Tue.Dec 01, 2020

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Daily Digest – December 1. Appeals Court Overturns FDCPA Case; CFPB Launches Advisory Opinion Program

Account Recovery

APPEALS COURT OVERTURNS RULING IN FAVOR OF DEFENDANT IN FDCPA CASE The Court of Appeals for the Ninth Circuit has overturned a lower court’s ruling in favor of a defendant that was sued for violating the Fair Debt Collection Practices Act by attempting to collect on a debt that had been paid off nearly two … The post Daily Digest – December 1.

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Best Tips for Saving for Retirement — at Any Age

Nerd Wallet

This article provides information and education for investors. NerdWallet does not offer advisory or brokerage services, nor does it recommend or advise investors to buy or sell particular stocks or securities. The best gift you can give yourself this year? A more secure financial future. No matter what stage of life you’re in, it’s never. Tiffany Lam-Balfour is a writer at NerdWallet.

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FCC Chair Announces Resignation

Account Recovery

Ajit Pai, the chairman of the Federal Communications Commission, announced yesterday that he will resign from the agency on Jan. 20, 2021, the day that President-elect Biden is sworn into office. The announcement frees the President-elect up to nominate a Democrat to replace Pai — giving the party a three-to-two majority atop the FCC — … The post FCC Chair Announces Resignation appeared first on AccountsRecovery.net.

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What Is Medicare Part C? What You Need to Know

Nerd Wallet

You’ll sometimes see references to Medicare Part C. This is just another name for Medicare Advantage, which is an all-in-one alternative to Original Medicare — meaning it replaces Medicare Part A (hospital coverage), Medicare Part B (medical insurance) and often Medicare Part D (drug coverage). Medicare Part C plans are offered by private companies that.

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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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CFPB Launches Advisory Opinion Program

Account Recovery

The Consumer Financial Protection Bureau yesterday announced that it has finalized a program where it will offer advisory opinions — guidance, essentially — to help companies in the financial services industry receive clarity where there may be some uncertainty about how to comply with a certain rule. Along with announcing the policy, the CFPB yesterday … The post CFPB Launches Advisory Opinion Program appeared first on AccountsRecovery.net.

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Appeals Court Overturns Ruling in Favor of Defendant in FDCPA Case

Account Recovery

The Court of Appeals for the Ninth Circuit has overturned a lower court’s ruling in favor of a defendant that was sued for violating the Fair Debt Collection Practices Act by attempting to collect on a debt that had been paid off nearly two years earlier. A copy of the ruling in the case of … The post Appeals Court Overturns Ruling in Favor of Defendant in FDCPA Case appeared first on AccountsRecovery.net.

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Angel Investors: Financing for Startup Businesses

Nerd Wallet

Is your early-stage startup in need of some capital? One potential source of funds is angel investors: private, wealthy investors who will finance your business in exchange for an ownership stake. Here’s an overview of angel investors, some of the pros and cons of this kind of financing, how to determine whether it’s right for. Steve Nicastro is a writer at NerdWallet.

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Dementia Could Be Causing Poor Financial Decisions Years Before Diagnosis: Study

Account Recovery

Individuals who develop dementia are “significantly” more likely to have debts that are delinquent or in collection and to have credit scores that decline to the point of being subprime years before they were diagnosed, according to the results of a study that were published yesterday in a medical journal. Long considered to be one … The post Dementia Could Be Causing Poor Financial Decisions Years Before Diagnosis: Study appeared first on AccountsRecovery.net.

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Collections Predictions 2021: After the Debt Tsunami, the Flood

Fico Collections

Throughout the pandemic, we have discussed the debt tsunami crashing over most of the world. Unfortunately, 2021 will bring the after-effects, as credit grantors, consumers and governments try to work through a flood of uncollectable debt. Here are some of my grim predictions, with a focus on Europe. Uncertainty will continue around the economic outlook.

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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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How to Take Advantage of Low-Interest Loans During the COVID-19 Health Crisis

Credit Corp

The following is a guest post from Dr. David L Tuyo II, president and CEO of University Credit Union. While there is rampant fear and caution against a global economic downturn due to COVID-19 , this does not mean that every individual will be hit as hard as the next. Certainly, there has been and will be even more severe impact across some key industries, but this shouldn’t be a cause for panic, particularly if you aren’t financially tied directly to any of the hardest-hit industries.

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Limited Liability Partnership: Pros and Cons

Nerd Wallet

In its simplest form, a partnership is just two or more people getting together to own and run a business. But sometimes “simplest” doesn’t mean “right.” If you and your partners are lawyers and doctors, two professions at high risk for malpractice lawsuits, a limited liability partnership, or LLP, may suit your needs. That’s because. Andrew L. Wang is a writer at NerdWallet.

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Don’t Let Debt Ruin the Holidays: Proactive Steps

Credit Corp

According to numbers for the 2018 holiday shopping season, American shoppers incurred an average debt of just over $1,000. And not everyone could pay that debt off quickly , leading to expensive, long-term credit card debt for some. But holiday shopping debt isn’t the only financial burden people face. Many enter the season with other debt. If that’s you, don’t let debt ruin the holidays.

