05. 27. 20

SupportYourLocalFoodBank

Commercial Collection Agencies of America recently announced an exciting new project through its initiative, Commercial Collection Agencies of America Gives Back.

The Association recognized early on that the pandemic had caused a 40% increase in demand for food at pantries and banks across the U.S. and quickly swung into action. Monetary donations are being made from the Association and from individual members to local food pantries and food banks around the nation.

“We immediately created our worthwhile project, “Support Your Local Food Bank”, which was presented to our nationwide members. The thought process is that with a membership which resides in almost every state, our members could make a significant impact. We asked members to donate to their local food pantries and food banks and the Association would also donate to that local pantry or bank,” stated Annette M. Waggoner, Executive Director of Commercial Collection Agencies of America.

The response is outstanding. As the nation traverses the impacts of the crisis, members continue to contribute. From New York to California and states in between, donations are being made from the Association and from its members: collection agencies, creditors’ rights attorneys and law list publishers, as well as donations from members of an Independent Standards Board, which oversees the Association’s certification program. Click here for a list of contributions.

Members are empathetic to the havoc that the coronavirus has caused to the nation’s businesses. They also realize that the role of the collection agency is often misunderstood which leads to a negative perception in the media, especially in the current economic situation. However, the accounts receivable management process is vital as annually, commercial collection agencies restore billions back to the U.S. economy, on behalf of creditors. What many Americans are now realizing is that small businesses are often companies with less than 25 employees that depend on their receivables being collected so that they can fund payroll and pay their suppliers. The members’ participation in a project such as “Support Your Local Food Bank” gives them the opportunity to exhibit their charitable nature as well as attempt to abate misunderstanding about their industry.

04. 13. 20

Three collection industry organizations, the Commercial Law League of America, Commercial Collection Agencies of America, and the International Association of Commercial Collectors, all support any action to protect the Coronavirus Aid, Relief, and Economic Security (CARES) Act (“CARES Act”) stimulus payments to individuals from garnishment. Leadership of all three organizations recognize the extent of the economic crisis and the impact the pandemic has had on our whole economy, but most particularly on small businesses and individual consumers.

While many of our members and clients are small business owners who have been significantly impacted by the economic crisis, we agree that the CARES Act stimulus payments should be used by individuals for basic living expenses. We join the recommendation that any stimulus payment paid to an individual under the CARES Act be deemed as exempt from execution, and recommend that the Treasury Department code the individual’s stimulus payment as a federal benefit to ensure it is protected.

We stand united with all Americans during this economic crisis and will do what is necessary to make sure we all make it through this pandemic.