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Daily Digest – May 23. Getting to Know Patricia Quezada of Progressive Management Systems; Judge Denies MTD in FDCPA Case Over Unlawful Subpoena

Account Recovery

Getting to Know Patricia Quezada of Progressive Management Systems Judge Denies MTD in FDCPA Case Over Unlawful Subpoena CFPB Issues Rule to Treat BNPL Like Credit Cards Truecaller to Allow Customers to Have AI Answer Calls in Their Own Voice WORTH NOTING: The number of kids being diagnosed with ADHD is on the rise … […]

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What are the most common myths about debt collectors?

American Profit Recovery

There are countless myths about debt collectors and the debt collection industry as a whole. Debt collections in many circumstances can be a complex situation for both the business trying to recover money and the consumer trying to navigate financial difficulty. If we go back to the nightly news programs of past, many of us remember the segments that only focused on some negative behavior of a chosen few working in the industry.

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Overcoming common debt collection challenges for your small business

American Profit Recovery

Every size business, whether a small business or a larger organization will have to manage late and non-paying customers. It’s just a reality of being in business and part of the accounts receivable process. Not every customer is going to pay their bills on time. That would be nice, but it just doesn’t happen for a wide range of reasons.

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The ROI of Outsourcing Your Accounts Receivable

Enterprise Recovery

Outsourcing accounts receivable and collections is a strategic decision that can benefit businesses. By partnering with a collection agency, businesses can offload the time-consuming task of chasing unpaid invoices, allowing them to focus on their core operations. Discover the financial benefits of outsourcing your accounts receivable and how it can positively impact your business's bottom line.

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How Collection Agencies Minimize Effort and Maximize Results with the Right Software

Navigating collections in the dynamic financial landscape presents multifaceted challenges. Organizations face pressures to maintain standards alongside software challenges like regulatory adaptations, data integration, security, workflow optimization, and automation. Finding the right software can save time and money. BEAM offers a comprehensive solution with specialized modules to streamline debt collection effortlessly.

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CFPB Takes Action to Ensure Consumers Can Dispute Charges and Obtain Refunds on Buy Now, Pay Later Loans

Consumer Finance

The Consumer Financial Protection Bureau (CFPB) today issued an interpretive rule that confirms that Buy Now, Pay Later lenders are credit card providers.

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Greg Meese elected President of the New Jersey Wireless Association. 

Price Meese

Price Meese Shulman & D’Arminio, P.C. is proud to announce that founding partner, Greg Meese, has been elected President of the New Jersey Wireless Association (NJWA). NJWA is a non-profit professional organization dedicated to making the public and elected officials aware of the positive social and economic benefits of the wireless communications industry.

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CFPB Issues Rule to Treat BNPL Like Credit Cards

Account Recovery

The Consumer Financial Protection Bureau yesterday issued an interpretive rule to ensure that Buy Now, Pay Later lenders adhere to the same consumer protections as traditional credit card issuers. This significant move mandates that BNPL lenders provide key protections, including the ability for consumers to dispute charges and receive refunds.

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CFPB Takes Action Against Western Benefits for Swindling Student Loan Borrowers

Consumer Finance

The CFPB took action against Western Benefits Group for charging illegal advance fees for student loan debt relief services and misrepresenting to consumers that advance fees would go toward paying down their loans.

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The United States Supreme Court Requires Courts to Stay Rather Than Dismiss Actions Subject to Arbitration

Burr Forman

In Smith v. Spizzirri , 2024 WL 2193872 (U.S. May 16, 2024), the United States Supreme Court issued a ruling holding that courts must stay, rather than dismiss, cases that are subject to arbitration. The unanimous decision resolves a circuit split on the issue and has far-reaching implications on the continued role of courts in cases subject to arbitration.

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From Complexity to Clarity: Strategies for Effective Compliance and Security Measures

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.

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Why could out-of-network medical bills lead to bankruptcy?

Roths Child Law

Bankruptcy and medical debt go hand-in-hand. One of the top reasons that people file for bankruptcy is because their medical bills have become overwhelming. They’re unable to pay what they owe, so they’re looking for a fresh start. One reason why this happens is because people will get out-of-network services. They may not know that this is what they’re doing at the time, but a later analysis of the medical services rendered will show that they were out of the network approved by the health insu

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Partner Thomas Martin attends Transportation Lawyers Association Annual Conference

Price Meese

Price Meese partner, Thomas C. Martin, Esq., a member of the Executive Committee of the Transportation Lawyers Association, recently attended its Annual Conference which addressed a multitude of transportation-related topics such as freight cargo damage, casualty claims, insurance, technology and the growing impact of AI in the transportation field.

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Truecaller to Allow Customers to Have AI Answer Calls in Their Own Voice

Account Recovery

Truecaller, which bills itself as the world’s best Caller ID and Spam Blocking app has announced that its customers can now use an AI-powered voice assistant to answer calls in their own voice.

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Prepared Remarks of CFPB Director Rohit Chopra on the Buy Now, Pay Later Press Call

Consumer Finance

CFPB Director Rohit Chopra delivered prepared remarks on an interpretive rule that confirms that Buy Now, Pay Later lenders are credit card providers.

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When It Comes to Collections Software, “Good Enough” Isn’t Good Enough

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.

