DBA’s Receivables Management Certification Program Highlighted
The Consumer Financial Protection Bureau (CFPB) hosted its field hearing on debt collection in Sacramento, CA on Thursday, July 28, 2016. The hearing featured remarks from CFPB Director Richard Cordray, as well as testimony from industry representatives, consumer groups and members of the public.
DBA International Board Member, President and Chief Operating Officer of Velocity Portfolio Group, Inc., Jim Mastriani, participated on the panel with other industry representatives and consumer advocates.
Prior to the hearing, the CFPB’s outline of proposals and alternatives under consideration during the Small Business Review Panel for Debt Collection Rulemaking was issued. The CFPB developed the outline based on approximately 23,500 responses they received to the Advanced Notice of Proposed Rulemaking (ANPR) in November 2013, extensive consultation with both industry and consumer stakeholders, and the CFPB’s own research and analysis. DBA International attended many in-person meetings with the various divisions of the CFPB and provided and received input on its Receivables Management Certification Program.
The CFPB’s outline focused on information integrity and related concerns; consumer understanding initiatives including litigation disclosure and out-of-statute debt; communication practices including contact frequency, leaving of messages and consumer consent; prohibition of transferring debt; and the potential impacts on small entities.
DBA International supports the intentions expressed in the CFPB’s outline recognizing that the long-awaited rules will protect and promote ethical debt collection, which safeguards the rights of consumers and provides “rules of the road” for debt collectors.
It was evident that DBA International’s Receivables Management Certification Program was used by the CFPB in the development of the proposals and alternatives. DBA International looks forward to continuing to work closely with the CFPB on the final language which will provide technical and operational guidance.
DBA has three representatives who will participate on the SBREFA panel in Washington, D.C., on August 25, 2016. We will continue to keep members updated during the rule making process.