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.
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Edited by Braden Becker