Mon.Jul 18, 2022

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Compliance Digest – July 18

Account Recovery

I’m thrilled to announce that Bedard Law Group is the new sponsor for the Compliance Digest. Bedard Law Group, P.C. – Compliance Support – Defense Litigation – Nationwide Complaint Management – Turnkey Speech Analytics. And Our New BLG360 Program – Your Low Monthly Retainer Compliance Solution. Visit www.bedardlawgroup.com, email John H.

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Alaska Airlines vs. Delta Air Lines: Which Is Right for You?

Nerd Wallet

Once partners, now competitors, Alaska Airlines and Delta Air Lines each have a large presence at Seattle-Tacoma International and Los Angeles International airports. If you live near one of these cities or are planning a trip to visit, you’ll likely have flight options on both carriers. If you’re not already loyal to one or the. Anya Kartashova writes for NerdWallet.

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Industry Veteran Scott Carroll Joins Skit.ai as Business Head of Debt Collections Vertical

Account Recovery

NEW YORK, July 14 2022 — Skit.ai, the leading Voice AI SaaS company, today announced that industry veteran Scott Carroll has joined the company as Business Head of the Debt Collections vertical. With more than 25 years of experience in collections operations, Carroll will lead the debt collections vertical with his rich expertise and deep … The post Industry Veteran Scott Carroll Joins Skit.ai as Business Head of Debt Collections Vertical appeared first on AccountsRecovery.net.

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How to Buy Tether (USDT)

Nerd Wallet

Tether’s flagship cryptocurrency, USDT, is supposed to be pegged to the U.S. dollar, meaning that each USDT token should maintain a corresponding value of $1. Since Tether is pegged to a traditional fiat currency, it tends to behave as such, and its value rarely fluctuates. If you’re searching for a cryptocurrency with big growth potential, Connor Emmert writes for NerdWallet.

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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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DFPI Invites Comments on Rulemaking Related to State Licensing Law

Account Recovery

The California Department of Financial Protection and Innovation on Friday released draft text of a rulemaking related to the scope, annual report, and document retention requirements of the state’s Debt Collection Licensing Act. Comments on the proposal are due by August 29 and may be submitted electronically or in writing. A copy of the instructions … The post DFPI Invites Comments on Rulemaking Related to State Licensing Law appeared first on AccountsRecovery.net.

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Daily Digest – July 18. Judge Grants MTD in FDCPA Class Action; DFPI Invites Comments on Collector Licensing Rulemaking

Account Recovery

JUDGE GRANTS MTD IN FDCPA CLASS ACTION OVER DIFFERENT SETTLEMENT AMOUNTS IN LETTERS A District Court judge in New York has granted a defendant’s motion to dismiss a Fair Debt Collection Practices Act class-action, albeit for lack of standing even though both sides agreed that the plaintiff suffered a concrete injury, after the plaintiff received … The post Daily Digest – July 18.

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Enforcing a CCJ – What are the options?

UK debt collections

Obtaining and enforcing a CCJ may seem straight forward but that is not always the case. A CCJ ratifies a debt and makes it official that the debtor owes money and it must be repaid. Whilst obtaining a County Court Judgment (CCJ) is a often a necessary step in some situations, it does not guarantee the debt will be repaid. When a CCJ is not repaid despite a request by the court to do so, there are various options available to the claimant and creditor.

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FCC Proposes $116M Fine for Illegal Robocalls, Rosenworcel Wants FCC to be able to Collect

Account Recovery

Irony alert. The Federal Communications Commission has proposed a fine of $116 million against a company accused of making illegal robocalls to the toll-free numbers of businesses and using prerecorded messages to inform the businesses about the dangers of scam calls and telling the businesses to report scam calls to regulators, carriers, and an entity … The post FCC Proposes $116M Fine for Illegal Robocalls, Rosenworcel Wants FCC to be able to Collect appeared first on AccountsRecovery.ne

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Default: The Risk of Failing to Respond to a Lawsuit Brought Against You

Fraser

The risk of failing to respond to a lawsuit against you is severe. Understanding what a default is, and the implications associated with a default judgment is important when having a lawsuit brought against you. What is a default? A default can occur when a party that has been sued fails to respond to the complaint or otherwise defend against the lawsuit in a timely manner.

