Credit Counsel, Inc. reflects on ACA International's response to Consumer Financial Protection Bureau rulemaking

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Credit Counsel, Inc. reflects on ACA International's response to Consumer Financial Protection Bureau rulemaking

Tuesday, October 1, 2019 2:30 PM

SOUTH FLORIDA, FL / ACCESSWIRE / October 1, 2019 / Christopher Mihoulides, founder of Credit Counsel, Inc., considers ACA International's comments surrounding recently proposed Consumer Financial Protection Bureau rule.

Following the announcement of the Consumer Financial Protection Bureau's first-ever proposed rule for the Fair Debt Collection Practices Act earlier this year, ACA International has worked closely with members, such as South Florida-based debt recovery company Credit Counsel, Inc., to collect feedback on the much-talked-about proposed rulemaking. With the organization now having compiled and submitted its comments, Credit Counsel, Inc. owner and founder Christopher Mihoulides reflects on ACA International's views surrounding the rule and suggested improvements.

"In its recently announced comments, the organization's CEO, Mark Neeb, said that, overall, ACA International believes that the Consumer Financial Protection Bureau's efforts will help to address existing ambiguities surrounding the Fair Debt Collection Practices Act," explains Mihoulides.

Neeb, however, Mihoulides goes on to reveal, stated that ACA International also identifies what it calls 'a significant number of changes' which should be made to the proposal.

The Fair Debt Collection Practices Act is a consumer protection amendment to the Consumer Credit Protection Act, approved on September 20, 1977, establishing legal protection from abusive debt collection practices.

ACA International began collecting comments and other feedback from its members in May following the announcement of the Consumer Financial Protection Bureau's proposed new debt collection rule.

The Consumer Financial Protection Bureau's proposed rule will, according to Credit Counsel, Inc. boss Christopher Mihoulides, be the first of its kind since the Fair Debt Collection Practices Act was enacted more than four decades ago. Accordingly, he says, the Consumer Financial Protection Bureau's proposal will shape the future of the accounts receivable management industry.

Mihoulides also believes that the first-ever proposed rule for the Fair Debt Collection Practices Act will also affect the wider economy. "The rule addresses several key issues which ACA International has long sought clarity on," he explains, "including safe harbor procedures for the use of voicemail messages and the ability to use modern forms of communication, such as text messaging and email."

The proposed rule also provides additional clarity on the requirements for a validation notice and includes a model form, according to the Credit Counsel, Inc. founder. "Notably, ACA International's comments outline why arbitrary limitations on communications ultimately harm consumers," he adds.

ACA International and its members, including Credit Counsel, Inc., have long held concerns surrounding such limitations, according to Mihoulides. These, he says, include complicated consent requirements for sending emails, vague inconvenient place and time restrictions, and unworkable requirements to differentiate between work and personal email addresses.

"In its comments, ACA International provides a clear road map of suggested improvements which can be made to the proposal," adds Mihoulides, wrapping up, "to ensure that the final version reflects the best interests of those working with consumers and creditors on a daily basis."

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