Troutman Sanders

FEBRUARY 13, 2024

Supreme Court unanimously ruled that government agencies can be sued for violations of the Fair Credit Reporting Act (FCRA). However, the Court upheld the Third Circuit’s decision that the FCRA allows for suits against “any person,” including government agencies. Genesis filed for Chapter 11 protection in January 2023 with $5.1

Financial services 52

Financial services Student loans Student Loans Collection Agencies 52

Payment Savvy

NOVEMBER 18, 2020

High-risk industries typically face numerous regulatory measures or face an uphill battle to be successful and profitable. Not surprisingly, many business owners do not even know their business model is considered high-risk until searching out a merchant account for credit and debit card acceptance. Collection Agencies.

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Banks Collection Agencies Collections Agency Loans 52

Payment Savvy

APRIL 21, 2021

Fast forward to the present day, and professional third-party debt collection agencies have made it efficient, compliant, and cost-effective for companies to recover owed monies. The ARM industry provides a WIN-WIN for both creditors and debtors. Over the years, the debt collection industry has experienced many ebbs and flows.

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Payment Savvy

NOVEMBER 24, 2020

In such cases, the IVR system collects caller information and correctly routes to a support individual to address the concern. IVR payment systems work generally in this manner: Merchants direct clients to their IVR payment line operating 24/7/365. Customers provide their payment reference numbers, such as an invoice or account number.

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Collection Agencies Collections Agency Collections 52

Payment Savvy

JANUARY 20, 2021

The collection agency faces many challenges, including ever-changing technology and tightening oversight. It’s important to regularly review your processes and procedures and pay close attention to your collection agency challenges. Agencies use various tactics to receive payments.

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Collection Agencies Collections Agency Collections Debtor 52

Better Credit Blog

FEBRUARY 18, 2021

Failing to pay your bills will cause the debt to move to collections. This means that your original creditor has officially handed the account over to a collection agency that will hound you for payments. One such debt collector that you may hear from is called FirstPoint Collections. About FirstPoint Collections.

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Collections Debt collector Collection Agencies Collections Agency 94

PDC Flow

JUNE 1, 2021

Just as with many other industries, satisfaction and convenience are top concerns in ACH and credit card payment processing. Nacha compliance - For ACH payments, Nacha has created regulations your business must follow – including a recent rule regarding account validation. 1) What is the strongest current trend in payment processing?

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Collections Banks 78

Katabat

NOVEMBER 20, 2019

12, 2019 — Katabat, a leading global supplier of debt management software solutions, has launched Easy Collect, a powerful, yet easy to deploy, mobile payment portal for lenders and debt collection agencies. Easy Collect is PCI-compliant and does not require IT support for deployment. WILMINGTON, Del.,

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Collections Debt Management Collection Agencies Collections Agency 60

FFGN COLLECT NY

APRIL 21, 2022

By choosing to enlist the help of a debt collection law firm you can take advantage of a number of different debt collection options to assist in the collection of monies owed to you. Collection attorneys work as a “legal” agency. Most collection attorneys will handle all phases of the debt collection process.

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PDC Flow

NOVEMBER 17, 2022

Creating a digital omnichannel strategy for debt collection is essential for the future. VP Global Strategies Cedar Financial What Does Digital Collection Mean? The panelists began the discussion by defining what digital collections is and what technology it includes as part of an omnichannel strategy. Pran Navanandan.

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Collections Financial services Bankruptcy 71

PDC Flow

JULY 26, 2023

In a recent PDCflow sponsored webinar on accountsrecovery.com , a panel of digital collection experts sat down to discuss the differences they’ve encountered in text messaging and email for debt collection. Choosing One: Text or Email for Debt Collection? Which channel is best for reaching consumers about their debt?

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Collections Creditors Debt Recovery Original Creditor 62

Troutman Sanders

JANUARY 10, 2023

To help you keep abreast of relevant activities, below find a breakdown of some of the biggest events at the federal and state levels to impact the Consumer Finance Services industry this past week: Federal Activities. At the time Celsius filed for bankruptcy on July 13, 2022, it had approximately 600,000 Earn Accounts, which consisted of $4.2

Financial services 52

Financial services Unsecured Creditor Bankruptcy Banks 52

Troutman Sanders

AUGUST 21, 2023

announced that it has secured regulatory approval from the National Futures Association (NFA), a CFTC-designated self-regulatory organization, to operate a Futures Commission Merchant (FCM) and offer eligible U.S. On August 15, the OCC released its annual update to the Bank Accounting Advisory Series (BAAS).

