The big takeaway from mid-July’s ACA International’s Convention & Expo 2019 is the need to get ready for new rules from the Consumer Financial Protection Bureau (CFPB) that will affect how the debt collections industry can use text, email and voicemail to communicate with consumers.
Governed by a complex web of federal and state regulations and laws, the collections industry is facing a new set of rules for communicating with debtors.
Auto lending is a booming business, with about 85% of new cars and 50% of used cars purchased with financing, according to Debt.org. You can see how this type of lending has grown over time. About 43% of adult Americans, or 107 million people, had auto loan debt in 2017, according the Federal Reserve Bank of New York, up from 80 million people in 2012.