New Guide Offers Insights into Complying With CFPB’s Debt Collection Rule

One of my favorite TV shows of all time is “The West Wing.” I have re-watched the series multiple times and can tell you what happens in just about any episode. In one episode, the staff is debating the best way to stimulate the economy and the president says, “… everybody’s got a magic lever they want you to push. I studied economics all my life but in this job only a fool is ever certain. You don’t push any one lever; you wanna push a little on them all.” It’s not unlike the advice against putting all your eggs in one basket. Well, I took that advice to heart.

I am excited to announce the launch of a new section of AccountsRecovery.net, which aims to help the ARM industry better understand the Consumer Financial Protection Bureau’s debt collection rule and to help make the decisions and changes needed to comply with it. Called the CFPB Debt Collection Rule Resource Guide, it combines both parts of the rule into one easy-to-read document while also offering insights, analysis, and perspectives from 21 different legal and compliance experts about different aspects of the rule. The experts were asked to pick a section or component of the rule and offer their insights and analysis of what that particular element means for the industry and how companies should respond.

Best of all, the guide, which is being sponsored by Arbeit, is not just a static tool that anyone in the ARM industry can use — for free — to help them understand the debt collection rule. Each page offers readers the opportunity to submit questions or requests for more information. I will take those requests and ask an expert to weigh in and update the document as needed. If you have a specific question that is not answered already, I will get it for you.

I want to offer special thanks to Arbeit for sponsoring this project and to all the experts who participated:

Sharing important perspectives from so many different experts paints a comprehensive picture for the ARM industry to help them understand and operationalize this landmark overhaul of how debt collection is regulated.

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