This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
See Cramer's multi-million dollar portfolio for FREE and get his new book Get Rich Carefully! Learn More

ACA International Comments On CFPB Report To Congress

MINNEAPOLIS, March 26, 2013 /PRNewswire-USNewswire/ --   ACA International, the Association of Credit and Collections Professionals, today provides comment on the Consumer Financial Protection Bureau's second annual report on the Fair Debt Collection Practices Act (FDCPA) to the United States Congress.  Following is a statement from ACA International CEO Pat Morris.

(Logo: http://photos.prnewswire.com/prnh/20101018/ACALOGO)

"The CFPB's report to Congress aligns with the priorities of the diverse interest of the ARM industry represented by our association. Consumer debt collectors share the goal that consumers deserve to be treated respectfully and within the boundaries of the FDCPA.  Consumer protection is important and must be balanced with the ability of third-party debt collectors to recover rightfully-owed consumer debt. Our industry has and will continue to work with the CFPB, federal and state regulators, lawmakers and enforcement authorities to identify reasonable solutions.

Like the CFPB, we agree that the landscape of consumer debt collection looks far different today than it did when the FDCPA was enacted by Congress in 1977. Technology has significantly changed as have consumer behaviors and the business of consumer debt collection.  This has led to the need to examine how existing federal laws under the purview of the CFPB, as well as others, should be modernized to reflect current realities of the 21st century .  

As the CFPB points out, the collection of rightfully owed consumer debt is vital to maintaining a healthy credit-based system. By recovering these assets on behalf of businesses, government and non-profit organizations, consumer debt collectors provide immense benefit to the national, state and local economies.  In addition, they are important employers, taxpayers and contributors to the betterment of their communities

Our industry takes consumer complaints seriously and we are heartened by the reduction in debt collection related complaints to the Federal Trade Commission, as referenced in the CFPB's report. We applaud the exceptional effort of America's consumer debt collectors in resolving consumer complaints and are working with the CFPB as they move to a resolution-based system. Debt collectors want to work with consumers to resolve complaints and according to the Council of Better Business Bureau's 2012 report on inquiries and complaint statistics , United States collection agencies resolved 86 percent of the consumer complaints received in 2012; exceeding the national average of 77 percent for all industries."

ACA International ( www.acainternational.org ) is the comprehensive, knowledge-based resource for success in the credit and collection industry. Founded in 1939, ACA brings together 5,000 members in the United States and abroad, and their more than 300,000 employees, representing third-party collection agencies, asset buyers, attorneys, creditors and vendor affiliates. ACA supports members through state and federal advocacy, training and resources.   

Contact: Mark Schiffman, PR Director Tel. (952) 259-2124 or schiffman@acainternational.org

SOURCE ACA International

Copyright 2011 PR Newswire. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

Select the service that is right for you!

COMPARE ALL SERVICES
Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
DOW 16,408.54 -16.31 -0.10%
S&P 500 1,864.85 +2.54 0.14%
NASDAQ 4,095.5160 +9.2910 0.23%

Brokerage Partners

Rates from Bankrate.com

  • Mortgage
  • Credit Cards
  • Auto
Advertising Partners

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs