As anticipation grows over the expected release of a proposed debt collection rule from the Consumer Financial Protection Bureau, collection agency executives across the country are wondering how they should react once the proposed rule is released. John Bedard from the Bedard Law Group, speaking during a webinar yesterday, had two words of advice:
“Don’t panic.”
Bedard, joined by fellow compliance experts Joann Needleman from Clark Hill, Scott Wortman from Blank Rome, and Mike Frost from Malone Frost Martin, each shared their assessment that the proposed rule will have on the credit and collection industry. The panel noted that while it has taken more than five years to get from the CFPB announcing it was working on a rule to releasing a proposed rule, there are still many more steps in the process and it could be two or three years before a final rule is enacted, which could require agencies to make changes to their operations.
The webinar, which was sponsored by PDCflow, acted as a pre-game show for the proposed rule’s release, which is expected some time before the CFPB convenes a debt collection town hall meeting tomorrow at 12pm ET in Philadelphia. The town hall will be live-streamed and can be watched by clicking here.
AccountsRecovery.net will be in Philadelphia to provide full coverage of the meeting and reaction from industry leaders.
A recording of yesterday’s webinar can be accessed by clicking here.
One interesting area of concern for agency owners is whether the courts will give any credence or legal weight to the proposed rule’s provisions, should an agency opt to follow them once they are issued.
All the members of the panel yesterday encouraged those in the credit and collection industry to comment on the proposed rule once it is released.
