RMAI Guidance On Federal Stimulus Funds
With the pending release of an additional round of COVID-19 federal stimulus funds to struggling U.S. consumers, Receivables Management Association International (RMAI) continues to advise its members to avoid seeking these funds as a potential source of payment on outstanding consumer obligations. This is the same guidance RMAI shared with its membership on April 13, 2020 and December 17, 2020.
In addition, please note that Version 9.0 of the Receivables Management Certification Program, which took effect on March 1, 2021, has a revised standard related to government emergency relief funds which reads:
A Certified Company shall take reasonable steps to avoid soliciting or otherwise attaching to government emergency relief funds. A company may accept government emergency relief funds for the payment of a debt if the consumer voluntarily chooses to use those funds for payment. [Standard # A18(c)]
RMAI has requested Congress to pass legislation earmarking these funds, so they are identifiable in consumers’ bank accounts similar to what they did in the second round of stimulus payments.
About Receivables Management Association International:
Receivables Management Association International (RMAI) is a nonprofit trade association representing more than 550 companies that purchase or support the purchase of performing and nonperforming receivables on the secondary market. The RMAI Receivables ManagementCertification Program and Code of Ethics set the global standard within the receivables industry due to the rigorous uniform standards of best practice which focus on protecting consumers.
More information about RMAI is available at www.rmaintl.org