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Friday, January 19, 2018

Regulatory Compliance

The ACSI Edge offers comprehensive regulatory compliance so both ACSI and our clients’ interests are protected.

ACSI incorporates the critical elements of regulatory compliance, quality assurance, security, and disaster preparation and recovery throughout our collection operations. We have instituted numerous programs, processes, and quality checks and balances to ensure complete compliance and ongoing quality improvement, including structured procedures and a documentation library, systems programming, training, auditing, and reporting.

ACSI complies with the multitude of varied regulatory requirements — such as the Fair Debt Collection Practices Act, Privacy Act, Health Insurance Portability and Accountability Act, the Higher Education Act (Title IV), the Gramm-Leach-Bliley Act (GLBA), the Telephone Consumer Protection Act (TCPA) and the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank Act) to name a few — for which a debt collection agency, such as ACSI, is subject.

In response to new and expanding federal compliance mandates, ACSI's Compliance Department has three primary areas of responsibility: consumer assistance, regulatory compliance and reviews, and client contract compliance and quality assurance:

  • Consumer Assistance - Consumer assistance takes several forms, including an independent toll-free Consumer Hotline, free consumer financial literacy education, and consumer services. ACSI’s Director of Compliance has responsibility for monitoring and evaluating the effectiveness of ACSI’s consumer assistance program and its mission to alleviate complaints and lawsuits as a proactive step before consumers contact the CFPB’s complaints portal website.
  • Regulatory Compliance and Reviews - The Director of Compliance has responsibility for overseeing all areas of the company for which regulatory compliance applies, including training, oral and written communications, operational procedures, monitoring, auditing, reporting, and follow-up. All calls are recorded, and Recovery Agent calls are audited against a compliance call monitoring/evaluation checklist. The scores Recovery Agents receive as results of their performance against this checklist are directly tied to their monthly bonus. If they score below the compliance threshold (95%), then they get an automatic withdrawal from their total bonus.
  • Client Contract Compliance and Quality Assurance - The Director of Compliance has responsibility for monitoring and auditing ACSI’s compliance with our clients’ contract work and performance standards to ensure compliance with them. ACSI has a separate team that handles all of our quality assurance needs with respect to our client’s contractual obligations. Their responsibilities include, but are not limited to:
    • Review contracts, client manuals, and all other supplied material
    • Develop auditing lists based on client specific requirements
    • Perform audits at the preventative level, allowing operations time to address potential non-compliance findings and make adjustments
    • Follow up audits to ensure all potential errors/discrepancies were resolved
Client contract compliance and quality assurance audits are another example of ACSI’s commitment to providing our clients with a complete service package. Our clients will have access to the results of their contract audits upon request and/or during ACSI client meetings.