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CFPB Explores AI’s Impact on Consumers’ Relationships With Financial Institutions

Collection Industry News

A key pillar of the relationship between consumers and their financial institutions is effective customer service. We consumers expect that the financial institutions we trust to hold our money will provide us with prompt and responsive assistance when we ask for it.

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Q2 Industry Insights: Higher Monthly Expenses for Consumers, Regulatory Guidance for Financial Institutions

True Accord

If you’re a creditor or collector working with financially distressed borrowers, considering consumer situations and preferences when attempting to collect and employing digital strategies to boost engagement are more important than ever. What’s Impacting Consumers and the Industry? NPAS, Inc., to establish a concrete injury.

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Nevada FID to Hold Workshop on Medical Collection Regs

Account Recovery

The Financial Institution Division (FID) of Nevada’s Department of Business and Industry will be holding a virtual workshop on Tuesday, October 26 at 1pm ET to solicit comments from interested persons about regulations related to SB248, a new medical debt collection law that went into effect earlier this year.

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Impact of The GLBA on Collection Agencies

Nexa Collect

As per FTC, starting June 9, 2023 all collection agencies will be treated as financial institutions. This means all collection agencies must secure consumer data nearly the same way as banks. Failure to comply with GLBA can have severe consequences for the collection agency, especially the owners and/or the CEO.

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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? Learn how MeridianLink® Collect has helped financial institutions like yours streamline collections processes. Case Study Franklin Mint)

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Bank Suspends Collection Activities in Wake of Widening ‘Issues’

Account Recovery

The largest bank in Denmark — also one of the largest financial institutions in Europe — announced yesterday that it has suspended all of its debt collection activities and has earmarked $8 million in compensation and restitution for nearly 8,000 customers from whom it overcollected for years.

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Capital One to Pay $2M As Part of Collection Call Enforcement Action

Account Recovery

One of the nation’s largest financial institutions has been ordered by a state court judge in California to pay $2 million after it was accused of violating the Rosenthal Fair Debt Collection Practices Act and the Fair Debt Collection Practices Act by making “harassing and annoying” debt collection calls to its customers.