March 5, 2019 (Sacramento, CA) – The Receivables Management Association International (RMAI) announces the release of its 2018 Code of Ethics enforcement statistics based on 2018 complaints levied against member companies.
“RMAI is committed to upholding the highest ethical standards for the accounts receivable management industry,” said RMAI Executive Director, Jan Stieger. The RMAI Code of Ethics holds member companies accountable to strict standards designed to protect consumers. The transparency of the 2018 Code of Ethics enforcement statistics is public acknowledgment of our organization’s commitment to the Code.”
The RMAI Ethics Committee is the governing body which enforces the Code of Ethics’ requirements. The Ethics Committee reviews, investigates and responds to issues, complaints and inquiries arising under the Code of Ethics.
In 2018 – RMAI Ethics Committee received 11 complaints. Of the complaints 82% were responded to in a timely fashion by the member company and were deemed resolved. In addition, one company was suspended, and one company was expelled from RMAI due to significant infractions to the Code.
Areas of Code Enforcement
The RMAI Code of Ethics was adopted in August 2015 and is a written set of rules governing the professional conduct and behavior expected of its members and their employees/agents. The Code also spells out the process to be followed when investigating complaints and other potential infractions.
The RMAI Code of Ethics covers the following Cannons:
(e) Reputation of the Industry;
(f) Respect for the Judicial System;
(g) Respect for the Association; and
All complaints or reports relating to misconduct or violations to the code of ethics are filed in writing with the RMAI Ethics Committee. The Ethics Committee conducts a formal investigation and if a violation is found can result in the following disciplinary actions:
(a) Specified rehabilitative actions;
(b) Information admonition;
(c) Formal reprimand;
(d) Suspension of Membership; and
(e) Expulsion from RMAI.
For more information on the RMAI code of ethics and details on individual cannons – please review the code in its entirety – https://rmaintl.org/about-rmai/code-of-ethics/.
About Receivables Management Association International Receivables Management Association International (RMAI) is the nonprofit trade association that represents more than 500 companies that purchase or support the purchase of performing and nonperforming receivables on the secondary market. The Receivables Management Certification Program and Code of Ethics 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. RMAI provides its members with extensive networking, educational, and business development opportunities in asset classes that span numerous industries. The association continually sets the standard in the receivables management industry through its highly effective grassroots advocacy, conferences, committees, task forces, publications, webinars, and breaking news alerts. Founded in 1997 as the Debt Buyers Association, RMAI is headquartered in Sacramento, California.
This press release courtesy of Receivables Management Association International.