AACANet has been using the Audit Information Management system developed by ARMGuard Solutions to manage its vendor audits. This program allows AACANet to deploy audit questions, receive responses with supporting documentation and audit the information to assure compliance. While not a replacement for on site visits, AIM helps AACANet oversee its service providers and assure compliance with its standards and the standards of its clients.
On May 7 the Consumer Financial Protection Bureau issued its long-awaited Notice of Proposed Rulemaking (NPRM) for the Fair Debt Collection Practices Act. On May 21, 2019 the CFBP published its proposed rule in the Federal Register, setting the deadline for public comment for Monday August 19, 2019. It is critical for the industry to be engaged in this process and to work closely with industry associations such as, NCBA, RMA and ACA it craft responses to the NPRM. For a quick overview of the proposed rule, please see the CFPB’s Fast Facts summary.
The Consumer Financial Protection Bureau has extended its deadline for comments on the proposed rule to modernize the Fair Debt Collection Practices Act until Sept. 18, 2019. In July, seven consumer groups sent written requests to CFPB Director Kathy Kraninger asking to extend the comment deadline for the proposed debt collection rule by two months. Company leaders and associations such as the ACA International, RMA International and NCBA have been working to provide a consistent responses to the proposed rules on behalf of the receivables management industry. Click on the link below o review the proposed rules.