In an article published in American Banker’s Bank Think, ACA CEO Scott Purcell discusses how political rhetoric about “junk fees” is negatively impacting consumers and legitimate businesses in the ARM industry.
08/30/2023 1:30 P.M.
1.5 minute read
ACA International’s advocacy team continues to engage with regulators and lawmakers on the impact their decisions have on the accounts receivable management (ARM) industry and consumers.
As part of that engagement, ACA also shares its advocacy with the public and media, as seen in a recent article by CEO Scott Purcell published in American Banker, “CFPB’s Spurious Claims About ‘Junk’ Fees Harm Legitimate Businesses.”
The goal of Purcell’s article is to challenge the approach to “junk fees” at the federal level, medical debt credit reporting, student loans and housing debts that are impacting consumers and agencies in the ARM industry that are instrumental in keeping America’s credit-based economy functioning.
Here is an excerpt from the article.
Political one-liners that target legitimate debts owed to private creditors and health care providers sound great—but are they doing more harm than good?
Over the past year, the White House has targeted “junk fees”—fees that cover businesses’ legitimate expenses—supported the forgiveness of student loan debt even for those who can pay and worked with federal agencies to suppress credit reporting of debts owed in the health care, student loan and housing spaces.
All of this sounds good on paper, unless of course you are a medical provider in a rural and underserved area who relies on payment for services to keep the doors open so those patients can be seen.
Read the complete article here. (A subscription may be required.)
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