Credit Counsel, Inc. reveals details of extended proposed CFPB rulemaking comment deadline
Monday, August 12, 2019 4:00 PM
South Florida / ACCESSWIRE / August 12, 2019 / Cash flow company Credit Counsel, Inc. founder Christopher Mihoulides examines extended proposed rulemaking comment deadline issued by the Consumer Financial Protection Bureau.
As the Consumer Financial Protection Bureau extends its newly proposed rulemaking comment deadline until September 18, debt collection industry professionals such as Credit Counsel, Inc. founder Christopher Mihoulides are considering their options as ACA International members who have not yet done so are prompted, again, to review the proposed rule and weigh in on the matter.
"The Consumer Financial Protection Bureau has extended its deadline for comments on the proposed rule to modernize the Fair Debt Collection Practices Act until Wednesday, September 18, 2019," explains Mihoulides.
ACA International, a trade group representing collection agencies, collection attorneys, creditors, debt buyers, and debt collection industry service providers in the United States, has, says Mihoulides, worked diligently on compiling feedback from its members. "ACA International has also compiled a comprehensive comment letter on the rule proposal," adds the expert, "thanks to an extensive grassroots advocacy effort."
According to Mihoulides, new and existing ACA International members are still invited to join the ongoing advocacy campaign. "Members who have not yet done so are invited and encouraged to join the advocacy campaign until the new close of the comment period on September 18," adds the Credit Counsel, Inc. founder.
Moving forward, ACA International is expected to provide further information surrounding how best to file individual comments, according to Mihoulides. "A series of member webinars and the provision of further information tied to the extended proposed rulemaking comment deadline issued by the Consumer Financial Protection Bureau is also expected," he adds.
The extended deadline comes after numerous consumer groups issued a written request to a prominent Consumer Financial Protection Bureau director. "In July, seven consumer groups wrote to Kathy Kraninger, a Consumer Financial Protection Bureau director, requesting that the comment deadline for the recently proposed, new debt collection rulemaking be extended by two months," reveals Mihoulides.
"It's absolutely critical that the industry remains engaged in this process," he continues, "and commits to working closely with ACA International as the debt collection sector trade group continues to advocate for additional clarity on behalf of collection agencies, attorneys, debt buyers, creditors, and their service providers."
ACA International members who have not yet done so are highly encouraged to review the proposed rule, according to Credit Counsel, Inc. boss Christopher Mihoulides. The organization, he says, is expected to continue to work closely with the Consumer Financial Protection Bureau in coming weeks.
"Their advocacy efforts, I believe," he adds, wrapping up, "will ensure that the final rule is beneficial for both the debt collection industry and consumers alike."
Based in South Florida, Credit Counsel, Inc. is a national and international debt recovery firm specializing in commercial, medical, and occupational health debt collection. Founded by Christopher Mihoulides and fellow debt recovery industry professionals, Credit Counsel, Inc. serves a broad range of clients across the United States and worldwide. For more information, call 877-224-7904 or visit http://www.creditcounselinc.com/.
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