Collection Industry News

JANUARY 24, 2022

On January 18, the CFPB filed a proposed final judgment against an Illinois-based third-party payment processor BrightSpeed Solutions and its founder Kevin Howard (collectively, “defendants”), which ceased operations almost three years ago, settling claims that the defendants facilitated payments for telemarketing fraudsters targeting seniors.

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Collection Industry News

JULY 4, 2022

He represents banks, fintechs, mortgage companies, auto lenders, and other nonbank institutions in transactional, licensing, regulatory compliance, and government enforcement matters covering mergers and acquisitions, consumer and commercial lending, equipment finance and leasing, and supervisory examinations,….

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Acquisition Law Firms Lender Bankruptcy 40

Troutman Sanders

NOVEMBER 13, 2023

On November 6, the Bank of England, Financial Conduct Authority, and Prudential Regulation Authority issued guidance explaining how current and proposed regulatory regimes governing “e-money, stablecoins, and tokenised bank deposits” will interact, indicating that applicable financial institutions will be subject to dual or triple regulation.

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Collection Industry News

APRIL 11, 2022

Organizations contemplating an investment or acquisition in private higher education also will want to consider this development carefully. While changes in ownership at times involve the acquisition of a distressed institution, they also may involve two strong organizations with no financial or compliance concerns. score below 1.5

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Education Acquisition Government Judgment 40

Fico Collections

JANUARY 8, 2021

In this category, COVID-19 was a pressing topic but didn’t dominate the discussion as it did in the Debt Collection & Recovery category. FICO’s suite of interconnected Acquisition, Origination, and Growth capabilities for Telecommunications helps organizations do exactly that. Here are our top 5 posts from 2020. #1.

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Acquisition Loans Financial Institution Lender 52

Fico Collections

DECEMBER 21, 2020

Prediction 3: The UK Government Will Aggressively Prosecute Bounce Back Loan Fraud. I recently wrote about how bounce back loan fraud threatens to cheat the UK government out of up to £26 billion , as first-party fraud and business impersonators took advantage of COVID relief loans they have no intention of paying back.

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Banks Loans Government Acquisition 52

Collection Industry News

OCTOBER 27, 2020

Axiom Acquisition Ventures, LLC (“Axiom”) bought Robert Valenzuela’s consumer debt from a bank after he allegedly defaulted on his personal loan payments. The post District Court Holds Letter Notifying Debtor of Change in Debt Ownership Can Fall Under FDCPA appeared first on Collection Industry News.

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Fico Collections

MARCH 7, 2023

There are wide gaps in understanding the importance of AI ethics and AI governance among key business stakeholders in this sector. In banking and financial services within North America, our research shows that AI is an even higher priority now than 12 months ago for 52% of financial services organisations.

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Financial services Banks Government Acquisition 52

Collection Industry News

JUNE 14, 2021

Jason Nocera anticipated law enforcement authorities might raid his debt collecting business. The government alleged that Nocera gave his debt collectors drugs to make them more aggressive. Consumer Financial Protection Bureau and the New York State Attorney General’s Office over his unlawful debt collection practices.

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Debt collector Judgment Acquisition Collections 40

Troutman Sanders

NOVEMBER 29, 2021

Entities that collect Wisconsin residents’ personal information and are licensed, registered, or authorized (licensee) with the Office of the Commissioner of Insurance (commissioner) will have to abide by a new data security law (Wisconsin’s Insurance Data Security Law), which came into force on November 1.

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Acquisition Government Financial services Collections 52

Better Credit Blog

AUGUST 31, 2020

ConServe is a debt collection agency that may contact you regarding unpaid debts. Collections accounts stay on your credit report for as long as seven years, which means that any lender or creditor can make decisions based on the fact that you have had debt in collections. What is ConServe? Negotiate a Settlement.

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Fico Collections

JUNE 23, 2022

The way organizations have grown has not been conducive to achieving a holistic view,” said Julie, noting that growth through acquisition creates “huge silos from those acquisitions that never get put together. Unified policies and procedures, and shared governance structures, present the next level of integration.

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Acquisition Financial Institution Banks Government 52

Fico Collections

DECEMBER 16, 2020

percent year on year) are contributing and some consumers may be continuing with payments because of the government financial support. Collection teams could ensure that higher-balance accounts are worked as a priority and acquisition teams should make sure that adequate checks are in place to ensure appropriate initial limits are set.

