Friday, January 29, 2016

Guest Post: 1928 Louisiana Bankers Association Code of Ethics and NARCA - The National Creditors Bar Association – Timely and Relevant

By:  Mark Dobosz

Robert Taylor in his January 15, 2016 article in American Banker Magazine (Banks Can Use 'Code of Ethics' to Strengthen Public Trust) points out

…an advantage of developing an ethics code is that, unlike bank regulatory policy that must be adjusted constantly depending on the jurisdiction and interpretation, ethical standards are basically timeless. In fact, the Code of Ethics crafted by community bankers at the 1928 convention of the Louisiana Bankers Association is still relevant today.” He adds, “None of us can escape the inevitable ethical dilemma. But having high expectations for your bank’s culture, and your own ethical behavior, is its own reward. It will also help restore public confidence in this profession.

Since 1993 – NARCA, The National Creditors Bar Association has had as a foundational cornerstone of all its members  - The NARCA Code of Professional Conduct and Ethics. All NARCA member firms are committed to fairness in the collection process for everyone. In addition to local, state, and federal laws and State Bar Association licensing and certification, attorney members are required to adhere to the Code.

While the debt collection industry has had its share of “bad players” who have tarnished the industry. Creditors rights attorneys, in particular members of NARCA – The National Creditors Bar Association, represent the highest and finest examples of ethics in practice.

 The CFPB continually reminds the financial services and debt collection sector that “self-policing” is integral to providing consumers with the confidence and knowledge that the industry is operating in an ethical manner in their interactions with individuals. NARCA demonstrates this process by also utilizing a Grievance Process for its members and clients with a forum in which to investigate and sanction (where necessary) violations of their Code of Ethics.

 Additionally, the fundamental regulation of creditors rights attorneys by the state bar associations, judiciary, state legislatures and attorneys general has a foundational layer of ethical oversight, which if violated, could lead to the loss of an attorney’s license to practice law. A consequence not possible through any other regulatory body at the federal level.

The 1928 Louisiana Bankers Association Code of Ethics may be a historical reference among banks that saw “self-policing as very important to their profession. The 1993, the NARCA – The National Creditors Bar Association Code of Professional Conduct and Ethics stands as a hallmark and legal profession example for creditors rights attorneys. Timely and a strong example of “self policing”? Yes, one which consumers should take comfort in during these times.

About the Author:  Mark Dobosz currently serves as the Executive Director for NARCA – The National Creditors Bar Association. Mark is a one of NARCA’s speakers on many of the creditors rights issues impacting NARCA members. 

The National Creditors Bar Association (NARCA) is a trade association dedicated to creditors rights attorneys. NARCA's values are: Professional, Ethical, Responsible

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