Account Recovery

JANUARY 17, 2023

COLLECTORS FACING LAWSUIT OVER IDENTITY THEFT DISPUTES One of the trickiest situations is when a collector attempts to collect a debt from a consumer and the consumer claims to be a victim of identity theft — that he or she did not open the account in question and never received the products or services that … The post Daily Digest – January 17.

Collections 243

Collections 243

Nerd Wallet

JANUARY 17, 2023

Jackie Veling writes for NerdWallet. Email: jveling@nerdwallet.com. The article 3 Steps to Consolidating Credit Card Debt in the New Year originally appeared on NerdWallet.

Credit Card Debt 116

Credit Card Debt Personal loans Loans 116

PDC Flow

JANUARY 17, 2023

New software opens the door to easier workflow processes and simpler daily tasks. This can impact team structures and job titles or even create new responsibilities – like making sure tools are working right and providing a good return on investment. Right now, the most impactful way people are using tech in business is with digital communication. Channels like email and SMS messages help reach customers faster about how, when and where to pay.

Collections 70

Collections 70

Nerd Wallet

JANUARY 17, 2023

Ryan Brady writes for NerdWallet. Email: rbrady@nerdwallet.com. Twitter: @reallyryanbrady. The article Is It Illegal to Drive Without Insurance? originally appeared on NerdWallet.

Auto Insurance 92

Auto Insurance 92

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.

True Accord

JANUARY 17, 2023

In 2022 we started to see the toll inflation and economic stressors are taking on consumer finances. Inflation remained a top concern as the Fed tried to rein it in with rate hikes, and the higher costs and interest rates may have caused consumers to stretch their budgets as far as possible (or farther – holiday spending, anyone?), leading to a precarious financial outlook in 2023.

Personal loans 66

Personal loans Credit Card Debt Student loans Student Loans 66

JMA

JANUARY 17, 2023

Bad debt is a financial burden that can have serious consequences for both borrowers and lenders. While it may seem like an inevitable part of doing business, there are steps that can be taken to prevent bad debt from occurring in the first place. By understanding the root causes of bad debt and taking proactive. Read more » The post How to Prevent Bad Debt appeared first on JMA Credit Control.

Lender 52

Lender 52

Price Meese

JANUARY 17, 2023

U.S. COMPANIES ARE NOW SUBJECT TO NEW DISCLOSURE RULES TO PREVENT MONEY LAUNDERING. The U.S. Treasury has just approved final rules regarding the reporting of beneficial ownership or interests of private companies. January 1, 2024 is the “implementation date” that will require ownership and interest reporting for most smaller companies. Starting on January 1, 2024, many business entities will be required to file reports with the Financial Crimes Enforcement Network (FinCen) under the recently ad

Trade 52

Trade Government 52

Jimerson Firm

JANUARY 17, 2023

When the deal is done and the parties shake hands, people are mostly optimistic that the other party will perform as agreed. It’s typically only when something goes wrong, that’s when the parties will look to the terms of the written agreement to determine who is liable. It happens more than you would think—to both small, family-owned businesses, and even national corporations—when people come to an agreement regarding a business transaction, only to later find that one or both of the parties fa

Construction 52

Construction Creditor's Rights Government Commercial Collection 52

Troutman Sanders

JANUARY 17, 2023

As discussed here , on October 19, 2022 the Fifth Circuit Court of Appeals in Community Financial Services Association of America Ltd. (CFSA) v. Consumer Financial Protection Bureau (CFPB) held that the CFPB’s funding mechanism violates the Appropriations Clause of the U.S. Constitution. The Fifth Circuit based its decision on the fact that, among other things, the CFPB does not receive its funding from annual congressional appropriations like most executive agencies, but instead, receives fundi

Financial services 52

Financial services Judgment Lender Loans 52

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Collections

Jimerson Firm

JANUARY 17, 2023

The Florida Consumer Collection Practices Act (FCCPA) and the Fair Debt Collection Practices Act (FDCPA) are two pro-consumer statutes. Businesses should be aware of each statute. Oftentimes, consumer lawyers bring claims for technical violations of the statutes, even when there are not any actual damages suffered by a consumer. When that happens, businesses need to be aware of their rights and the potential exposure under the FCCPA and the FDCPA.

Consumer Collections 52

Consumer Collections Fair Debt Collection Financial services Banks 52

Troutman Sanders

JANUARY 17, 2023

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. Federal Activities: On January 13, the Federal Trade Commission (FTC) announced that an investment advice company agreed to a proposed court consent order, requiring it to refund more than $1.2 million to consumers and pay a $500,000 civil penalty for deceiving c

Financial services 52

Financial services Student loans Student Loans Education 52

Jimerson Firm

JANUARY 17, 2023

The Florida Consumer Collection Practices Act (FCCPA) and the Fair Debt Collection Practices Act (FDCPA) are two pro-consumer statutes. Businesses should be aware of each statute. Oftentimes, consumer lawyers bring claims for technical violations of the statutes, even when there are not any real damages suffered by a consumer. When a business faces a lawsuit for violation under the FCCPA and the FDCPA, the business needs to be aware of its potential exposure to attorneys’ fees.

Lawyers 52

Lawyers Consumer Collections Fair Debt Collection Financial services 52

Troutman Sanders

JANUARY 17, 2023

In the largest redlining settlement in the department’s history, the U.S. Department of Justice (DOJ) announced that an agreement has been reached to resolve redlining allegations against a Los Angeles-based bank. Under the terms of the proposed consent order , the bank will pay more than $31 million to resolve the allegations that it engaged in a pattern or practice of redlining in violation of the Fair Housing Act and the Equal Credit Opportunity Act.

Banks 52

Banks Loans Lender Education 52

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?

Banks

Consumer Finance Watch

JANUARY 17, 2023

New York Law Journal, January 11, 2023 Diana M. Eng and Andrea M. Roberts ● On Dec. 30, 2022, Gov. Hochul signed the Foreclosure Abuse Prevention Act (Act). The Act, which amends the Real Property Actions and Proceedings Law (RPAPL), … Continue reading → The post <i>New York Law Journal</i>: New York’s Foreclosure Abuse Prevention Act: What You Need to Know appeared first on Consumer Finance Watch.

Foreclosure 52

Foreclosure 52

Collection Industry News

JANUARY 17, 2023

Treasury Secretary Janet Yellen, in a letter to Congress on Thursday, said the U.S. has reached its debt limit, and has begun resorting to “extraordinary measures” so the government can continue paying its bills. Yellen had already previously warned the U.S. would reach its debt limit on Thursday but had said the Treasury Department was preparing a contingency plan to avoid a default on the country’s debt.

Creditworthiness 40

Creditworthiness Government Collections 40

NACM

JANUARY 17, 2023

​I've been working here at NACM for roughly six months now as an editorial associate. I recently started working my way through the Business Credit Principles course so I could gain a better knowledge of the B2B credit topics I write about. As someone who does not have a background in credit, this course has been a lifesaver.I'm only a few modules.

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