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home | Press Releases | U.S. HOUSE PASSES ACA-SUPPORTED GRAM . . .
 

U.S. HOUSE PASSES ACA-SUPPORTED GRAMM-LEACH-BLILEY REFORMS
April 14, 2010
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FOR IMMEDIATE RELEASE

(MINNEAPOLIS -- April 14, 2010) -- Today the U.S. House of Representatives passed H.R. 3506 by voice vote on the Suspension Calendar, creating a positive step forward for the credit and collection industry. Sponsored by Representatives Erik Paulsen (R-MN) and Dennis Moore (D-KS), H.R. 3506 would eliminate unnecessary paperwork requirements under the Gramm-Leach-Bliley Act (GLBA).

This legislation will waive an annual privacy notice requirement under the GLBA for companies that either are prohibited from sharing customer information because of other federal laws or don't change their privacy notice from the previous year. This is going to have a positive impact on ACA International members who purchase debt and collect that debt, making them subject to both the GLBA and the Fair Debt Collection Practices Act. Those debt buyers will no longer have to send privacy notices, as the FDCPA prohibits them from sharing information with third parties.

"ACA is very grateful the House saw the unnecessary wasteful burden caused by this requirement and moved in a bipartisan fashion to make needed changes to the law," said ACA Federal Government Affairs Director Adam Peterman.

"It made no sense to require companies subject to both Gramm-Leach-Bliley and the FDCPA to send consumers notices telling them they weren't sharing their information when they were prohibited from doing so anyhow," said Peterman. "This common-sense reform will save our members currently subject to this requirement millions of dollars in reduced regulatory costs without any decrease in consumer protection."

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Due to the unique effect on purchasers of debt, ACA worked very closely with DBA International on fashioning the language and shepherding the bill through the House. The legislation now moves to the Senate, where identical language must be passed before it can be sent to the President to be signed into law.

ACA International, the Association of Credit and Collection Professionals, is the comprehensive, knowledge--based resource for success in the credit and collection industry. Founded in 1939, ACA brings together more than 5,000 members worldwide, including third--party collection agencies, asset buyers, attorneys, creditors and vendor affiliates. ACA International establishes ethical standards, produces a wide variety of products, services and publications, and articulates the value of the credit and collection industry to businesses, policymakers and consumers. For more information about ACA International, visit acainternational.org.

Contact: Mark Schiffman, PR Director
Tel. (952) 928-8000 X 124 or Schiffman@acainternational.org

###


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