Collections Law
FEBRUARY 9, 2024
In an economy where cash flow is a critical lifeline for any business, companies can find themselves at a crossroads if their customers or clients fail to satisfy their debts and follow through on their payment obligations. At Law Offices of Alan M. Cohen & Associates LLC, our commercial collections attorneys have over five decades of commercial collections experience.
Qualco
FEBRUARY 13, 2024
NPL Management: A 5-Step Roadmap to Strategic Success is the latest e-Guide to be published by Qualco UK. You can view it here. In today's regulatory environment, when it comes to collecting overdue accounts, the clear, overarching message is that the customer must be treated fairly and ethically. However, in a small number of credit businesses, the right strategies for systems and people have not been set.
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UK debt collections
FEBRUARY 29, 2024
Nearly one in three (31%) of small business owners anticipate the potential closure of their businesses by the end of 2024 according to research by Novuna Business Cash Flow. Novuna says that the prospect of numerous businesses facing closure is sobering, a reality underscored by a recent ONS report, showing just 3% of businesses had temporarily halted trading in the month of February 2024, with only 2% having shut down permanently.
Account Recovery
FEBRUARY 26, 2024
Another day, yet another sign that consumers are over-extended and are at risk of falling off a financial cliff. The number of consumers who are carrying more credit card debt than emergency savings has reached its highest point since Bankrate began tracking the metric 13 years ago.
Speaker: Erika R. Bales, Esq.
When we talk about “compliance and security," most companies want to ensure that steps are being taken to protect what they value most – people, data, real or personal property, intellectual property, digital assets, or any other number of other things - and it’s more important than ever that safeguards are in place. Let’s step back and focus on the idea that no matter how complicated the compliance and security regime, it should be able to be distilled down to a checklist.
Credit Corp
FEBRUARY 5, 2024
What is a prepaid debit card? These cards are similar to standard debit cards, with a few exceptions. Just like standard debit cards, you can use prepaid cards to make in-person purchases at most locations that take Visa or Mastercard. In many cases, you can even use these cards to make online purchases. Instead of depositing money into an account at your local bank, you load money directly onto a prepaid debit card.
Creditor Collections Today brings together the best content for creditors and collection professionals from the widest variety of industry thought leaders.
Consumer Finance
FEBRUARY 28, 2024
The CFPB explained how companies operating comparison-shopping tools can break the law when they steer consumers to certain products or lenders because of kickbacks.
Prosperity Now
FEBRUARY 21, 2024
In January 2022, Prosperity Now and the Institute on Race, Power and Political Economy at the New School collaborated on the first paper to outline the essential elements of state and local level Baby Bonds policies. Since then, Baby Bonds have launched in Connecticut and become a hot policy topic from the halls of legislatures to the offices of state treasurers across the US.
UK debt collections
FEBRUARY 28, 2024
The number of restaurants closing across Britain hit a new quarterly high at the end of 2023, with more than 500 closing. There were 514 restaurants closing permanently across England, Scotland and Wales in the final quarter of last year, compared to 481 in Q2 2023, according to data obtained under the Freedom of Information Act by accountancy firm Price Bailey.
Account Recovery
FEBRUARY 29, 2024
To be a legend, it takes more than longevity. In fact, the longer you spend in your chosen field, the more adaptable you have to be to changing times. The accounts receivable management industry has changed a lot over the years, but one of the constants has been Phil Rosenthal.
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Are you finding some snags in your collections process? With delinquencies, and the number of consumers looking for payment assistance on the rise, it may be time to consider an efficient cloud-based software to support your team. Learn how MeridianLink® Collect has helped financial institutions like yours streamline collections processes.
Troutman Sanders
FEBRUARY 16, 2024
Yesterday, the Federal Trade Commission (FTC) issued a Supplemental Notice of Proposed Rulemaking , seeking public comment on its proposal to amend the Rule on Impersonation of Government and Businesses (Impersonation Rule or Rule), that is being finalized by the FTC today, to add a prohibition on the impersonation of individuals. The amendment would also extend liability for violations of the Impersonation Rule to parties who provide goods and services with knowledge or reason to know that thos
PDC Flow
FEBRUARY 29, 2024
For many consumers, a tax return is the perfect opportunity to take control of outstanding debts. That’s why tax refund season is one of the busiest times of the year for debt collection agencies. Does your agency take advantage of tax refund season to boost revenue and close more accounts? Lots of companies might want to establish a tax time collection campaign but don’t know how to prepare.
Consumer Finance
FEBRUARY 15, 2024
The Consumer Financial Protection Bureau (CFPB) today reported on the first set of results from the newly updated Terms of Credit Card Plans survey.
Prosperity Now
FEBRUARY 20, 2024
Bank On Pueblo County, a component of United Way of Pueblo County located in Pueblo, Colorado, is a coalition working to increase financial wellness efforts in the community. We interviewed Program Coordinator, Adrian Gomez, to learn more about the organization (a Prosperity Now Community Champion!), their Bank On Program, advocacy efforts and goals for 2024.