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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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A lot of Patients Still Getting Unexpected Medical Bills, Despite No Surprises Act

Account Recovery

One-fifth of patients who have visited healthcare facilities this year have received unexpected medical bills, despite the enactment of the No Surprises Act, and 22% of those who have received a bill have received one in excess of $1,000, according to the results of a nationwide survey. Surprise medical bills have also led one-in-four adults … The post A lot of Patients Still Getting Unexpected Medical Bills, Despite No Surprises Act appeared first on AccountsRecovery.net.

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How I Got My Student Loans Forgiven: Teacher in Burbank, Calif.

Nerd Wallet

After 28 years of payments, high school history teacher Dawn Snowden-Frost had a bleak outlook on her student loan debt, which had ballooned over the decades into six figures. “I always thought, ‘I’m going to die with these loans’,” says Snowden-Frost, who teaches at Burbank Unified School District in Burbank, California. “I’ll have student loans. Anna Helhoski writes for NerdWallet.

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Class-Action Accuses Collector of Violating FDCPA, FCCPA By Adding ‘Illegal’ Collection Fee

Account Recovery

EDITOR’S NOTE: This article is part of a series that is sponsored by WebRecon. WebRecon identifies serial plaintiffs lurking in your database BEFORE you contact them and expose yourself to a likely lawsuit. Protect your company from as many as one in three new consumer lawsuits by scrubbing your consumers through WebRecon first. Want to learn more? Call … The post Class-Action Accuses Collector of Violating FDCPA, FCCPA By Adding ‘Illegal’ Collection Fee appeared first on Accou

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Europe as a Budget-Friendly Travel Option? It’s True in 2022

Nerd Wallet

Flying to Europe this year might sound as absurd as opting for premium gasoline. With prices this high, is it really the right time to splurge? “As a result of labor shortages and all these things going on, travel is more expensive than it’s been in a while,“ says travel journalist Oneika Raymond. “Flights are. Sam Kemmis writes for NerdWallet. Email: skemmis@nerdwallet.com.

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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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Judge Grants MTD in FDCPA Class Action Over Different Settlement Offers in Letters

Account Recovery

A District Court judge in New York has granted a defendant’s motion to dismiss a Fair Debt Collection Practices Act class-action, albeit for lack of standing even though both sides agreed that the plaintiff suffered a concrete injury, after the plaintiff received two collection letters that offered to settle the unpaid debt for different amounts. … The post Judge Grants MTD in FDCPA Class Action Over Different Settlement Offers in Letters appeared first on AccountsRecovery.net.

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Shocking rise in Business Insolvencies

UK debt collections

A shocking rise in Business insolvencies has seen a 70% increase. The alarming rise has seen business insolvencies jump from 11,261 to 19,191 in the last year. This latest blow is according to analysis by international audit, tax and advisory firm Mazars. The company says the highest interest rates in 13 years have made businesses’ debts more expensive to service and has led to an even greater number of indebted businesses falling into insolvency.

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Q&A: State’s Tim Haag on Uniquely Celebrating His Father’s 58 Years of Service

Account Recovery

Rarely do we get the perfect day. We may get a minute, maybe an hour, maybe even a few hours from time to time. But a perfect day? Twenty-four hours of sunshine and laughter and family and race cars? Days like that are exceedingly rare, if they ever happen. So when it comes around, it … The post Q&A: State’s Tim Haag on Uniquely Celebrating His Father’s 58 Years of Service appeared first on AccountsRecovery.net.

