The accounts receivable industry was well represented at the Consumer Financial Protection Bureau’s (“CFPB”) Debt Collection Town Hall Meeting last week. At the Bureau’s request, Jan Stieger, Executive Director of Receivables Management Association International (“RMAI”), participated in a panel discussion where she provided industry insight and feedback on the CFPB’s recently issued Notice of Proposed Rulemaking on Debt Collection Practices.
In her remarks, CFPB Director Kathy Kraninger acknowledged the importance of the collections industry to the health of the credit ecosystem and the need for industry rules and standards that address innovations in technology and electronic communications.
Following the event, Jan commented, “I was pleased and honored to represent RMAI as a panelist at the CFPB Town Hall today. RMAI is a staunch supporter of fair and reasonable rules that provide consumers the protection they deserve while at the same time not putting up artificial barriers to the collection of legitimate contractual obligations.”
RMAI is a non-profit trade association representing more than 550 companies supporting the purchase, sale, and collection of performing and nonperforming receivables on the secondary market. RMAI continues to set the global standard within the receivables industry due to its rigorous uniform industry standards of best practice which focus on the protection of the consumer.
M&S Partner Helen Mac Murray serves as the Attorneys General Consultant to RMAI.