The Debt Buyers Association, International (DBA) recently celebrated their 20th anniversary at their annual conference in Las Vegas, NV. We had a chance to attend the conference again this February. More than 900 people were in attendance this year (the conference hosted roughly 60 attendees in 1997).
One particular session at the conference included five past DBA presidents, who each shared their collective wisdom by telling tales of how the debt buying industry has moved from a “cowboy culture” in the early days to a “consumer friendly” culture in recent days. In the early days, it required great trust in the people you were working with. The industry was desperate for an organization to become the standard bearer. This is the role that the DBA has sought to provide over the years.
The debt buying industry has moved from a cowboy culture to a consumer friendly culture.
Throughout this session, each of the previous presidents helped attendees to understand that in the early days (circa August of 1996) debt buying was just an experiment done by a few banks. Debt purchasing didn’t initially fit into any category as a brand new and fast-growing industry. As time went on, it became very necessary to legitimize the practices of debt purchasing. There was a need for a credibility standard in the industry as well. Today, the membership of debt buyers has grown into a comprehensive industry.
The DBA has helped educate and advocate with state and federal regulators who have also grown in their understanding of the growing industry. The DBA has worked over the last 20 years to have a seat at the table of decision makers to help shape the industry.
The Trump administration takes aim at rolling back regulations, such as revisiting the Dodd-Frank legislation. It is possible that Federal regulations may be reduced. The state regulations, however, will likely stand firm, often picking up where Federal regulations may be letting go. The DBA collectively remains cautiously optimistic that their relationships that have been built over 20 years will continue to provide the industry standard of education and advocacy.
While the DBA celebrated their 20th annual conference, we also celebrate our 20th year as a company in the debt collection and debt buying industry. As the industry has grown, we’ve had the privilege of helping hundreds of companies manage their licensing, bonds and insurance. Let us know how we can help you!