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For finance teams using Salesforce’s powerful CRM technology, automation can transform accounts receivable processes, driving efficiency and delivering measurable results like cost savings, reduced customer churn, and lower DSO.
UK debt collections
FEBRUARY 14, 2024
Retail Insolvencies are expected to continue to rise according to latest industry expert findings. Less than two months into 2024 and six UK retailers have already gone bust, with a further two warning they may fall into trouble, as experts warn the market will “continue to see an uptick in retail insolvencies”. According to figures from Centre of Retail Research , over 400 job roles have been impacted by retailers shutting up shop in light of the cost of living crisis and financial strain place
Account Recovery
FEBRUARY 28, 2024
The California Department of Financial Protection & Innovation has fined a fintech company $2.5 million for not responding to consumer complaints in a timely manner that constitutes a violation of California’s Consumer Financial Protection Law, the DFPI said.
Troutman Sanders
FEBRUARY 14, 2024
Virginia is currently one of only two states that does not allow class-action lawsuits in its courts. However, that could change soon as House Bill (HB) 418 , originally introduced on January 10, 2024, seeks to create a class-action framework loosely modeled on the Federal Rules of Civil Procedure. On February 9, HB 418 passed the House of Delegates and will be sent to the Senate for consideration.
True Accord
FEBRUARY 7, 2024
After three decades of providing exceptional customer experience, a leading national bank recognized a lot has changed in the world of personal banking, technology, compliance, and, in turn, debt collection. To continue delivering the level of service their customers expect meant it was time for the bank to update their recovery methods for the new digital age.
Speaker: Lynnette Khalfani-Cox, The Money Coach®
Niche markets represent a huge opportunity for the financial services industry in America. From college students and women to communities of color and low-to-moderate-income households, niche populations have specialized financial needs – but they often underutilize many valuable financial products and services. How can you better connect with these consumers?
Consumer Finance
FEBRUARY 7, 2024
The Consumer Financial Protection Bureau resolved an appeal in a long-running enforcement suit against a foreclosure relief scam operation for $12 million.
PDC Flow
FEBRUARY 16, 2024
Your staff works hard during the busy tax season and throughout the year to settle past-due accounts and collect payments for your debt collection agency. Without measures in place to prevent chargebacks, though, many of your payments could end up being disputed by consumers. Agencies and other high-risk businesses can go months or years without experiencing the stress caused by credit card chargebacks.
UK debt collections
FEBRUARY 11, 2024
Latest UK Finance data has indicated that homeowner mortgages in arrears rose by 7 per cent (93,680) in the final quarter of 2023 compared to the previous quarter. Buy-to-let mortgages in arrears also increased 18 per cent to 13,570 compared to the previous quarter. 540 homeowner mortgaged properties were taken into possession in Q4, down 14 per cent on the previous quarter. 500 buy-to-let mortgaged properties were taken into possession in Q4, 11 per cent greater than the previous quarter. 44 pe
Account Recovery
FEBRUARY 23, 2024
A $238 million impairment as a result of low purchase volumes by its European division darkened the financial results for Encore Capital Group this week, but the company says it is poised to capitalize on a number of economic and market conditions that are in its favor for 2024.
Speaker: William Hord, Vice President of ERM Services
A well-defined change management process is critical to minimizing the impact that change has on your organization. Leveraging the data that your ERM program already contains is an effective way to help create and manage the overall change management process within your organization. Your ERM program generally assesses and maintains detailed information related to strategy, operations, and the remediation plans needed to mitigate the impact on the organization.
Troutman Sanders
FEBRUARY 1, 2024
Recently, Arizona, Kentucky, and Hawaii have jumped on the bandwagon to regulate earned wage access (EWA) products and services. Arizona’s proposed bill makes clear that EWA services are not considered to be loans or money transmissions, and voluntary tips or gratuities are not finance charges. It further requires EWA providers to be licensed, provide mandatory disclosures to consumers, and to submit an annual report detailing yearly revenue from EWA products.
Jimerson Firm
FEBRUARY 29, 2024
Florida construction projects may or may not be protected by payment bonds, depending on the type of project and what the contract documents require. Payment bonds serve to protect the real property from construction liens when persons and entities are not paid for their work on a construction project. There are different types of payment bonds that are applicable to Florida construction projects.
Consumer Finance
FEBRUARY 23, 2024
The Consumer Financial Protection Bureau (CFPB) today published an order establishing supervisory authority over installment lender World Acceptance.
PDC Flow
FEBRUARY 7, 2024
As a law practice, it’s important to follow rules for how to handle a client’s money. This means keeping funds separate through different lawyer trust accounts and operating accounts. Using multiple accounts to manage these finances can be tricky. It’s essential to have strict financial management practices and payment software that can handle multiple lawyer trust and operating accounts.
Speaker: Karl Camilleri, Cloud Services Product Manager at phoenixNAP
Did you know that 2021 was a record-breaking year for ransomware? The days of a “once in a while” attack against businesses and organizations are over. Cyberthreats have become a serious issue. With 495.1 million attacks, the threat marked a 148% increase compared to 2020 and was the most expensive year on record! As a result, data protection needs to be a concern for most banks, businesses, and information technology specialists.
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