Wed.Feb 14, 2024

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Daily Digest – February 14. Judge Denies Plaintiff’s MSJ in FDCPA Case Over Communications with Mom; Startup Puts Bots on Phones to Help Consumers Negotiate Debts

Account Recovery

Judge Denies Plaintiff’s MSJ in FDCPA Case Over Communications with Mom Startup Puts Bots on Phones to Help Consumers Negotiate Debts Medical Debt Causes Other Financial Problems for Consumers: Survey 23 Companies Seeking Collection Talent WORTH NOTING: The best gifts to get when someone experiences a loss … Major League Baseball has its first female […]

Startups 147
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Retail Insolvencies continue to rise in the UK

UK debt collections

Retail Insolvencies are expected to continue to rise according to latest industry expert findings. Less than two months into 2024 and six UK retailers have already gone bust, with a further two warning they may fall into trouble, as experts warn the market will “continue to see an uptick in retail insolvencies”. According to figures from Centre of Retail Research , over 400 job roles have been impacted by retailers shutting up shop in light of the cost of living crisis and financial strain place

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23 Companies Seeking Collection Talent

Account Recovery

During this, The Great Resignation Era, I thought it would be helpful to start a regular posting of different jobs within the accounts receivable management industry that I have found online. Please make sure to do your own due diligence before applying for a position included here or accepting any offers.

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Virginia House Bill 418 Could Authorize Class Action Lawsuits in the Commonwealth

Troutman Sanders

Virginia is currently one of only two states that does not allow class-action lawsuits in its courts. However, that could change soon as House Bill (HB) 418 , originally introduced on January 10, 2024, seeks to create a class-action framework loosely modeled on the Federal Rules of Civil Procedure. On February 9, HB 418 passed the House of Delegates and will be sent to the Senate for consideration.

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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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Judge Denies Plaintiff’s MSJ in FDCPA Case Over Communications with Mom

Account Recovery

A District Court judge in New York has denied a plaintiff’s motion for summary judgment in a Fair Debt Collection Practices Act case, ruling there is no written requirement to communicating information about a debt with a third party.

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Startup Puts Bots on Phones to Help Consumers Negotiate Debts

Account Recovery

There is yet another new startup in the industry that is using the power of artificial intelligence to help collect debts — Cambio, which is backed by Y Combinator, is leveraging AI to offer innovative solutions for both consumers and financial institutions.

Startups 130
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Navigating Debt Collection After Death: What Happens If A Debtor Dies?

Collections Law

Inevitably, a business may find themselves in a situation where a debtor or business owner dies with an outstanding bill. This is obviously a sensitive topic and can be a complex issue for a creditor. Understanding the legal and ethical implications of collecting a debt from an individual’s estate is crucial for businesses to handle the situation appropriately and respectfully.

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Medical Debt Causes Other Financial Problems for Consumers: Survey

Account Recovery

More than half of individuals with medical debt have been contacted by a collection agency, compared with 8% of those who do not have medical debt, according to data released this week by the Kaiser Family Foundation. The data was part of a survey conducted of consumers back in 2021.

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CFPB Reports on Student Borrowers’ Experiences During Return to Loan Repayment

Troutman Sanders

As federal student loan repayments resume after a three-year pause due to the COVID-19 pandemic, the Consumer Financial Protection Bureau (CFPB) published an Issue Spotlight on student borrowers’ experiences, using consumer complaints to identify emerging problems. Key concerns include long hold times and abandoned calls. Borrowers often wait on hold for over an hour, and many give up without receiving assistance.

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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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Member Spotlight: Bloom with Certifications

NACM

​The credit profession, like a flower, forms its intricate layers that contribute to the beauty and resilience of the financial ecosystem. From technological advances to relationship building, it is a profession that is ever-growing. By earning a certification through NACM's six-level Professional Certification Program, credit professionals acquire.

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Rhode Island and Minnesota Latest States with Bills Opting Out of Federal Banking Law Allowing Interest Rate Exportation

Troutman Sanders

On February 12, ten Rhode Island senators introduced S 2275 , a bill proposing to opt Rhode Island out of §§ 521-523 of the Depository Institutions Deregulation and Monetary Control Act (DIDMCA). On February 13, HF 3680 was introduced in Minnesota, proposing to opt-out of DIDMCA expressly as to non-credit card forms of credit. These legislative efforts to opt-out of DIDMCA, coupled with the influx in recent “true lender” legislation, seem to show a coordinated effort to restrict bank-model lendi

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