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Acquisition Government Lender Collections 52

Better Credit Blog

AUGUST 31, 2020

Covington Credit is a third-party collector that collects payments from you on behalf of the original creditor or as the now-owner of the debt. In order to collect payments on your debt, Covington Credit must first open up a collections account on your credit report. What is Covington Credit? This is not the case at all.

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Troutman Sanders

SEPTEMBER 21, 2020

Data collected shows that U.S. The sum in July of all net foreign acquisitions of long-term securities, short-term U.S. The guidelines provide information on “how to identify and mitigate personal network compromises to secure data and protect government furnished equipment when used for telework.” Households.

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Financial services Banks Government Acquisition 52

Collection Industry News

JANUARY 24, 2022

In a recent case against Richmond Capital , the agency took action against two defendants behind a small business financing scheme by banning them from the merchant cash advance and debt collection industries and ordering them to provide funds for redress.

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Trade Acquisition Law Firms Government 52

Better Credit Blog

AUGUST 31, 2020

This is because they must open a collection account on your credit report before they can begin pursuing you for payment. Collection accounts on your credit report can influence your credit score for up to seven years, even if you pay off the debt. This legislation is called the Fair Debt Collection Practices Act.

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Debt collector Fair Debt Collection Original Creditor Collections 52

Fico Collections

MAY 19, 2022

They were very interested in corporate model development standards, corporate governance standards, and AI audit tools such as blockchain model development governance, to codify and persist the development history to the chain. HNC Software was, in fact, co-founded by a UCSD professor, Robert Hecht-Nielsen.

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Jimerson Firm

FEBRUARY 2, 2021

(“CERCLA”) or any other applicable law (“Hazardous Substances”), including any Hazardous Substances that migrated to or from the Property, in such quantities or under such conditions as to render the Property subject to, or potentially subject to, a directive or order from a government entity. SOP 50 10 5(E), Appendix 2.

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Lender Collateral Loans Foreclosure 76

Collection Industry News

OCTOBER 21, 2022

billion LXi REIT scrapped a planned sale of new shares expected to price at a premium to its net asset value (NAV) to support a 500 million pounds acquisition of 18 Sainsbury’s (SBRY.L) But the government’s Sept. trln UK commercial property sector appeared first on Collection Industry News.

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Collection Industry News

NOVEMBER 30, 2021

The Commission reminds businesses of their obligations under the laws that govern online sales, principally Section 5 of the FTC Act, but also the Restore Online Shoppers’ Confidence Act (ROSCA), the Telemarketing Sales Rule, the Use of Prenotification Negative Plans Rule, the Postal Reorganization Act, and the Electronic Funds Transfer Act.

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Trade Acquisition Government Collections 40

Collection Industry News

JUNE 14, 2021

Welcome to the world of illegal debt collections. The National Consumer Law Center calls Buffalo “an epicenter” of fraudulent debt collection activity. There are 156 debt collection companies – some of them legitimate, some not – in those two counties, employing more than 3,400 people, according to the state Labor Department.

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Collection Industry News

OCTOBER 21, 2022

Like other entities, Citigroup fared much better in its personal banking business than in investment banking, where revenue fell 64% to $631 million due in part to a lower appetite for mergers and acquisitions, said CEO Jane Fraser. The post US Banks Feeling The Economic Slowdown As Profits Fall appeared first on Collection Industry News.

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Collection Industry News

OCTOBER 5, 2021

As more established companies like Mastercard get into this space, by launching new products, through partnerships, or via acquisitions, “we do expect that buy now, pay later will become ubiquitous, just given the utility that it’s demonstrated over the last year or so,” Mark Palmer , an analyst at BTIG , said in an interview with Yahoo Finance.

Credit Card Debt 52

Credit Card Debt Loans Startups Acquisition 52

Troutman Sanders

MAY 5, 2022

Summarized below are those issues identified in the areas of auto servicing, consumer reporting, credit card account management, debt collection, deposits, mortgage origination, prepaid accounts, remittances, and student loan servicing. Debt Collection. Auto Servicing. The CFPB sees wrongful repossessions everywhere.

