Collector – January 2020 - 23

members and ARM industry professionals
who were helping to shape the suggested
improvements to the CFPB's proposal and
ensure the final version reflects the input
from those working with consumers and
creditors every day.
"The good news is that the CFPB is
listening," DiResta said. "ACA has a seat at
the table and you've got people in charge at
the bureau who have a pro-business bent and
are reasonable and listening to the practical
concerns of what goes on in our industry."
ARM industry insiders speculate that the
bureau will need some time to review all the
feedback and comments; many believe we
won't see a final rule before fall 2020 while
others think the CFPB may try to get it
out before the Congressional Review Act
deadline in June. When it does come out,
we'll likely see varying compliance deadlines
and dates for implementation. Plus, any rule
finalized in a presidential election year faces
potential challenges.
"When the final rules come out, I think
there might be more enforcement actions
because it will be much easier for state
attorneys general and the CFPB to bring
action against companies, but the people who
are following the rules will be able to avoid
them," said Rick Fischer, senior partner with
Morrison & Foerster LLP.

THE ROLE OF THE PRESIDENTIAL
ELECTION
As we head into a presidential election
year packed with drama and debates, we'll
undoubtedly hear a lot about the bureau and
consumer protection issues from candidates,
in particular Democratic candidate
Elizabeth Warren, who initially proposed
the CFPB back in 2007 when she was a
Harvard Law School professor.
"I think the Democratic candidates in
general will try to contrast themselves
with Trump and will really tee up a lot of
consumer issues," DiResta said.
In an article for the October issue of
Collector magazine, ACA Vice President and
Senior Counsel of Federal Advocacy Leah
Dempsey noted that the election could have
an adverse effect on the CFPB's proposed

COLLECTOR 01.20

"We're in the 21st
century and we are
using new technologies
that weren't around
when the FDCPA was
implemented."

rulemaking. For example, Congress can use
the CRA to challenge rules after they are
finalized. If Trump is not reelected and the
Democrats take both chambers, it's possible
that a new administration and Congress
could use the CRA to strike down the CFPB's
debt collection rule.
In a situation like that, Auchterlonie noted
we could see the overall regulatory landscape
change quite dramatically.
"I think if suddenly everything shifts
Democratic, they'll be writing blank checks
and moving really quickly, and perhaps
not engaging with rigorous legislation that
you get when you have opposing parties in
Congress," Auchterlonie said. "I personally
believe gridlock is good for America. It
makes everyone think harder and work
harder to come up with good policy."
Despite all the drama happening with the
CFPB right now, it's important for ARM
participants to keep in mind that there are
other regulatory entities, like state attorneys
general, that are interested in debt collection,
debt buying and the ARM industry.
"Even though in 2020 there will be a lot of
focus on the Supreme Court's review of the
CFPB and the bureau's rulemaking, which
might be delayed or take a long time, you still
have regulators out there who are looking
carefully at what we're doing," DiResta noted.
"So we have to be sure to pay attention
to compliance."
Anne Rosso May is managing editor of
Collector magazine.

1

A decision from the
Supreme Court on the
Seila Law case could change
the CFPB's leadership
structure.

2

The bureau's current
enforcement pace-brisk
but carefully constructed-
seems likely to continue
in 2020.

3

The CFPB's final debt
collection rule could
come out this year; some
think the bureau may try
to get it out before the
Congressional Review Act
deadline in June.
23



Collector – January 2020

Table of Contents for the Digital Edition of Collector – January 2020

Upfront
Industry News
Best Practices
FYI
Collection Tips
Radical Redesigns
Four State Legislative Trends to Watch
Calendar
Honor Roll
Education Spotlight
Our International Reach
Tech Times are Changing
Exceptional Programming and Speakers Pay Off
Looking Forward to Monday Morning
Contextualizing Consumer Complaints
Another Look at Written Disputes
ACA SearchPoint
Ad Index
Membership
Last Word
Collector – January 2020 - Cover1
Collector – January 2020 - Cover2
Collector – January 2020 - 1
Collector – January 2020 - 2
Collector – January 2020 - 3
Collector – January 2020 - Upfront
Collector – January 2020 - 5
Collector – January 2020 - Industry News
Collector – January 2020 - 7
Collector – January 2020 - 8
Collector – January 2020 - 9
Collector – January 2020 - 10
Collector – January 2020 - 11
Collector – January 2020 - Best Practices
Collector – January 2020 - 13
Collector – January 2020 - FYI
Collector – January 2020 - 15
Collector – January 2020 - Collection Tips
Collector – January 2020 - 17
Collector – January 2020 - 18
Collector – January 2020 - 19
Collector – January 2020 - 20
Collector – January 2020 - 21
Collector – January 2020 - 22
Collector – January 2020 - 23
Collector – January 2020 - Radical Redesigns
Collector – January 2020 - 25
Collector – January 2020 - 26
Collector – January 2020 - 27
Collector – January 2020 - Four State Legislative Trends to Watch
Collector – January 2020 - 29
Collector – January 2020 - 30
Collector – January 2020 - 31
Collector – January 2020 - Calendar
Collector – January 2020 - Honor Roll
Collector – January 2020 - Education Spotlight
Collector – January 2020 - 35
Collector – January 2020 - Our International Reach
Collector – January 2020 - 37
Collector – January 2020 - Tech Times are Changing
Collector – January 2020 - 39
Collector – January 2020 - 40
Collector – January 2020 - 41
Collector – January 2020 - Exceptional Programming and Speakers Pay Off
Collector – January 2020 - 43
Collector – January 2020 - 44
Collector – January 2020 - Looking Forward to Monday Morning
Collector – January 2020 - Contextualizing Consumer Complaints
Collector – January 2020 - 47
Collector – January 2020 - 48
Collector – January 2020 - 49
Collector – January 2020 - Another Look at Written Disputes
Collector – January 2020 - 51
Collector – January 2020 - ACA SearchPoint
Collector – January 2020 - Ad Index
Collector – January 2020 - Membership
Collector – January 2020 - 55
Collector – January 2020 - Last Word
Collector – January 2020 - Cover3
Collector – January 2020 - Cover4
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