ACA Curbs Self-Regulation Plans
ACA International decided to stop further discussions of creating a self-regulation structure for the industry in a meeting yesterday, reports insideARM.
Cynthia Wilson writes:
Read the story here and here.
It's not exactly clear what is going on here. CT.net will follow up as more news unfolds. What is for certain is the amount of controversy this proposed legislation caused. Even on CT.net, industry members vocalized opposition. Below are two such comments, specifically regarding the creation of a national debt registry:
"Personally, I don't see any advantage to the average agency or collector and I don't think any of the regulatory agencies are going to give up their control to ACA any more than they would to Obama's suggested new agency."
Debbie Snyder, Collection Center, Inc
"NO! NO! NO! All this project amounts to is more goverment. MISSION IMPOSSIBLE~There is no way this could be accomplished without some very expensive fees to qualify to become a registered collector. Employers should know who their problem collectors are already. Our government has been writting laws to moniter and sterilize the third party debt collection industry since 1977 and it seems they still aren't done, enough is enough!"
Donald F Daly, GTM RECOVERY
Read more of those comments here.
Cynthia Wilson writes:
"In July, ACA board members gave its executive committee the power to study and, if feasible, draw up a plan for a self-regulatory structure, complete with a nationwide debt collector registry and dispute resolution program.
But during a special meeting Wednesday of the board at ACA’s annual Fall Forum Conference in Chicago, directors voted to take away that authority. The board also directed the executive committee to withdraw, in writing and within 24 hours of the meeting’s end, its amendment proposal, and confirm to all board members the proposal’s withdrawal to Rep. Frank and other political bodies by Friday."
But during a special meeting Wednesday of the board at ACA’s annual Fall Forum Conference in Chicago, directors voted to take away that authority. The board also directed the executive committee to withdraw, in writing and within 24 hours of the meeting’s end, its amendment proposal, and confirm to all board members the proposal’s withdrawal to Rep. Frank and other political bodies by Friday."
Read the story here and here.
It's not exactly clear what is going on here. CT.net will follow up as more news unfolds. What is for certain is the amount of controversy this proposed legislation caused. Even on CT.net, industry members vocalized opposition. Below are two such comments, specifically regarding the creation of a national debt registry:
"Personally, I don't see any advantage to the average agency or collector and I don't think any of the regulatory agencies are going to give up their control to ACA any more than they would to Obama's suggested new agency."
Debbie Snyder, Collection Center, Inc
"NO! NO! NO! All this project amounts to is more goverment. MISSION IMPOSSIBLE~There is no way this could be accomplished without some very expensive fees to qualify to become a registered collector. Employers should know who their problem collectors are already. Our government has been writting laws to moniter and sterilize the third party debt collection industry since 1977 and it seems they still aren't done, enough is enough!"
Donald F Daly, GTM RECOVERY
Read more of those comments here.
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