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Smart Money Podcast: Summer Travel and Conflicting Priorities

Nerd Wallet

Welcome to NerdWallet’s Smart Money podcast, where we answer your real-world money questions. This week’s episode starts with a discussion about summer travel: how to manage costs, stay safe and prepare for the possibility of flight cancellations. Then we pivot to this week’s money question from Kevin, who left us this voicemail: “I have a. Jae Bratton 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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Troutman Pepper Weekly Consumer Financial Services Newsletter

Troutman Sanders

To help you keep abreast of relevant activities, below find a breakdown of some of the biggest events at the federal and state levels to impact the Consumer Finance Services industry this past week: Federal Activities. State Activities. Privacy and Cybersecurity Activities. Federal Activities: On July 13, the Federal Trade Commission (FTC) published its proposed Motor Vehicle Dealers Trade Regulation Rule in the Federal Register.

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How Capital One Travel Price Drop Works

Nerd Wallet

Capital One has made a big push into the travel scene recently. It introduced the impressive new Capital One Venture X Rewards Credit Card, vastly improved its airline and hotel transfer partners and introduced a new Capital One Travel portal. And although it seems like every bank has a travel portal these days, this one. JT Genter writes for NerdWallet.

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FICO Fact: Can unconstrained AI/ML expand access to credit?

Fico Collections

Home. Blog. FICO. FICO Fact: Can unconstrained AI/ML expand access to credit? FICO has been a pioneer in the use of machine learning (ML) in the financial services industry for over 25 years. FICO. Tue, 07/02/2019 - 02:45. by Can Arkali. expand_less Back To Top. Mon, 07/18/2022 - 18:40. FICO leverages machine learning (ML) in solutions ranging from fraud detection to marketing.

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CFPB Tightens Obligations Of Credit Bureaus, Users Under FCRA’s ‘Permissible Purpose’ Provisions

Collection Industry News

Source: site. On July 7, 2022, the Consumer Financial Protection Bureau issued an advisory opinion interpreting the “permissible purpose” provisions of the Fair Credit Reporting Act (FCRA). The advisory opinion states that consumer reporting agencies (CRAs) may not share consumer reports unless they have reason to believe a user has a legally permissible purpose for requesting the information, and that the information it provides relates to the consumer subject to the request.

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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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Season 3: Episode 5: RBG, Justice Marshall and the Death Penalty (Part 2)

PBWT

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Half Of Americans Support Biden Forgiving $10,000 In Student Loans, Poll Finds

Collection Industry News

Source: site. A new poll shows 51% of Americans support the idea of President Joe Biden canceling $10,000 of student loan debt for each borrower, illustrating how split the public is regarding one of the president’s early campaign promises. Key Facts. While the vast majority of Americans (82%) believe the more than $1.7 trillion in student loan debt is a problem, according to an Economist/YouGov survey of 1,500 U.S. adults, 38% of respondents said they oppose providing $10,000 in debt forgive

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FTC Issues Redress Checks in Case That Largely Extinguished Its Ability to Seek Monetary Judgments

Troutman Sanders

The Federal Trade Commission (FTC) recently announced it sent out a second round of redress checks in a long-lasting legal battle against an alleged payday lending scheme. While this round of redress checks brings the total financial amount returned to consumers to more than $535 million, the litigation previously resulted in a unanimous Supreme Court decision , which ruled the FTC does not have the authority — under Section 13(b) of the FTC Act — to seek or receive monetary relief, such as rest

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Navient Ordered to Stop Collections on Discharged Student Loans

Collection Industry News

Source: site. A bankruptcy judge ordered student loan servicer Navient Corp. to suspend its efforts to collect payments from borrowers of certain private student loans who filed for bankruptcy and whose debts were likely eligible for a discharge. Judge Elizabeth Stong with the U.S. Bankruptcy Court in Brooklyn, N.Y., on Friday issued a nationwide injunction against Navient, accused by private-loan borrowers Hilal Homaidan and Reeham Youssef of improperly collecting on student loans that were di

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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.