Dear Editor,
DBA International, the voice of the debt buying industry, understands the concerns raised in Rich Scherer’s guest column, “Drastic Regulations for Debt Collectors,” that the New York business community could experience challenges with the implementation of the new rules and regulations on debt collection adopted by the New York Office of Court Administration (OCA) and the New York State Department of Financial Services (DFS).
During the last year, DBA International has worked with OCA and DFS to provide enhanced consumer protections while ensuring businesses can collect on outstanding contractual obligations. We appreciate that the New York regulatory community has been open to these conversations and willing to work with us throughout the process.
While DBA International expects that there may be unforeseen challenges with the implementation of the new rules and regulations, the New York regulators appear willing to make adjustments if required. In fact, OCA and DFS are participating in an upcoming DBA-sponsored forum to talk about the new rules and their implementation.
DBA’s Receivables Management Certification Program and its Code of Ethics set the “gold standard” within the receivables industry due to its rigorous uniform industry standards of best practice, which focuses on the protection of the consumer.
DBA International will continue to monitor New York State’s rules and weigh in if problems arise.
Sincerely,
Jan Stieger Executive Director DBA International