CFPB DEBT COLLECTION TOWN HALL RECAP

Yesterday, RMAI had a front row seat at the CFPB Debt Collection Town Hall in Philadelphia, PA. Representing RMAI was RMAI Executive Director Jan Stieger, RMAI President Marian Sangalang, RMAI President-Elect Jim Mastriani, and RMAI Legal Counsel Don Maurice. The event was hosted by the CFPB to receive insights and feedback from the business and consumer communities on the CFPB’s Notice of Proposed Rulemaking (NPRM) on Debt Collection Practices.

In an ongoing effort to keep the RMAI membership appraised of the rulemaking process, the following were the first-hand observations from RMAI’s attendees:

After the town hall meeting RMAI was invited to participate in an industry roundtable directly with the CFPB.  The CFPB listened intently to what we had to say. It was a healthy, lively conversation that I believe will ultimately result in fair and balanced regulation.” – Marian Sangalang, RMAI President

I was pleased and honored to represent RMAI as a panelist at the CFPB Town Hall today. RMAI is a staunch supporter of fair and reasonable rules that provide consumers the protection they deserve while at the same time not putting up artificial barriers to the collection of legitimate contractual obligations.” – Jan Stieger, RMAI Executive Director

The Bureau engaged all stakeholders in the process developing these proposed rules and it was reflected in the NPRM. This was continued in the town hall and subsequent roundtable discussions and I anticipate this to continue in the months ahead. There is much work to be done to finalize the proposed rules for both the industry and consumers.” – Don Maurice, RMAI Legal Counsel

The atmosphere was one of anticipation and excitement. Director Kraninger’s remarks acknowledging the importance of the collection industry to the health of the credit ecosystem and the necessity for the rules to address innovations in technology and electronic communications and the adoption of standard forms and notices are a clear step forward in providing the industry the clarity that we have been seeking.” – Jim Mastriani, RMAI President-Elect

RMAI has scheduled a complementary “members-only” NPRM webinar series where industry experts will discuss major themes in the proposed rulemaking and seek RMAI member feedback. Additionally, RMAI will be providing additional ways for our members to submit concerns and feedback that will be considered in the development of RMAI official response to the NPRM.

Jan Stieger (left) making point on panel presentation at CFPB Debt Collection Town Hall. CFPB Director Kathleen Kraninger (right) looking on.

(left to right) Jim Mastriani, Kathleen Kraniger, Jan Stieger and Marian Sangalang at CFPB Debt Collection Town Hall.