawfully
communicate with consumers through email
and text messages, for instance-made it into
the proposed rule.
The day after it was released, ACA CEO
Mark Neeb participated in the CFPB's
town hall meeting, where the rule was
showcased for the public. In CFPB Director
Kathy Kraninger's opening remarks at the
meeting, she acknowledged the challenges
the industry has faced in dealing with an
outdated statute and the need for rules
addressing new technologies.
"Some of the friction in the market can
be attributed to the fact that the governing
statute in this market is more than 40 years
old," she said. "The Fair Debt Collection
Practices Act (commonly referred to as the
FDCPA) is from 1977. Think about that.
That's the year the first Star Wars movie was
released, Jimmy Carter became president,

17



Collector – July 2019

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

Upfront
Industry News
Best Practices
FYI
Collection Tips
What you need to know about the CFPB’s proposed new rule for the debt collection industry
“I don’t know about you, but I’ve literally never received a telegram and wouldn’t even know how to send one.”
Celebrating 80 Years of Helping Members Succeed
How Does ACA Help Members Succeed?
A History of Advocacy
8 Decades of ACA’s Annual Convention
Calendar
Honor Roll
Education Spotlight
Tell It Like It Is: Washington Hears From ACA Members
Collectors Challenge 2019: Getting Creative for a Good Cause
Balance it Out
Balance Billing Challenges Continue
It’s All About You: Helping Members Succeed
Sandbox Rules
What is a Product Sandbox?
in 11th Circuit Case Examining What Constitutes an ATDS
ACA SearchPoint
Ad Index
Membership
Last Word
Collector – July 2019 - Cover1
Collector – July 2019 - Cover2
Collector – July 2019 - 1
Collector – July 2019 - 2
Collector – July 2019 - 3
Collector – July 2019 - Upfront
Collector – July 2019 - 5
Collector – July 2019 - Industry News
Collector – July 2019 - 7
Collector – July 2019 - 8
Collector – July 2019 - 9
Collector – July 2019 - Best Practices
Collector – July 2019 - 11
Collector – July 2019 - FYI
Collector – July 2019 - 13
Collector – July 2019 - Collection Tips
Collector – July 2019 - 15
Collector – July 2019 - What you need to know about the CFPB’s proposed new rule for the debt collection industry
Collector – July 2019 - 17
Collector – July 2019 - “I don’t know about you, but I’ve literally never received a telegram and wouldn’t even know how to send one.”
Collector – July 2019 - 19
Collector – July 2019 - 20
Collector – July 2019 - 21
Collector – July 2019 - 22
Collector – July 2019 - 23
Collector – July 2019 - Celebrating 80 Years of Helping Members Succeed
Collector – July 2019 - 25
Collector – July 2019 - How Does ACA Help Members Succeed?
Collector – July 2019 - 27
Collector – July 2019 - 28
Collector – July 2019 - 29
Collector – July 2019 - A History of Advocacy
Collector – July 2019 - 31
Collector – July 2019 - 8 Decades of ACA’s Annual Convention
Collector – July 2019 - 33
Collector – July 2019 - 34
Collector – July 2019 - 35
Collector – July 2019 - Calendar
Collector – July 2019 - Honor Roll
Collector – July 2019 - Education Spotlight
Collector – July 2019 - 39
Collector – July 2019 - Tell It Like It Is: Washington Hears From ACA Members
Collector – July 2019 - 41
Collector – July 2019 - Collectors Challenge 2019: Getting Creative for a Good Cause
Collector – July 2019 - 43
Collector – July 2019 - Balance Billing Challenges Continue
Collector – July 2019 - 45
Collector – July 2019 - 46
Collector – July 2019 - 47
Collector – July 2019 - It’s All About You: Helping Members Succeed
Collector – July 2019 - 49
Collector – July 2019 - 50
Collector – July 2019 - 51
Collector – July 2019 - What is a Product Sandbox?
Collector – July 2019 - 53
Collector – July 2019 - in 11th Circuit Case Examining What Constitutes an ATDS
Collector – July 2019 - 55
Collector – July 2019 - ACA SearchPoint
Collector – July 2019 - Ad Index
Collector – July 2019 - Membership
Collector – July 2019 - 59
Collector – July 2019 - Last Word
Collector – July 2019 - Cover3
Collector – July 2019 - Cover4
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