Thu.Aug 17, 2023

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Judge Halves Attorney Award in FCRA Case to $250k

Account Recovery

A District Court judge in Arizona has essentially halved the award for attorney’s fees and costs in a Fair Credit Reporting Act lawsuit, but that still amounted to an award of nearly $250,000, which was $100,000 more than the defendants were attempting to pay.

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Does the FAFSA Affect Your Credit Score & Other FAQs

Credit Corp

A FAFSA is an application for financial aid that determines your eligibility. This application will not appear on your credit report, and does not affect your credit score. Congratulations on your high school graduation! You put in a lot of hard work to get that degree, and you deserve to celebrate. This might be your last summer of “freedom,” but that doesn’t mean you don’t have any responsibilities to take care of.

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Report Calls Out Five N.C. Hospitals for Filing 96% of Medical Debt Collection Lawsuits in State

Account Recovery

Five hospital systems in North Carolina were responsible for 96% of the lawsuits filed in the state between January 2017 and June 2022 to collect on unpaid medical debts, according to a recently released report, leading a state regulator who has been championing legislation to reform medical debt collection in the state to renew his […]

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Impending FCRA Data Broker Rulemaking Announced by CFPB Director Chopra at White House Data Broker Roundtable

Troutman Sanders

At a White House Roundtable on protecting Americans from allegedly harmful “data broker” practices, Consumer Financial Protection Bureau (CFPB or Bureau) Director Rohit Chopra announced the Bureau’s intention to expand the reach of the Fair Credit Reporting Act (FCRA) to data brokers. He stated, “Next month, the CFPB will publish an outline of proposals and alternatives under consideration for a proposed rule.

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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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David Williams Breaks Down Acquisition of RGS Financial

Account Recovery

Having kicked the tires at about a dozen different companies during the past few years in considering acquisition targets, David Williams of Williams & Fudge knew he needed to find the right company to help grow his operation.

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LJ Ross Associates Partners with Skit.ai to Leverage Voice AI for Call Automation and Compete with Larger Agencies Across All States

Account Recovery

The leading conversational voice AI platform empowers LJ Ross Associates to augment agent productivity and improve collection efficiency. NEW YORK, NY (August 17, 2023) Skit.ai, the leading conversational voice AI solution provider in the ARM industry, announced today its strategic partnership with LJ Ross Associates, a 30-year-old collection agency successfully managing revenue recovery programs.

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FedNow Is Here!

Troutman Sanders

In this episode of Payments Pros , Carlin McCrory welcomes Stout’s Disputes, Compliance, and Investigations Managing Director Terri Sands to discuss the evolvement in payments and the launch of FedNow. Carlin and Terri discuss how FedNow will affect financial institutions, as well how they see businesses and consumers utilizing the service. Additionally, with this new evolvement in the payments space, financial institutions using FedNow need to be cautious of fraud.

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Daily Digest – August 17. Getting to Know Jeff Chambers of Alliance Consumer Solutions; David Williams Breaks Down Acquisition of RGS Financial

Account Recovery

Getting to Know Jeff Chambers of Alliance Consumer Solutions David Williams Breaks Down Acquisition of RGS Financial Report Calls Out Five N.C.

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Total Household Debt Reaches $17.06 Trillion in Q2 2023; Credit Card Debt Exceeds $1 Trillion

Collection Industry News

NEW YORK—The Federal Reserve Bank of New York’s Center for Microeconomic Data today issued its Quarterly Report on Household Debt and Credit. The report shows a slight uptick in total household debt in the second quarter of 2023, increasing by $16 billion (0.1%) to $17.06 trillion. The report is based on data from the New York Fed’s nationally representative Consumer Credit Panel.

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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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Knowledge Hub is Changing

CICM

If you are currently using CICM Knowledge Hub for CPD records or are part-way through a programme, ensure you have downloaded any CPD records and any pieces of work completed to personal files and make a note of your progress so that you can continue your studies at the right point on our new version of Knowledge Hub. Please note this change will also affect how you access Knowledge Test Questions for CICM examinations.

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Stephen Sather Publishes New Article “Courts Find Obstacles to Limited Representation in Consumer Cases”, ABI Journal (August 2023), p. 32.

BN Lawyers

The Bankruptcy Abuse Prevention and Consumer Protection Act of 2005 (BAPCPA) added new responsibilities for consumer debtors. These include pre-petition credit counseling, satisfying a means test for above-median debtors, and post-petition financial education. Read more below: Courts Find Obstacles to Limited Representation in Consumer Cases The post Stephen Sather Publishes New Article “Courts Find Obstacles to Limited Representation in Consumer Cases”, ABI Journal (August 2023), p. 32. appeare

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Barron & Newburger’s Latest Risk Management Guidance

BN Lawyers

Here’s the latest risk management guidance, published on May 2023, from B&N’s Attorneys Risk Management practice group. Chat GPT, Esq. and Related Ethics Considerations May 2023 The post Barron & Newburger’s Latest Risk Management Guidance appeared first on Barron & Newburger, P.C.

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