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FICO Named Category Leader for Financial Crime - Enterprise Fraud

Fico Collections

I’m delighted to announce that FICO has been named as the Category Leader for Financial Crime - Enterprise Fraud in the recently published 2021 Chartis RiskTech 100. Additionally, FICO was recognized as one of the top six overall risk management technology vendors and won Category Leader for AI Applications. This year’s Chartis RiskTech 100, a comprehensive study of the world's major technology solution providers in risk and compliance report, highlights the increase in banks and financial insti

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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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Third Time’s the Charm? Ultra Petroleum Make-Whole Dispute is Once Again Headed to the Fifth Circuit.

PBWT

On Monday, November 30, Bankruptcy Judge Marvin Isgur approved a request by Ultra Petroleum and its affiliated debtors that he certify his October 26, 2020 memorandum opinion for direct review by the United States Court of Appeals for the Fifth Circuit. That decision, which we recently summarized here , held that certain creditors are entitled to allowance and payment of make-whole claims, and that post-petition interest is calculated at the contractual default rate.

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How to Elevate Your Call Center Training and Evaluation

PDC Flow

Call center training is complex. Especially for those in accounts receivable. Not only must you set expectations for the job and explain daily processes – you must also teach agents how to remain compliant with rules and regulations. . Debra Ciskey, Executive Vice President and Roger Weiss , President at The Collections Coach , recently gave a presentation for the CAC virtual conference on the best way to create an effective training program.

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Chase Boosts Sign-Up Bonuses for Southwest Credit Cards

Nerd Wallet

Chase has increased sign-up bonuses for its Southwest Airlines consumer credit cards to a possible 80,000 points. And for four months, it will sweeten its rewards rate on Southwest purchases. The new bonuses: Starting Dec. 1, 2020, new cardmembers will earn 50,000 points after they spend $2,000 in the first three months. Plus, they can. Gregory Karp is a writer at NerdWallet.

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Onguard welcomes Adriaan Kom as Chief Commercial Officer

On Guard

Onguard welcomes new CCO. Amsterdam, 1 st December 2020 – Onguard, the fintech company dedicated to the order-to-cash process, has today announced it is welcoming Adriaan Kom as its new Chief Commercial Officer. Responsible for overseeing the development and commercial strategies of the business, Adriaan’s appointment strengthens the management team and Onguard’s ongoing commitment to building its market position and international growth within Europe.

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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 Get the Most From the Citi Premier Card

Nerd Wallet

Maximizing the Citi Premier® Card takes some conscious effort. It is designed to appeal to travel enthusiasts, offering generous ThankYou Rewards on everyday travel purchases. In August, changes to its rewards program were introduced that can help some cardholders earn ThankYou Points even faster. Here’s what you need to know to make the most of the Citi.

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How Business Process Outsourcing helped save my business during COVID-19

Debt Recoveries

Adam Stewart here. I run Debt Recoveries Australia and ADC Legal. One of Australia’s leading debt collection agencies and one of the most respected litigation service companies. When I was first looking for an assistant and someone suggested I try a remote worker from overseas, I didn’t have any idea of how to start or how to go about finding and employing an assistant in the first place.

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Medicare’s ‘Donut Hole’ Has Shrunk But a Gap Remains

Nerd Wallet

If you have a Medicare prescription drug plan, there’s a gap in coverage after you’ve spent a certain amount on covered drugs — the so-called Medicare “donut hole.” While potential costs associated with the donut hole went down substantially in 2020, there remains a coverage gap that may affect what you pay for prescription drugs. Kate Ashford is a writer at NerdWallet.

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What to Expect From Unemployment Numbers in California

Direct Recovery

As we head into the final two months of 2020, the Covid-19 pandemic has already killed more than 200,000 Americans and forced hundreds of thousands more out of work. Here in California, we have felt the weight of both numbers throughout the entire year. However, there is a slight cause for optimism here following the completion of a recent data audit that shows many of the original jobless claims falling away as people are getting back to work despite the fact that the pandemic appears to be as

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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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Sweet Spots of the New Aeroplan Program

Nerd Wallet

Air Canada has relaunched its rewards program, and though it retained the Aeroplan name, quite a few aspects of the program have changed. One of these changes: the number of points required for award flights on Air Canada and its partners. While this transition closed the door on old Aeroplan sweet spots — specific routes. JT Genter is a writer at NerdWallet.

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5 Ways to Improve Online Payment Experience for your Business

Payment Savvy

Shopping cart abandonment is common in many online stores for various reasons. Therefore, many online businesses lose a lot of revenue as a result of this. When customers can easily pay for their purchases, it can increase conversions and, ultimately, sales. A frustrating payment process results in sales loss or makes a customer look for another website for future purchases.

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Ninth Circuit Holds Reliance on Contract Provision by Debt Collector Not Enough for FDCPA “Bona Fide Error” Defense

Troutman Sanders

The Ninth Circuit Court of Appeals held in Urbina v. National Business Factors Inc. that a debt collector cannot use a “bona fide error” defense to shield itself from liability under the Fair Debt Collection Practices Act (“FDCPA”) by merely: (1) requiring its creditor clients to provide accurate account information, and (2) requesting verification of account information from its creditor client, but not waiting to receive a response before trying to collect the debts.

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Onguard welcomes Adriaan Kom as Chief Commercial Officer

On Guard

Onguard welcomes new CCO. Amsterdam, 1 st December 2020 – Onguard, the fintech company dedicated to the order-to-cash process, has today announced it is welcoming Adriaan Kom as its new Chief Commercial Officer. Responsible for overseeing the development and commercial strategies of the business, Adriaan’s appointment strengthens the management team and Onguard’s ongoing commitment to building its market position and international growth within Europe.

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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.