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KCFA Update 11/3/2020

KCFA Member Update

A few items we wanted to highlight...and one that needs your ACTION! Thanks for being a KCFA member!!!

By-Law Changes Require YOUR VOTE

At the recent Board of Directors meeting, the Advisory Board recommended several changes to the Association's By-Laws. The proposed changes, a copy of which was emailed to you on Oct. 4 and is attached to this email, can be summarized as follows:

- Allows for meetings and votes of the Association to be conducted via phone or video conference.

- Changes the dues policy to mirror the minimum dues level with that of associate members.

- Changes the audit policy to require a full audit every third year and allows for a compilation audit in other years. Both have to be done by a CPA.

In order for the by-laws to be amended with the changes recommended by the Advisory Board, two-thirds of the members must approve them. The Advisory Board and full Board of Directors opted for all of the changes to be consolidated into one vote and this vote to be conducted via electronic ballot, which is an email.

So please reply to this email or send an email to with your vote on these by-laws changes. Voting is now open and will close on Friday, Nov. 6 at Midnight.

Annual Meeting Complete

The KCFA conducted its 88th Annual Meeting on October 15, 2020 with meetings of the Advisory Board and Board of Directors. No doubt the 88th meeting was different than any other annual meeting the organization has seen. Due to the COVID-19 pandemic, the physical meeting of the KCFA was scrapped and moved to an online meeting, allowing members to be present virtually...and almost all of you did! THANKS! The hope is to be back in our traditional convention setting of Destin, FL for the 89th Annual meeting in 2021. A few highlights from the meeting:

- Legislative Speakers - We were joined by the Senate and House Banking & Insurance Chairmen, Sen. Jared Carpenter (R-Berea) and Rep. Bart Rowland (R-Tompkinsville) who discussed the upcoming 2021 legislative session.

- By-Law Changes - Due in large part to COVID and a need to modernize the function of the association, the Advisory Board recommended changes to the association by-laws as is mentioned above and a copy of which are attached.

- Business Conducted - The financial business of the KCFA was conducted with the approval of the annual audit, approval of the 2021 budget, and a minor change to the 2021 dues policy to mirror minimum dues to the $500 level paid by associate members.

Updated BOD Roster

We had a couple of changes to contact information for our Board of Directors as part of the Annual Meeting, so attached you will find an updated roster.

CFPB Issued Debt Collection Rule

Last Friday, the CFPB issued its final debt collection rule, which you can download HERE. The rule is targeted at third-party debt collectors and the CFPB did not expand the rule to apply to first-party debt collectors who are not covered under the Fair Debt Collection Practices Act (FDCPA).

The key provision highlighted by AFSA was: "A debt collector is presumed to violate federal law if the debt collector places telephone calls to a particular person in connection with the collection of a particular debt more than seven times within seven consecutive days or within seven consecutive days of having had a telephone conversation about the debt."
According to AFSA, the CFPB intends to issue a second debt collection final rule focused on consumer disclosures in December 2020.

Thanks for being a KCFA member! Don't hesitate to contact me if you have questions or need assistance.

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