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FTC Safeguards Rule Deadline Extended, But Don’t Wait to Implement Data Security Compliance Protocols

Fraser

Any business whose activities are “financial in nature or incidental to a financial activity” may fall under the regulation; such businesses include, but are not limited to, insurance companies, mortgage lenders and brokers, car dealers, payday lenders and finance companies, collection agencies, credit counselors and other financial advisors.

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Troutman Pepper Weekly Consumer Financial Services Newsletter

Troutman Sanders

On February 29, the Consumer Financial Protection Bureau (CFPB) issued a circular to law enforcement agencies and regulators explaining how companies operating comparison-shopping tools can break the law when they steer consumers to certain products or lenders because of kickbacks. For more information, click here. s Municipal Regulations.

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Pre-Delinquency Measures for Financially Vulnerable Customers

Fico Collections

Any lender that is fast to act in supporting customers is likely to win and retain a competitive advantage over less well-informed market peers. Regulators have been pressing for banks and lenders to ensure they’re working at the speed and scale of their market — or even faster. A cloud-based platform is vital.

Lender 52
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Addressing Portfolio Risk in Economic Uncertainty: Part 4 (2022)

Fico Collections

Such events cast many borrowers into uncomfortable territory, creating what may be a defining moment in the relationship between them and their lenders. Lenders who get the strategy right may earn a loyal customer for life, while those who misfire risk cannibalizing valuable long-term relationships that often span multiple asset classes.

Trade 52
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Is Self-Service the New Standard in Debt Collection?

Re:Ceeve

While this may still hold some relevance during the acquisition stage, debt collection has started to move in a different direction. In a fascinating article by McKinsey , it was revealed that more customer calling won’t improve lenderscontact and recovery rates. Closely followed by text messaging, 17-31%.

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Katabat Expands Product Reach by Acquiring Simplicity Collection Software

Katabat

January 5, 2021, Wilmington, DE – Katabat, a leading global provider of debt management software solutions for lenders, fintechs, and collection agencies, announced today that it has acquired Simplicity Collection Software of Idaho Falls, Idaho. Contact: For Tritium. Terms of the transaction were not disclosed. About Tritium Partners.

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Katabat Expands Product Reach by Acquiring Simplicity Collection Software

Katabat

January 5, 2021, Wilmington, DE – Katabat, a leading global provider of debt management software solutions for lenders, fintechs, and collection agencies, announced today that it has acquired Simplicity Collection Software of Idaho Falls, Idaho. Contact: For Tritium. Terms of the transaction were not disclosed. About Tritium Partners.