nacara annual conference industry perspectives panel september 29,2014 boise, idaho andy madden...
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NACARA Annual Conference Industry Perspectives Panel
September 29,2014Boise, Idaho
Andy MaddenDirector State Government Affairs
ACA International
• Education, Advocacy & Member Service
• Offices in Minneapolis and Washington, D.C.
• 3,400 members / 300,000 employees
• 40 State Units (50 states)
• One International Unit (60+ countries)
© 2014 ACA International. All Rights Reserved.
ACA International
• FTC, CFPB, FCC, Congress
• 50 State AG’s, Regulators and Financial Departments
• 50 State Legislatures, Licensing, Statutes of Limitations
• U.S. Judicial System
• Growing Number of Local Rules and Regulations
Industry wants uniformity and clarity!
© 2014 ACA International. All Rights Reserved.
A Highly Regulated Industry
Additional federal laws regulating third party debt collectors:
1. The Higher Education Act of 1971, Pub. L. No. 89-329;2. The Bank Holding Company Act, 12 U.S.C. §§ 1841 et seq.; 3. The Consumer Leasing Act, 15 U.S.C. §§ 1667 et seq.;4. The Electronic Fund Transfer Act, 12 U.S.C. §§ 222 et seq.; 5. The Equal Credit Opportunity Act,15 U.S.C. §§ 1691 et seq.; 6. The Fair Credit Billing Act, 15 U.S.C. §§ 1666 et seq.;7. The Fair Credit and Charge Card Disclosure Act, 15 U.S.C. §§ 1601 et seq.;8. The Fair Credit Reporting Act, 15 U.S.C. §§ 1681 et seq.; 9. The Federal Bankruptcy Code, 11 U.S.C. §§ 101 et seq.;10. The Gramm-Leach-Bliley Act, 15 U.S.C. § 6801 et seq.;11. The Health Insurance Portability and Accountability Act, 42 U.S.C. § 1320d-2 et seq., including the Security Rule, Privacy
Rule, and Transaction and Code Set Standards promulgated by the Department of Health and Human Services; 12. The Home Equity Loan Consumer Protection Act, 15 U.S.C. §§ 1637 et seq.; 13. The Uniting and Strengthening America by Providing Appropriate Tools Required to Intercept and Obstruct Terrorism Act,
P.L. 107-56, 115 Stat. 272; 14. The Right to Financial Privacy Act, 12 U.S.C. §§ 3401 et seq.;15. Telemarketing Sales Rule, 16 C.F.R. §§ 310.1 et seq.; 16. Truth in Lending Act, 15 U.S.C. §§ 1601 et seq.; 17. Regulation E, 12 C.F.R. § 205.1 et seq.;18. Regulation J, 12 C.F.R. § 210.1 et seq.; 19. Regulation M, 12 C.F.R. §§ 213 et seq.; and20. Regulation Z, 12 C.F.R. § 226 et seq.
Taking Complaints Seriously
• ACA International Research Department collected a sample of 35,573 complaints received by the CFPB between July 2013 and August 2014.
• The highest number of identifiable complaints was for credit card debts with 7,886 in the analyzed timeframe.
• The most reported consumer concern was being contacted about “a debt they did not believe they owed.”
• Of the 35,573 complaints analyzed, 95.90% were “closed,” “closed with non-monetary relief” or “closed with explanation.”
• The majority of complaints are received via web (in total 27,138). E-mail represents the platform of lowest submission with 4 complaints.
http://www.acainternational.org/economicimpact.aspx
© 2014 ACA International. All Rights Reserved.
New Economic Impact Study
• Conducted by Ernst and Young
• Surveys the Impact of Third-Party Debt Collection
• Get Your State and National Data
New Economic Impact Study
© 2014 ACA International. All Rights Reserved.
• Recognize complexities of the debt collection market
• Appropriately tailor requirements to specific circumstances
• Address outdated, unnecessary or burdensome legal requirements
• Strive for maximum clarity to ensure “safe harbors”
Response to CFPB ANPR
Proposed rule anticipated in Fall 2014
TCPA Petition with FCC
• Confirm that all dialers aren’t categorically ATDS
• Confirm that “capacity” under TCPA means present ability
• Clarify express consent attaches to the debt, not the phone
• Establish a safe harbor for non-telemarketing wrong numbers
35 organizations submitted comments in support
© 2014 ACA International. All Rights Reserved.
Currently monitoring 330+ bills impacting debt collection
2014 Trends
Caller ID Call Centers
Do-Not Call Documentation
Limit / Prohibit Autodialers Credit Reporting
Identity Theft Legal Fees
Data Security / Breach Licensing
Garnishment Trust Exemptions
© 2014 ACA International. All Rights Reserved.
State Priorities
© 2014 ACA International. All Rights Reserved.
ACA has Partnered with U.S. Chamber of Commerce
Hiring Our Heroes
hiringourheroes.org
U.S. CHAMBER OF COMMERCE FOUNDATION
© 2014 ACA International. All Rights Reserved.
Minneapolis ■ Washington, D.C.
Andy MaddenDirector of State Government
Affairs(202) 547-2670
ACAInternational.org
Thank You !
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