Marian Sangalang Attends CFPB Town Hall for the FDCPA Notice of Proposed Rulemaking
Marian Sangalang, Vice President of The Bureaus, Inc., is excited to share the news of her attendance at the Consumer Financial Protection Bureau, or CFPB, Town Hall Meeting on May 8, 2019 in Philadelphia, PA at which the CFPB discussed its recently issued Notice of Proposed Rulemaking (NPRM) to with regards to the Fair Debt Collection Practices Act (FDCPA).
The accounts receivable management (ARM) industry has been anxiously awaiting the newly proposed rules that update the 1977 FDCPA. With the countless advances in technology that have occurred over the last 42 years, many organizations, including The Bureaus, Inc., are looking forward to changes in the newly proposed rules that will bring debt collection practices into our digital age. The Receivables Management Association International, or RMAI, has been participating in discussions and actively advocating for RMAI’s inclusion in the development of the proposed debt collection rule.
As President of RMAI, Marian Sangalang has been an integral part of the pre-announcement discussions and advocacy activities. Mrs. Sangalang was eager to attend the Town Hall Meeting and hear opening remarks about the proposed rule summary by Kathleen Kraninger, Director of the CFPB. Afterwards, RMAI representatives and Marian Sangalang participated in an industry roundtable with the CFPB.
“For the last several years, outdated rules have governed our daily actions without keeping pace with rapidly evolving technology,” says Marian Sangalang. “The Bureaus, Inc., RMAI, and our industry as a whole have been anticipating these newly proposed rule changes, the impact they will have on consumers, and the modifications they will bring to the day-to-day processes of businesses and organizations. Our advocacy efforts have been beneficial and demonstrated the value of our knowledge and expertise. We must all continue to work together to guide the momentum of the proposed rules that will positively impact the consumers, our industry, and our economy.”
A complete summary of the 538 page document is available online, but some of the topics discussed in the NPRM are limitations on call attempts and phone conversations, clarification on consumer protection requirements, clarification on the methods in which collectors can communicate with consumers, prohibition on suits and threats of suits on time-barred debt, and requirements on communication before credit reporting.
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.
About Marian Sangalang
Marian Sangalang, Vice President at The Bureaus, Inc., is a Master Servicer and Certified Receivables Compliance Professional (PRPC). She has pioneered many popular industry software suites and works closely with developers to optimize products for business use. Always on the forefront of technology, Mrs. Sangalang assists in the development of proprietary tools including account level net present value modeling and data management systems. She currently serves as President of RMA International. Founded in 1928, The Bureaus, Inc. is located in Northbrook, Illinois.
This article courtesy of The Bureaus, Inc.