Financial services 52

Financial services Banks Loans Financial Institution 52

Collection Industry News

SEPTEMBER 29, 2020

ACA International’s comprehensive comments in response to the Consumer Financial Protection Bureau’s proposed debt collection rule recommend fair and objective policies that clarify legal obligations for the accounts receivable management (ARM) industry and provide clarity for consumers. billion of funds to U.S.

Government 40

Government Accounts Receivables Management Collections Fair Debt Collection 40

Troutman Sanders

SEPTEMBER 25, 2023

The proposed rulemaking could redefine “data brokers” and “data aggregators,” and extend FCRA regulation to businesses that do not currently meet the FCRA’s definition of “consumer reporting agency.” The enforcement action includes a violation for failure to implement and maintain an Anti-Money Laundering (AML) program under 31 C.F.R.

Financial services 52

Financial services Loans Banks Debt collector 52

Collection Industry News

OCTOBER 17, 2023

Some cards — retail store cards, in particular — charge more than 30%, said Ted Rossman, industry analyst for CreditCards.com. That act aims to reduce merchant card transaction fees that may get passed on to consumers. “I There are 70 million more credit card accounts open now than in 2019, it said. Josh Hawley, R-Mo.,

Credit Unions 40

Credit Unions Credit Unions Accrued Interest Credit Card Debt 40

Troutman Sanders

NOVEMBER 7, 2023

monthly from their bank account until the advance was paid off. On November 1, the Federal Housing Administration (FHA) announced that it has posted a set of proposed policy updates to its Home Equity Conversion Mortgage (HECM) program designed to improve program stability and to respond to changing market conditions, for industry feedback.

Financial services 52

Financial services Debt collector Loans Foreclosure 52

Collection Industry News

JUNE 13, 2022

Oftentimes based upon supposition without actual support (even though the CFPB claims to be a “data- driven” agency), Chopra has identified a host of potential industry consumer violations, ranging from deposit issues to endemic redlining. A Little History. However, merely calling something non-substantive does not make it so.

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Retail Manufacturing Trade Financial services 40

Collection Industry News

OCTOBER 5, 2021

Card account closures and credit limit decreases stayed stable last year even as unemployment soared, which analysts say is yet another indication that the government’s unprecedented support for consumers drastically shifted the typical patterns in an economic downturn. That was far below the peak of 3.7%

Credit Card Debt 52

Credit Card Debt Lender Loans Consumer Credit 52

Troutman Sanders

OCTOBER 4, 2022

To help you keep abreast of relevant activities, below find a breakdown of some of the biggest events at the federal and state levels to impact the Consumer Finance Services industry this past week: Federal Activities. The CFTC alleged that Digitex violated the Commodity Exchange Act by failing to register as a futures commission merchant.

Financial services 52

Financial services Trade Retail Banks 52

Collection Industry News

MAY 16, 2022

The CFPB recently issued its Spring 2022 Supervisory Highlights , discussing findings from its examinations in connection with auto servicing, consumer reporting, credit card account management, debt collection, deposits, mortgage origination, prepaid accounts, remittances, and student loan servicing. Debt Collection.

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Student loans Student Loans Repossession Debt collector 40

Troutman Sanders

MAY 10, 2021

Like most industries today, Consumer Finance Services businesses are being significantly impacted by the novel coronavirus (COVID-19). Our bank and loan servicing clients also face novel challenges affecting their industry due to COVID-19, particularly the ever-changing rules and regulations concerning evictions and foreclosures.

Financial services 52

Financial services Fair Debt Collection Foreclosure Debt collector 52

National Service Bureau

AUGUST 12, 2015

While the use of checks for many things (grocery shopping, clothes, fuel, and other personal expenses) has gone down, there are still some industries and some populations that prefer payment this way. To verify new accounts or billing relationships. If your business is one of them, you need to look into check verification services.

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Trade Collections 40

National Service Bureau

OCTOBER 29, 2015

Does it ever feel like dealing with some accounts is a game of trick-or-treat? The point is this: the 80-20 rule holds true for accounts receivable management. How To Take Payment From A Client: Trick : Invoices and personal checks: With some clients and in some industries this is simply unavoidable. You can download it here.

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Accounts Receivables Management Trade Collections 40

Fico Collections

JULY 6, 2020

Across EMEA, most countries have now moved past the peaks of the COVID-19 driven lockdowns and restrictions, but the challenges of debt collection in the pandemic remain. Collections departments have, for some time, been bracing themselves for a "debt tsunami" of people unable to meet their financial commitments.

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