Young Association in Canada Gains Traction

Mike Ginsberg

Last week, I was invited to speak at Receivables Management Association of Canada’s  2013 Convention. The buzz at the RMA convention reminded me of the first meetings of the Debt Buyers Association (DBA) in the United States over 15 years ago. Meetings and presentations were very well attended which resulted in a great energy level for an association that started in 2011.

To my knowledge, RMA is the first national association for credit and collection professionals that extends into every province and territory throughout Canada. Like other national trade associations in the ARM industry, RMA is trying to address the collective concerns of its members in front of the regulatory authorities that govern collection procedures in their county. Membership is pulled from nearly all aspects of the industry including credit grantors in the financial, telecommunication, retail and utility sectors, government bodies, collection law firms, debt buyers & sellers, collection agencies and even other regional ARM associations.

I was impressed by the representation at last week’s convention, which included the owner/operators and senior executives from virtually all of the largest stand-alone collection agencies and debt buyers in the country. Senior recovery managers were also active participants and so were some of the regulators themselves. This resulted in lively conversations in the hallways which I enjoyed participating in. The conference leaders, who I believe are all volunteers, were very busy catering to the needs of the members and presenters.

Like in the U.S., regulatory change is significant in Canada and I believe this association is well positioned to address the challenges that lie ahead for credit and collection professionals.

Speaking of the U.S. market, collection professionals may want to revisit first quarter projections if they’re forecasting an increase in liquidation results this 2014 tax season. Instead they need to plan for delayed start to tax season as a result of the Federal government shutdown last month. The IRS already announced that it would delay processing tax filings by a couple of weeks because the shutdown disrupted its computer programs and testing procedures. The April 15^th deadline for filing won’t change so plan for a later start and a shorter tax season this year.