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Financial Institution Repossession Debt collector Lender 52

Fico Collections

MARCH 17, 2022

billion in loans to 720,000 borrowers and assisted approximately 267,000 customers with USD$785M of credit through government-sponsored programs to the MyPe segment (micros and small companies). The risk team rescheduled and froze repayments for USD$2.4

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Loans Retail Banks Education 52

Consumer Financial Services Law

OCTOBER 17, 2016

Atlas Acquisitions , No. LVNV Funding, LLC , 2016 U.S. LEXIS 14706 (7th Cir. Two weeks later, the Fourth Circuit followed suit holding that the filing of a time barred proof of claim does not violate the FDCPA when the statute of limitations does not extinguish the debt. 15-1495, 2016 U.S.

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Bankruptcy Debt collector Creditors Acquisition 40

Collection Industry News

MAY 9, 2022

Summarized below are those issues identified in the areas of auto servicing, consumer reporting, credit card account management, debt collection, deposits, mortgage origination, prepaid accounts, remittances, and student loan servicing. Debt Collection. Auto Servicing. The CFPB sees wrongful repossessions everywhere.

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Financial Institution Repossession Debt collector Student loans 40

Troutman Sanders

MARCH 4, 2024

State Activities: On February 28, New York AG Letitia James (D) announced that her office secured more than $650,000 from a debt collection law firm and its subsidiary for filing allegedly frivolous lawsuits and “harming … New Yorkers.” For more information, click here. s Municipal Regulations. s Municipal Regulations.

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Financial services Law Firms Acquisition Debt collector 52

Fico Collections

FEBRUARY 16, 2021

But on the flipside, banks are also obliged to carefully handle collections, recoveries and manage their most financially vulnerable customers – all while under increasing regulatory scrutiny. But those needing to collect from customers will also be facing significant regulatory scrutiny.

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Lender Collections Loans Acquisition 52

Fico Collections

FEBRUARY 12, 2023

He makes the point that customer acquisition and retention in the digital age requires startup thinking and flawless execution when it comes to the customer development, risk and product team's approach. You can collect relevant information during the flow of conversation while also making it enjoyable and personable by responding in context.

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Banks Loans Startups Financial Institution 52

Fico Collections

JANUARY 7, 2021

Now is the perfect time to go on a customer acquisition spree, while using personalized customer treatments to increase your own customer retention, satisfaction, and loyalty. . In an economic environment like the ones we find ourselves in today, customers are “in play” like never before: both yours and your competitors’.

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Acquisition Retail Financial services Government 52

Troutman Sanders

JUNE 14, 2023

On June 8, the CFPB acted against a medical debt collector for numerous debt collection and credit reporting violations. In at least thousands of cases, the debt collector continued to attempt to collect on a debt that was not substantiated after a consumer disputed the validity of the debt. collectively, “Coinbase”).

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Financial services Financial Institution Student loans Student Loans 52

Credit Corp

JUNE 30, 2021

This means that the properties are viable for many different tenants, including government services, healthcare services, and entertainment. On a positive note, rent collection improved meaningfully to 98% of total billings for office, 85.0% STAG collected 99.6% year-over-year, but its occupancy rate improved from 93.4%

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Retail Loans Trade Acquisition 94

Troutman Sanders

FEBRUARY 22, 2021

On February 18, the Department of Veterans Affairs announced that it will extend its moratorium on all benefit and medical copay debt collections through at least September 30, 2021. The sum total in December of all net foreign acquisitions of long-term securities, short-term U.S. For more information, click here.

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Financial services Student loans Student Loans Financial Institution 52

Fico Collections

DECEMBER 15, 2021

Many journeys (both acquisition and servicing) are now well-established in the digital channel and customers have adopted them at an accelerated rate out of necessity during lockdowns. This data can be used by all areas of the bank that interact with customers, from marketing and customer service to risk management and collections.

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Financial Institution Banks Lender Acquisition 52

Troutman Sanders

MAY 4, 2022

A controller shall “limit the collection of personal data to what is adequate, relevant and reasonably necessary in relation to the purposes for which such data is processed.”. Exempted Data. What Obligations Apply to Controllers? Data Minimization. Duty to Avoid Secondary Use. What Obligations Apply to Processors?

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