Account Recovery
MAY 30, 2023
Putting perhaps the final nail in the moratorium on student loan payments is a clause in the deal worked out between President Joe Biden and House Speaker Kevin McCarthy to suspend the debt ceiling that ends the pause within 60 days after June 30 once the bill is signed into law.
Enterprise Recovery
MAY 26, 2023
When you're growing a business, a late-paying client can be frustrating. You have to dedicate time and resources to figure out what happened and why. You have to pull yourself together enough to have a conversation about money - something that's not easy for many people. The most important thing to remember is that your business fulfilled its part of the deal, and now your client owes your business.
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Fraser
MAY 26, 2023
Health Savings Accounts and High Deductible Health Plans Limits Increased for 2024 The federal government recently announced that the inflation adjusted limits for health savings accounts (HSAs) and high deductible health plans (HDHPs) will increase in 2024. For example, HSA contributions for an individual will increase in 2024 to $4,150 from $3,850 in 2023, and the minimum deductible on a HDHP for an individual will increase to $1,600 in 2024 from $1,500 in 2023.
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Discover a modern, cloud-based collection system that never takes a rest day. MeridianLink® Collect is an intuitive platform with advanced customization options developed to simplify the collections process. Here are four ways MeridianLink Collect can support your team: Omnichannel communications Compliance rules & checklists Workflows & queues One interface with supporting integrations And that’s just the start.
Troutman Sanders
MAY 30, 2023
Please join Troutman Pepper Partner Chris Willis and his colleagues Mark Furletti, Joe Reilly, and Christine Emello for the last installment of a special three-part series about the Consumer Financial Protection Bureau’s (CFPB) new small business lending data collection and reporting final rule — the Section 1071 rule. Part 3 focuses on specific areas, including highlighting those we worry will be especially troublesome for small business lenders.
Creditor Collections Today brings together the best content for creditors and collection professionals from the widest variety of industry thought leaders.
Collections Law
MAY 29, 2023
You went to the trouble of getting a judgment against your delinquent debtor and now what? They still won’t pay. It’s enough to make you grind your teeth in frustration. Luckily, Massachusetts law offers a way to follow the money after a judgment goes unpaid. It’s called “Rule 69 discovery.” Rule 69 of the Massachusetts Rules of Civil Procedure gives creditors the power to enter into a discovery process after the judgment has been entered.
Debt Recoveries
MAY 28, 2023
One of the most ignored duties in company today is debt collection. When your company receives an order, or possibly even earlier during the quoting or prospecting stage, a debt collection actually gets underway. Effective debt collection is a means of finishing the transaction rather than concentrating primarily on collecting “bad” or delinquent debts.
Roths Child Law
MAY 26, 2023
Many individuals and businesses face financial challenges in today’s fast-paced and unpredictable economy. When debt becomes overwhelming and difficult to manage, filing for bankruptcy can provide a fresh start and relief from mounting financial burdens. However, despite its potential benefits, some people hesitate to consider bankruptcy a viable solution.
Speaker: William Hord, Senior VP of Risk & Professional Services
Enterprise Risk Management (ERM) is critical for industry growth in today’s fast-paced and ever-changing risk landscape. When building your ERM program foundation, you need to answer questions like: Do we have robust board and management support? Do we understand and articulate our bank’s risk appetite and how that impacts our business units? How are we measuring and rating our risk impact, likelihood, and controls to mitigate our risk?
JMA
MAY 29, 2023
Setting realistic debt recovery goals is crucial for businesses aiming to improve their financial health. In this article, we will walk you through the process of establishing achievable goals and tracking your progress. If you need assistance with debt recovery for your business in Australia, JMA Credit Control is here to support you every step. Read more » The post How to Set Realistic Debt Recovery Goals and Track Progress appeared first on JMA Credit Control.
Account Recovery
MAY 30, 2023
EDITOR’S NOTE: This article is part of a series that is sponsored by WebRecon. WebRecon identifies serial plaintiffs lurking in your database BEFORE you contact them and expose yourself to a likely lawsuit. Protect your company from as many as one in three new consumer lawsuits by scrubbing your consumers through WebRecon first. Want to learn more?
Troutman Sanders
MAY 25, 2023
As recently discussed on our podcast here , section 1071 of the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 (Dodd-Frank Act) amended the Equal Credit Opportunity Act (ECOA) to require lenders to collect information about small business credit applications they receive, including geographic and demographic data concerning the principal owners, lending decisions, and the price of credit.
