Ohad Samet, CEO and cofounder of TrueAccord Group, has been named to the inaugural debt collection advisory committee of the California Department of Financial Protection and Innovation (DFPI). The debt collection advisory committee is a new seven-member board that will provide critical feedback to the DFPI as it stands up its debt collection licensing program.
“I look forward to working with the DFPI, a new and influential regulator, to think through consumer protection and choice in tough times,” said Samet. “Consumer protection will be especially important this year, as we emerge from the pandemic and direct economic aid to consumers decreases. The debt collection advisory committee will be working to make sure that all consumers facing debt collection in California are treated fairly and equitably.”
“Since its founding, TrueAccord has been committed to sharing consumer feedback and data about the use of technology in debt collection,” added Samet. “At TrueAccord, we’ve been able to demonstrate that consumers across the country like email and text, actively choose to use digital channels, and feel empowered by these tools while enjoying improved protection. Similar to other facets of consumer protection like privacy regulation, I expect that the rules coming out of the DFPI may end up impacting consumers nationwide.”
The debt collection advisory committee members represent a cross-section of industry experts, including five industry representatives, one consumer advocate, and one law and economics professor who studies the industry. Notably, three of the industry members, including TrueAccord, are RMAI certified businesses, demonstrating a preference for businesses with independently-audited, documented best practices.
“I look forward to working with this group representing diverse stakeholders in the debt collection industry,” said DFPI Commissioner Manuel P. Alvarez. “The committee’s perspectives and advice will be critical in helping the Department effectively oversee debt collectors and protect consumers.”
The committee members were appointed for two-year terms pursuant to Financial Code Section 100025 adopted by passage the Debt Collection Licensing Act (DCLA). The committee has scheduled its first meeting for July 28, 2021 and is expected to meet twice per year or as needed. For more details, refer to the DFPI’s official announcement.
Founded in 2013, TrueAccord’s data-driven debt collection platform is disrupting the collection industry by helping businesses collect more debt online than traditional methods. TrueAccord’s platform is powered by machine learning with a decision engine that analyzes consumer behavior and delivers personalized and empathetic consumer experiences. By communicating at the right time in the right channel with payment options that meet consumer needs, TrueAccord provides exceptional recovery rates for top 10 financial institutions, debt buyers, lenders, and technology companies. TrueAccord empowers many of the estimated 77 million consumers who are in debt every year to get on a path to better financial health. To learn more, go to http://www.trueaccord.com.