ACA International Responds to CFPB Proposal

Ad Astra Recovery Services, Inc., is a recovery agency with a track record of proven results and a reputation for making the outsourcing process as simple and effective as possible. As an affiliate of the Association of Credit and Collection Professionals (ACA International), Ad Astra Recovery Services meets all industry and ethical collection standards.

ACA International has served as the primary resource for professionals in the credit and collection industry for more than seven decades. The organization consists of 5,000 members from all over the globe and includes attorneys, creditors, collection agencies, and other types of financial institutions and professionals in its membership.

ACA International recently responded to a proposed rule-making statement issued by the Consumer Financial Protection Bureau (CFPB). The organization released a public statement announcing its plans for continuous cooperation with the CFPB, the Federal Trade Commission (FTC), Federal Communications Commission (FCC), and Congress to modernize the debt collection industry. The ACA, which intends to review the CFPB proposal diligently, acknowledged that the primary legislation dictating the industry passed in 1978 and 1991 and is no longer completely in line with the current credit market.

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Consumer Financial Protection Bureau Protects Against Unfair Practices

Ad Astra Recovery Services, Inc., is a debt-recovery agency headquartered in Wichita, Kansas. Committed to responsible business practices, Ad Astra Recovery Services actively participates in several consumer-protection organizations, including the Consumer Financial Protection Bureau (CFPB).

An independent federal agency, the CFPB was created in 2010 following the passage of the Dodd-Frank Wall Street Reform and Consumer Protection Act. The primary responsibility of the CFPB is to protect consumers from unfair, deceptive, and abusive financial practices through public education, research, and financial regulation.

As part of its efforts, the CFPB writes rules and works to enforce federal consumer financial laws. In addition, the agency monitors financial markets for new risks to consumers and takes complaints from the public about specific financial companies, products, or services. The CFPB maintains a database of all complaints it has received, which is updated daily and can be accessed through the bureau’s website.

Believing that an informed consumer is a protected consumer, the CFPB strives to make the financial market more transparent by acting as an information resource for consumers. The CFPB accordingly provides data on a range of financial topics, including student loans, mortgage payments, and credit scores and makes them easy to understand and accessible to all Americans.