CFPB Rulemaking

The ARM industry has been looking for clear regulatory guidance on the FDCPA since its enactment in 1977.

Key Points Regarding CFPB Rulemaking

Congress did not provide the FTC, previously the primary agency with jurisdiction over the ARM industry, with rulemaking authority. This has resulted in a patchwork of interpretations of the FDCPA by the courts, as well as a cottage industry of plaintiffs’ attorneys who have done little to protect consumers.
The industry is eager and willing to contact consumers in the ways they prefer and that are most convenient to them, however it has been hamstrung by unclear rules. There are many benefits to using email or text messaging, such as allowing consumers to respond at a time that works best for them.

ACA has worked with the CFPB and multiple stakeholders in pursuit of well-reasoned rules that provide clarity to the ARM industry and consumers.
ACA members have worked with the CFPB since its inception to share data and resources and are eager to continue working with Congress and the bureau with a shared goal of having a fair and transparent marketplace that works for industry and consumers. ACA provides extensive compliance resources and certifications to its members using CFPB rules and resources as a major part of training materials, to ensure industry compliance with consumer protection laws. ACA has also collaborated with the CFPB to provide financial literacy resources and materials directly to consumers, and strongly supports the agencies work in this area.

Regulatory clarity for use of modern forms of communication, including email and text messaging, are important for consumers and the industry. It is indisputable that these are common communication methods used today, and not addressing them would be a disservice to consumers.

$102.6 Billion Recovered Debt

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$90.1 Billion Returned to Creditors

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$706 Average Savings Returned to Households

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$1.2 Billion Employee Income Taxes

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