The Consumer Financial Protection Bureau is now calling the Town Hall meeting it scheduled for May 8 in Philadelphia a “Debt Collection Town Hall” and ACA International has announced that Chief Executive Mark Neeb has been invited to participate at the meeting. This provides even more evidence that the CFPB is planning on releasing its proposed debt collection rule either in conjunction with the meeting or in advance of it.
The CFPB has updated the page about the Town Hall, including using a new website URL. The event is being hosted at Houston Hall, Bodek Lounge at the University of Pennsylvania. For those who can’t make the meeting in person, it will be live-streamed via the CFPB’s website.
“I look forward to working with the CFPB and other industry representatives to comment on fair, transparent rules that appropriately reflect advancing technology and the real-world needs of consumers, regulators and professional businesses working within the accounts receivable management industry,” Neeb said. “Today’s culture and marketplace are much different than what many of us remember from 1977 when the Fair Debt Collection Practices Act became law. Therefore, this updated rulemaking process that welcomes industry input is inspiring to the business community that works diligently to manage companies as they recover billions of dollars in unpaid debt.”
Following the release of the proposed rule will be a comment period, where anyone can submit their opinions or concerns about the proposal. Once the comment period closes, the CFPB is expected to review the comments before issuing a final rule.
The CFPB followed a similar playbook when it released an outline of the proposed rule prior to holding a hearing required under the Small Business Regulatory Enforcement Act. The outline of proposals was released a day before the CFPB held a debt collection field hearing in Sacramento, Calif.