CICM
MAY 24, 2023
We spoke to the Chartered Institute of Credit Management’s North West Branch Chair, Chris Hardman MCICM, about his career in Credit. Chris started out in college, studying engineering, and fell into finance. When Chris was approached by the operations director at his organisation about the trouble with their collections, his chance to ‘have a go’ at a role, turned into his lifelong career.
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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.
Roths Child Law
MAY 25, 2023
Financial hardship is not an easy thing for anyone to face. Sadly, the reality is that millions of people in the United States are struggling just to cover their household bills. When debt becomes insurmountable, it can feel like there are no options available. However, there are strategies that can help to provide debt relief. One option is to file for bankruptcy.
On Guard
MAY 24, 2023
Predicting the future credit landscape is always difficult for companies, even in the best of times. However, it is clear that the quality of available data and the way it is delivered and used will determine this future picture. Live and up-to-date data are therefore crucial for financial professionals who want to make the right choices and minimise risks.
Account Recovery
MAY 30, 2023
The governor of Texas has signed a bill into law that will require hospitals and health care facilities send patients a written, understandable itemized invoice prior to placing the account with a debt collector. The law is scheduled to go into effect on September 1.
Troutman Sanders
MAY 25, 2023
Please join Troutman Pepper Partner Chris Willis and his colleagues Stefanie Jackman, Caleb Rosenberg, and Chris Capurso for the second installment of our special two-part series about the Consumer Financial Protection Bureau’s (CFPB) recent policy statement on abusiveness. In Part 2, the panel discusses specific examples cited in the policy statement, as well as lessons learned about what constitutes abusiveness and what doesn’t from the CFPB’s perspective.
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?
Collections Law
MAY 23, 2023
The answer could be different in an individual situation, but in commercial situations generally? The earlier the better. As soon as your ordinary, reasonable debt collection efforts have failed. Ballpark, a substantial receivable that is over 60 days late requires immediate action. That action needs to be more than just hiring a collections agency.
TCPA
MAY 26, 2023
Yesterday, Florida’s Governor signed HB 761, which makes significant changes to the Florida Telephone Solicitation Act (“FTSA,” Fla. Stat. § 501.059).
Collection Industry News
MAY 30, 2023
Nearly two years after the Supreme Court’s 2021 decision in Transunion v. Ramirez , courts and litigants continue to grapple with standing issues in Fair Debt Collection Practices Act (FDCPA) cases brought by plaintiffs alleging intangible harms to reputation and privacy interests. Prominent among these post-Ramirez FDCPA cases was Hunstein v.
Account Recovery
MAY 30, 2023
I’m thrilled to announce that Bedard Law Group is the new sponsor for the Compliance Digest. Bedard Law Group, P.C. – Compliance Support – Defense Litigation – Nationwide Complaint Management – Turnkey Speech Analytics. And Our New BLG360 Program – Your Low Monthly Retainer Compliance Solution. Visit www.bedardlawgroup.com, email John H.
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
MAY 23, 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 State Activities Federal Activities: On May 19, the Federal Reserve Bank of New York’s New York Innovation Center (NYIC) and the Monetary Authority of Singapore (MAS) published a joint research report of Phase II of Project Cedar and the MAS’ Ubin+ Project, both of which seek to un
Jimerson Firm
MAY 25, 2023
Featured in the May 2023 Issue Partner’s Perspective: The Power of Giving Back: Making a Difference On and Off the Field Power of Giving Back: Jimerson Birr’s Commitment to Honoring Excellence in Mock Trial Celebrating Our Dedication and Giving: A Special Tribute to Dean Laura Rosenbury and UF Levin College of Law’s Accomplished Alumni Curiosities, Ruminations and Various Eccentricities of Firm Biz READ NEWSLETTER The post May 2023 Newsletter – The Power of Giving Back: M
AGA
MAY 23, 2023
How to Rehabilitate a Debtor and Save a Profitable Customer By David Schmidt courtesy of Your Virtual Credit Manager Business customers pay for the goods and services they purchase from other companies. After all, a sale isn’t truly complete until it has been paid. Good customer purchases generate a profit for the seller, and I’m not just talking about gross margin.
Collection Industry News
MAY 27, 2023
Banking has been top of mind for many people in the wake of some surprise bank failures and moves by US regulators to boost confidence in the financial system. Each time the Fed raises the rate, the lending rates that banks charge their customers tend to follow. That means consumer debt — especially variable-rate credit card debt — will get more expensive.
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The experiences of every generation are characterized by their behaviors involving finances. Understanding these attitudes and using them to inform marketing messages enables community banks, regional banks and credit unions to better serve their customers. This entertaining and informative eBook will help your financial institution uncover the best practices when it comes to appealing to mass audiences.
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