Collector - April 2021 - 37

GOVERNMENTAFFAIRS

THE OCC ATTEMPTED TO PROVIDE
SOME PROTECTIONS
In January 2021, the OCC finalized a rule
advocated for by ACA to stop banks from
limiting services to certain industries based
on " reputational risk. " The rule codified
more than a decade of OCC guidance
stating that banks should conduct a risk
assessment of individual customers, rather
than make broad-based decisions affecting
whole categories or classes of customers,
when provisioning access to services,
capital and credit.
This was extremely welcome news to ACA
members, who continue to be impacted
by Operation Choke Point. In December
2020, members experienced two unfair
terminations, that we were aware of, based
on being a class of customers in the debt
collection industry.

ACA submitted comments supporting
efforts by the OCC to clarify the obligation
of large banks to provide fair access to
financial services for legal entities consistent
with the Dodd-Frank Act.
The final rule highlighted ACA's
comments as proof of an ongoing problem
by stating: " Another commenter reported
that one of its members was recently
denied a savings account by a large bank
because the member is part of the debt
collection industry and banks continue,
without notice or specific explanation, to
terminate relationships with persons in
this industry. "
In the commentary of the rule, the
OCC highlighted other points ACA raised
in its comments, noting, " When a bank
predicates a person's access to financial
services on factors other than quantitative,

impartial risk-based standards, it has failed
to act consistent with basic principles of
sound risk management and ... failed to
provide fair access to financial services. "
While ACA was happy to see this step
forward early in the year and appreciated
the OCC's acknowledgement of the
industry, it quickly became clear that the
OCC's proclamation might not align with
the goals of the new administration. On
Jan. 28, it was halted before publication in
the Federal Register.

PUSHBACK ON FAIR
ACCESS EFFORTS
U.S. Rep. Maxine Waters, D-Calif.,
chairwoman of the House Financial
Services Committee, and 22 other
Democrat members on the committee
sent a letter to the OCC arguing that the

TAILORING DEBT
PORTFOLIOS IS
JUST AS EASY IN
THE RIGHT HANDS.

Buying a portfolio isn't difficult when you have an experienced partner. We have been in the debt buying
industry for over 14 years and are a member in good standing with the ACA. Our portfolios are crafted to fit
your company's needs and budget. Whether it's consumer loans, commercial loans, or auto deficiencies, we
work with banks, credit unions, and auto lenders nationwide to bring you direct from issuer accounts which
haven't already been collected on by multiple industry collection agencies.
To discuss how we can tailor your next debt portfolio, contact Craig Geisler
at cgeisler@cherrywoodenterprises.com or 561.508.7650.

COLLECTOR 04.21

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Collector - April 2021

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