Yesterday, RMAI leadership met with Director Rohit Chopra of the Consumer Financial Protection Bureau (CFPB) in Washington, DC. RMAI was represented by RMAI Immediate Past President Anne Thomas, RMAI Board Member Kelly Knepper-Stephens, RMAI Past President Jim Mastriani, and RMAI Executive Director Mike Becker. Director Chopra and John McNamara attended on behalf of the CFPB. The meeting was part of RMAI’s continuous work to advocate for members and for improved consumer safeguards, aiming to benefit both consumers and the business sectors.
RMAI was able to promote the important role the Receivables Management Certification Program continues to play in setting the gold standard in the receivables management industry, advocate for more collaboration with the CFPB (especially in the rulemaking process), and discuss the CFPB’s Complaint Portal, medical debt, data brokers, credit repair companies, and much more.
Director Chopra said he reviewed the RMAI Certification materials prior to our meeting. He encouraged RMAI to continue to evolve the program to adapt it to the changing regulatory environment. Director Chopra noted that debt buyers and debt collectors are not an area of focus for the CFPB, and that the Bureau has no intention of re-opening Reg F.
Director Chopra noted the primary CFPB focus impacting our industry is on credit reporting with both the FCRA rulemaking and supervision activities designed to ensure data furnishers are timely reporting the accurate balance and have appropriate dispute review processes in place. RMAI reiterated its support of a collaborative relationship and a desire to act as a resource in discussions and rulemaking moving forward, to which the Director indicated his support.
This Member Alert is intended for members of the Receivables Management Association International, is for informational purposes only, and is in no way intended to provide legal advice. Members are encouraged to consult with an attorney of their choice for legal advice concerning this matter.