Tue.Apr 27, 2021

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Daily Digest – April 27. Judge Grants MSJ for Plaintiff in FDCPA Case; California Issues NPRM on Licensing Application

Account Recovery

JUDGE GRANTS MSJ FOR PLAINTIFF IN FDCPA CASE OVER LACK OF NOTIFICATION IN UNDERLYING COLLECTION SUIT A District Court judge in Washington has granted a plaintiff’s motion for partial summary judgment while denying motions for summary judgment filed by the defendants in a Fair Debt Collection Practices Act case, ruling that an informal phone call … The post Daily Digest – April 27.

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Why should the Credit Reporting of Bad Debt be Delayed?

Nexa Collect

Simple Answer: Once the bad debt entry hits the credit report, the fear in the debtor’s mind is gone. You just used the most effective tool in debt recovery before giving enough time to the debtor to settle your unpaid bills. The debtor thinks “ What worse can happen? “ Even if he makes payment later, the entry stays there, negatively impacting his credit score for the next 7 years.

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Judge Grants MSJ For Plaintiff in FDCPA Case Over Lack of Notification in Underlying Collection Suit

Account Recovery

A District Court judge in Washington has granted a plaintiff’s motion for partial summary judgment while denying motions for summary judgment filed by the defendants in a Fair Debt Collection Practices Act case, ruling that an informal phone call between the plaintiff and a representative of the defendant was enough to notify the defendant of … The post Judge Grants MSJ For Plaintiff in FDCPA Case Over Lack of Notification in Underlying Collection Suit appeared first on AccountsRecov

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How to Accept Recurring Payments as a Small Business

Nerd Wallet

Recurring payments are an efficient way for a variety of different types of businesses to collect payments while also offering the customer a good experience. Setting up these payments requires a little backend work, but nothing that your payment service or merchant services provider couldn’t help you with. Different payment service providers have different approaches.

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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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California DFPI Issues NPRM on Licensing Application

Account Recovery

California’s Department of Financial Protection and Innovation has issued a Notice of Proposed Rulemaking in relation to its plan to adopt licensing requirements for debt collectors, and opened a 45-day comment period on those proposed rules. The proposed rules seek to adopt the application that will have to be used by collectors when applying for … The post California DFPI Issues NPRM on Licensing Application appeared first on AccountsRecovery.net.

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Law Prof. Calls Out CFPB For Lack of Pandemic-Related Enforcement, Including Actions Against Collectors

Account Recovery

An assistant professor at the University of Montana law school has come out with a report criticizing the Consumer Financial Protection Bureau’s efforts to protect consumers during the COVID-19 pandemic, including not protecting consumers from debt collectors that have violated state laws and prohibitions that have been enacted in response to the pandemic.

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CFPB Consumer Complaint Bulletin Examines County-Level Demographic Data

Consumer Finance

Today the Consumer Financial Protection Bureau (CFPB) formally delayed the mandatory compliance date of the General Qualified Mortgage (QM) final rule from July 1, 2021 to October 1, 2022.

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Nevada Medical Collection Bill Progressing Through Legislature

Account Recovery

The Nevada State Assembly held a hearing last week to address a bill that has already passed the state Senate and seeks to require a collection agency notify an individual before taking any action to collect on a medical debt, while also establishing a floor for the minimum amount of debt that qualifies for filing … The post Nevada Medical Collection Bill Progressing Through Legislature appeared first on AccountsRecovery.net.

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Gemini Credit Card: Earn Up to 3% Back in Crypto, No Annual Fee

Nerd Wallet

A new crypto-earning credit card is entering the fray, promising no annual fee and the chance to snag up to 3% back in digital currency through everyday spending. The $0-annual-fee Gemini Credit Card was announced in January 2021 and will be available to U.S. residents in every state in summer 2021. (For now, you must. Sara Rathner writes for NerdWallet.

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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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Build vs. Buy – Top 5 Reasons to Buy Accounts Receivable Software

Chargent

Retrying subscription payments takes your team’s focus away from more important and strategic work. Having accounts receivable software integrated into your Salesforce payments process can help streamline the collection process. The post Build vs. Buy – Top 5 Reasons to Buy Accounts Receivable Software appeared first on Chargent by AppFrontier.

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How the EQD Waiver on American Airlines Works

Nerd Wallet

Earning American Airlines AAdvantage elite status typically requires flying tens of thousands of miles (thus earning Elite Qualifying Miles) and spending thousands of dollars on airfares (earning Elite Qualifying Dollars). But, for this year only, American is giving a reprieve from the latter of these requirements. AAdvantage members can earn an EQD waiver on American.

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Grupo Monge Grows Business, Improves Financial Inclusion

Fico Collections

Loans That Improve Lives. Grupo Monge, one of the largest multinational retail companies in Central America, has used analytic decisioning to improve the way it evaluates and grants credit to its customers, especially those previously excluded from being able to access loans. By implementing FICO® Blaze Advisor® decision rules management system , Grupo Monge has expanded credit approvals by 10 percent, reduced expenses by 25 percent and reduced the time taken to assess the credit application by

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10 Best Business Ideas for Couples in 2021

Nerd Wallet

You share everything with your beloved, but should you share starting a business with your partner? Only you and your partner can answer that, but whether you have aspirations of running a bustling corporation or want to earn a little side hustle money to help fund your joint goals, it’s important to align on the. Jacqueline DeMarco writes for NerdWallet.