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Nailing Debt Collection: A Guide for Business Owners

Burt and Associates

Table of Contents: Introduction Streamlining Your Collection Process Utilizing Automation Tools Offering Convenient Payment Options Communicating Clearly and Promptly Providing Incentives for Early Payment Focusing on Customer Retention Training Your Collection Team Monitoring and Tracking Progress Seeking Feedback and Adapting Staying Compliant with Regulations Conclusion Introduction: In today’s fast-paced business environment, effective debt collection is crucial for maintaining healthy

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What is Factoring in Finance? Definition, Examples, Benefits

Qualco

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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May 2024 Newsletter – The Power of Motivation in the Workplace

Jimerson Firm

Featured in the May 2024 Issue: Partner’s Perspective: The Power of Motivation in the Workplace High performance and personal satisfaction. In a utopian workplace, those factors are completely aligned—one feeding the other—as high achievers derive great satisfaction in a job well done, the fulfilled achiever continues to seek greatness for its own sake.

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Judge Grants MJOP For Defendant in FDCPA Case Over Whether Calls Were Convenient

Account Recovery

In a case defended by Avanti Bakane at Gordon Rees, a District Court judge in California has granted a defendant’s motion for judgment on the pleadings in a Fair Debt Collection Practices Act case over whether the plaintiff informed the defendant that its calls were being made at an inconvenient time.

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10 Ways to Improve Payment Collections with Salesforce

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.

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What you should know about Chapter 7 bankruptcy in Tennessee

Roths Child Law

A decision to file for bankruptcy is one that’s usually not made without considerable thought. It’s often the result of a realization that there won’t ever be enough money to cover one’s debts unless something dramatic can be done. Many consumers file for Chapter 7, which is known as the liquidation bankruptcy, or Chapter 13, which is known as the wage-earner’s bankruptcy.

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Private Student Loan Rates: May 21, 2024—Loan Rates Rise

Collection Industry News

Last week, the average interest rate on 10-year fixed-rate private student loans increased. Overall, rates remain fairly low, making private student loan a worthwhile option for borrowers looking to make up a gap in college funding. From May 13 to May 18, the average fixed interest rate on a 10-year private student loan was 8.57% for borrowers with a credit score of 720 or higher who prequalified on Credible.com’s student loan marketplace.

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The United States Supreme Court Rejects Challenge to the Consumer Financial Protection Bureau’s Funding Mechanism

Burr Forman

Last Thursday, the Supreme Court upheld the Congressional funding mechanism used to fund the Consumer Financial Protection Bureau (CFPB), overruling a Fifth Circuit decision that found the funding mechanism violated the Constitution’s Appropriations Clause. Cons. Fin. Prot. Bureau et al. v. Cmty. Fin. Servs. Ass. of Am., Ltd., 601 U. S. _ (2024).

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Proposed Amendments to the Florida Rules of Civil Procedure: A Brief Guide to Possible Changes in 2025

Jimerson Firm

In a significant move aimed at enhancing the efficiency and effectiveness of civil litigation, the Florida Supreme Court has issued two [1] separate [2] per curiam opinions introducing substantial amendments to the Florida Rules of Civil Procedure (the “Rules”). Set to take effect on January 1, 2025, these changes are designed to streamline case management, encourage cooperation among parties, and, ultimately, expedite the resolution of civil disputes.

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Connect, Care, Convert: Secrets to Establishing Trust with Niche Markets and Turning Them Into Clients

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?

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Daily Digest – May 22. Judge Grants MJOP For Defendant in FDCPA Case Over Whether Calls Were Convenient; Maryland Regulator Settles With Debt Collectors

Account Recovery

Judge Grants MJOP For Defendant in FDCPA Case Over Whether Calls Were Convenient Maryland Regulator Settles With Debt Collectors Side Hustles Helping Consumers Make Ends Meet 29 Companies Seeking Collection Talent WORTH NOTING: Five features on Spotify that you should be using more … The Federal Reserve Board has released the results of a survey […]

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Prepared Remarks of CFPB Director Rohit Chopra at the Mortgage Bankers Association

Consumer Finance

CFPB Director Rohit Chopra delivered prepared remarks at the Mortgage Bankers Association annual expo.

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Household Debt Rose by $184 Billion in Q1 2024; Delinquency Transition Rates Increased Across All Debt Types

Collection Industry News

NEW YORK — The Federal Reserve Bank of New York’s Center for Microeconomic Data today issued its Quarterly Report on Household Debt and Credit. The report shows total household debt increased by $184 billion (1.1%) in the first quarter of 2024, to $17.69 trillion. The report is based on data from the New York Fed’s nationally representative Consumer Credit Panel.

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Paul Hammer Featured in Law360 Article on First-Day Bankruptcy Motions

BN Lawyers

Paul Hammer, Shareholder and leader of Barron & Newburger’s Houston Office, was recently quoted in an article published by Law360 entitled “How to Nail Those First-Day Bankruptcy Motions”. Mr. Hammer was interviewed along with several prominent practitioners from elite national firms including Kirkland & Ellis and Pryor Cashman. The article in its entirety may be found here: How To Nail Those First-Day Bankruptcy Motions – Law360 Bankruptcy Authority The post Paul Hammer Featured i

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Successful Change Management with Enterprise Risk Management

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.