Accounts Receivable Management Featured Article

ACA to Reveal CFPB Compliance Program

November 26, 2012

ACA International, the Association of Credit and Collection Professionals, is the comprehensive, knowledge-based resource for success in the credit and collection industry. Founded in 1939, ACA produces a wide variety of products, services and publications, and articulates the value of the credit and collection industry to businesses, policymakers and consumers.

The association recently announced its plan to release a comprehensive CFPB Compliance Program to help members.

CFPB, or the Consumer Financial Protection Bureau, recently finalized its rule and examination procedures for supervising larger market participants in the accounts receivables management industry.

Beginning in January 2013, collection agencies, debt buyers and attorneys with more than $10 million in annual receipts from consumer debt collection-related activities will be subject to an examination of business practices.

The effects of CFPB supervision will resonate industry-wide. Service providers and smaller agencies, in particular those working with banks or other regulated entities, could find themselves affected and under the CFPB’s purview.

Early next year, the Bureau will add consumer debt collection to its complaint resolution program.

ACA is reportedly an association committed to being a primary resource on the CFPB. ACA said in a statement that it is finalizing a suite of compliance, training and examination resources based on an analysis of information regarding the CFPB’s examinations. This, the company believes can help navigate the practical application of this supervision.

Key resources that will be made available include:

  • Advocacy: Since the CFPB’s inception, ACA has been helping the bureau better understand the complexities of the ARM (News - Alert) industry and advocate for industry priorities. Through personal meetings with Director Richard Cordray and others within the CFPB, ACA has established an excellent working relationship with the CFPB.
  • Information: ACA members now have easy access to the most recent CFPB news and information, videos and links to invaluable resources, links to webcasts of congressional and CFPB field hearings, written testimony from congressional hearings, and ACA comments and other submissions.
  • Training: Since the CFPB’s announcement in late October, ACA has already hosted three timely and information-packed tele-seminars for members, and is planning future programs for you and your employees. Educational and training programs will also be available at future ACA meetings, including Spring Forum, Annual Convention and Fall Forum.
  • Learning: ACA is convening a CFPB Examination Workgroup, comprised of larger market participants, to share their experiences and foster discussion to help the industry as a whole better understand the examination process.
  • Preparation: ACA has quality assurance resources to help members get ready for CFPB examinations.
  • Compliance: ACA said it will continue to provide members with the best compliance materials available.

The recently issued CFPB Examination Procedures notes that examiners will be looking at audit and compliance reports. ACA confirmed that its certified instructors and time-tested programs, both PPMS and CCCO, are also available.

In related news, nonmortgage consumer debt actually increased 0.7 percent, according to ACA International.

Want to learn more about the latest in communications and technology? Then be sure to attend ITEXPO Miami 2013, Jan 29- Feb. 1 in Miami, Florida.  Stay in touch with everything happening at ITEXPO (News - Alert). Follow us on Twitter.




Edited by Braden Becker

Article comments powered by Disqus

Related Accounts Receivable Management Articles

Credit and Collection Association Pushes Back on RoboKiller

ACA International voices concerns over new TCPA rules regarding robocalling. [ Read More ]
08/27/2015

Epicor Accounts Receivable Management Automation Solution Speeds Invoice Collection

Those of us who cover the accounts receivable management (ARM) solutions space understand that use cases demonstrating the utility of ARM are sensitive. Customers of ARM solutions are hesitant to disclose their identities for obvious reasons. [ Read More ]
08/26/2015

Gryphon Partners with TouchTone for Indemnified Do-Not-Call Compliance Services

Gryphon partnership with TouchTone aimed at dealing with robocalling issues in U.S. [ Read More ]
08/20/2015

Heartland Payment Systems and VersaPay Partner to Enhance Accounts Receivable Management

Heartland Payment Systems team up to offer cloud-based enhanced accounts receivable management (ARM) solutions. [ Read More ]
08/19/2015

Events

Weekly Live Demo
Contact Center Solutions

Register Today!


Weekly Live Demo
CaaS Small Center

Register Today!