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ERM Program Fundamentals for Success in the Banking Industry

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?

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Please Join Us for the 16th Annual Credit and Collection News Conference

Troutman Sanders

We are pleased to announce that Troutman Pepper attorneys’ David Anthony, Julie Hoffmeister, and Edgar Vargas will present during the 16 th Annual Credit and Collection News Conference. The conference will be held virtually from April 28 – 29, 2021. David, Julie, and Edgar’s presentation is entitled “Operationalizing the Virginia Consumer Data Protection Act: Leveraging Lessons From the CCPA” and takes place on Wednesday April 28, 2021 from 1:30 – 3:00 pm ET.

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How to Start a Construction Company

Nerd Wallet

There’s a lot that goes into learning how to start a construction company, and not just on the financial side. You’ll have to come up with a great business plan, wade through local and state registration, find great staff, and come up with a marketing strategy that sets your business apart. No matter how you. Brian O'Connor writes for NerdWallet. Email: wpguestuser+boconnor@nerdwallet.com.

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Federal Court Rules Michigan Privacy Law Protects Nonresidents

Troutman Sanders

A federal court in Michigan recently ruled that out-of-state residents have standing to sue under the Michigan Personal Privacy Protection Act (PPPA). In Lin v. Crain Communications, Inc. , Case No. 2:19-cv-11889 (E.D. Mich., June 25, 2019), Gary Lin, a Virginia resident, ?led a putative class-action lawsuit against Crain Communications, Inc. (Crain), a Michigan-based publishing business.

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SeedFi Review: A Low-Cost Way to Build Credit

Nerd Wallet

Borrowing money is easiest if you already have credit. Credit-builder loans are designed to help people establish credit so that they are more likely to qualify for a credit card or loan later. Credit-builder loans differ from other loans because you can get one without a credit history — but you don’t receive the money. Bev O'Shea writes for NerdWallet.

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You Put in a Full Work Week. Shouldn’t Your Collections Software Do the Same?

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.

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How to Set Up a Cross-Sell Campaign to Get New Cardholders

Fico Collections

A cross-sell campaign to your existing customers can be a relatively quick and profitable exercise compared to targeting external new cardholders. It takes advantage of all the performance history related to other products a customer holds with you, and gives you an opportunity to expand the existing relationship. Your customers will also be familiar with receiving communications from you and there may be an element of loyalty that can increase response and acceptance rates.

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How to Travel to Houston Using Points and Miles

Nerd Wallet

Houston is a major hub for culture, activity and fine cuisine, not to mention two bustling international airports. Plus, the beach is only a short drive away. So if you’re planning a trip and wondering how to travel to Houston on points and miles, we’ve got you covered in this step-by-step guide. Getting to Houston. Alisha McDarris writes for NerdWallet.

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How does Chapter 11 bankruptcy work?

Albuquerque Law

There are many different chapters of bankruptcy. The chapter that a debtor selects depends primarily on their individual needs and financial circumstances. One option that is available to both individuals and businesses is a Chapter 11 reorganization. So, what does this debt relief option entail? Who can file Chapter 11? While individuals and married couples can file Chapter 11 bankruptcy, it is most common for businesses to use this option.

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How to Make the Most of Qantas Economy Class

Nerd Wallet

Qantas economy class offers surprising value if you know how to maximize your flight perks. From comfortable seats to exceptional service, here’s how to make the most of an economy flight on Qantas. What to expect flying international economy with Qantas As with many airlines, the Qantas flight experience can vary depending on elite status. Amanda Johnson writes for NerdWallet.

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The Power of Storytelling in Risk Management

Speaker: Dr. Karen Hardy, CEO and Chief Risk Officer of Strategic Leadership Advisors LLC

Communication is a core component of a resilient organization's risk management framework. However, risk communication involves more than just reporting information and populating dashboards, and we may be limiting our skillset. Storytelling is the ability to express ideas and convey messages to others, including stakeholders. When done effectively, it can help interpret complex risk environments for leaders and inform their decision-making.

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Housing is Infrastructure; Opportunity Must Be its Foundation

Prosperity Now

Fifty-three years ago this month, President Lyndon B.

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5 Things to Know About the PCB Secured Credit Card

Nerd Wallet

The PCB Secured Visa® promises a path to building credit, whether you have a history of bad credit or you’re just new to using it. After you put down a deposit for collateral and make regular payments, the bank — Plains Commerce Bank, based in Hoven, South Dakota — will report your activity to all. Kimberly Palmer writes for NerdWallet. Email: kpalmer@nerdwallet.com.

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How does Chapter 11 bankruptcy work?

Albuquerque Law

There are many different chapters of bankruptcy. The chapter that a debtor selects depends primarily on their individual needs and financial circumstances. One option that is available to both individuals and businesses is a Chapter 11 reorganization. So, what does this debt relief option entail? Who can file Chapter 11? While individuals and married couples can file Chapter 11 bankruptcy, it is most common for businesses to use this option.

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How Do I Pay Myself as a Sole Proprietor—and How Much?

Nerd Wallet

When you first had the idea to start a business, payroll was probably not something you considered. But now that your business is off the ground, you have to decide what you’ll pay your employees (if you have any)—and, just as important, what you’ll pay yourself. And while the question of how to start a. Rieva Lesonsky writes for NerdWallet. Email: wpguestuser+rlesonsky@nerdwallet.com.

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How to Attract Multiple Generations to Open New Accounts and Apply for Loans

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.