Magazine article Mortgage Banking

Debt Collection Industry Fails to Win Carve-Out from Dodd-Frank

Magazine article Mortgage Banking

Debt Collection Industry Fails to Win Carve-Out from Dodd-Frank

Article excerpt

The debt collection industry was disappointed in its efforts to win an exemption from further regulation under the financial regulatory reform law that just recently passed the Congress. The industry's new chief regulator under the newly enacted law will be the Bureau of Consumer Financial Protection (BCFP).

"We are disheartened by provisions in the financial regulatory reform bill that are all-inclusive without a clear understanding by lawmakers of the impact of their actions," said ACA International Chief Executive Officer Rozanne Andersen. The head of the association for credit and collection professionals added in a press release, "Collection agencies do not sell or offer financial products and services. In our opinion, all financial services industries are not created equal and to include the debt collection industry in this new law is over-reaching."

During lobbying over the legislation, the industry sought an amendment whereby the Federal Trade Commission (FTC) would retain jurisdiction over consumer-protection laws such as the Fair Debt Collection Practices Act (FDCPA) and the Fair Credit Reporting Act (FCRA). …

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