(Sacramento, CA): On April 23, 2020, the Receivables Management Association International (RMAI) published the RMAI Commitment to Consumers and FAQs. To help consumers, RMAI prepared answers to frequently asked questions addressing a variety of concerns. RMAI members take hardship issues seriously and implemented guidance on hardship programs long before the COVID-19 pandemic. RMAI members enhanced their existing hardship policies to provide temporary relief from collections for consumers who notify them they are impacted by COVID-19. These hardship programs allow consumers facing short-term setbacks to recover and prevent continued collections for those facing permanent setbacks.
Previously on April 13, 2020, RMAI encouraged the federal government to ensure that direct funds distributed to households through the Coronavirus Aid, Relief, and Economic Security (CARES) Act are not subject to collection. RMAI voiced support for formal protections of the “recovery rebates” provided by the CARES Act and requested the Federal Treasury earmark these funds as they do other federal funds such as Social Security benefits and Veteran’s benefits.
Additionally, RMAI advised members to avoid seeking federal stimulus funds as a potential source of payment on outstanding consumer obligations. Specifically, to the degree the federal stimulus funds are ascertainable, RMAI advised members to avoid soliciting those funds in all collection activities.
About Receivables Management Association International:
Receivables Management Association International (RMAI) is a nonprofit trade association that represents more than 550 companies that purchase or support the purchase of performing and nonperforming receivables on the secondary market. The Receivables Management Certification Program and Code of Ethics set the global standard within the receivables industry due to its rigorous uniform industry standards of best practice which focuses on the protection of the consumer.
More information about RMAI is available at www.rmaintl.org.