Tue.Aug 09, 2022

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Judge Grants MSJ for Defendant in FDCPA Case Over Pandemic Voicemail

Account Recovery

A District Court judge has granted a defendant’s motion for summary judgment in a Fair Debt Collection Practices Act case, ruling that a voicemail it sent out to all its customers a few months after the start of the COVID-19 pandemic was not a communication in connection with the collection of a debt, even though … The post Judge Grants MSJ for Defendant in FDCPA Case Over Pandemic Voicemail appeared first on AccountsRecovery.net.

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What are We Seeing in Consumer Credit Trends Today? A Video Interview with Ohad Samet

True Accord

The financial landscape for both consumers and businesses is particularly uncertain right now. Many new fintechs and neobanks are experiencing their first delinquency surge and others soon to follow. This year, the challenges of managing delinquencies and navigating an uncertain economy will compound, making it imperative for companies to critically think about their strategy to collect from consumers in debt.

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Appeals Court Affirms Ruling for Defendant in FCRA Case Over Disputed Debt

Account Recovery

The Court of Appeals for the Fourth Circuit has affirmed a lower court’s ruling in favor of a defendant that was accused of violating the Fair Credit Reporting Act for how the pay status notifications were being displayed for a number of plaintiffs, determining that while the reports could have been clearer, that does not … The post Appeals Court Affirms Ruling for Defendant in FCRA Case Over Disputed Debt appeared first on AccountsRecovery.net.

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CFPB Warns that Digital Marketing Providers Must Comply with Federal Consumer Finance Protections

Consumer Finance

Today, the Consumer Financial Protection Bureau (CFPB) issued an interpretive rule laying out when digital marketing providers for financial firms must comply with federal consumer financial protection law.

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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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Daily Digest – August 9. Plaintiff Sues Collector Over Payment Method; Collector Cleared After Sending Pandemic Voicemail

Account Recovery

PLAINTIFF SUES COLLECTOR OVER PAYMENT METHOD REQUIREMENT, LACK OF EMAIL OPT-OUT A collection agency has been sued for violating Regulation F and the Fair Debt Collection Practices Act because it said in a collection letter that it would accept multiple forms of payment, but when the plaintiff sought to make a payment, allegedly informed her … The post Daily Digest – August 9.

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Plaintiff Sues Collector Over Payment Method Requirement, Lack of Email Opt-Out

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 Plaintiff Sues Collector Over Payment Method Requirement, Lack of Email Opt-Out appeared first on AccountsRecovery.net.

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What Is a Reaffirmation Agreement in Bankruptcy?

Sawin & Shea

Bankruptcy can be an overwhelming and challenging process. On top of the stress and worry about your finances and what will happen to your property, there are countless proceedings and tons of paperwork to fill out. Understandably, this can make dealing with a bankruptcy seem impossible. However, as overwhelming as it all may seem, bankruptcy is often the best choice for many people, especially those who are struggling with crushing debt.

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The Parallels Between Debt Collection and Another Maligned Profession

Account Recovery

For the past week or so, I have had a tab open on my browser (don’t get me started on how many tabs I have open) that I have been wanting to write about, because I think the topic is fascinating and because I think there is an interesting tie-in between the subject matter of … The post The Parallels Between Debt Collection and Another Maligned Profession appeared first on AccountsRecovery.net.

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Can You Hold Cryptocurrency in a Roth IRA?

Nerd Wallet

Owning cryptocurrency directly in your Roth IRA is possible, but to do it, you’ll need to open an account with a niche platform that offers it as an option. The advantage of investing in a Roth IRA instead of a standard brokerage is the tax savings: You won’t pay capital gains taxes on the sale. Kurt Woock writes for NerdWallet. Email: kwoock@nerdwallet.com.

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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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Changes to the Community Reinvestment Act to Ensure Equity in Credit Access

Prosperity Now

The Office of the Comptroller of the Currency, the Federal Reserve Board, and the Federal Deposit Insurance Corporation recently announced

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The Best Alaska Credit Card Offers

Nerd Wallet

The newest member of the Oneworld airline alliance, Seattle-based Alaska Airlines, has partnerships stretching all over the globe. And although it provides some pretty valuable airline miles, a lack of partnerships with flexible point currencies can make these somewhat difficult to earn. Happily, for Alaska Airlines loyalists, the company has two different co-branded credit cards.

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The Proposed New Corporate Minimum Tax

Fraser

Recently the Senate reached an agreement on the Inflation Reduction Act of 2022 (the “IRA”). At present, the IRA is only a draft bill and has not been passed by Congress nor signed by the President (although its eventual passage and enactment is anticipated). One of the provisions in the proposed bill includes a new 15% corporate alternative minimum tax (Corporate AMT) that would be imposed on the “adjusted financial statement income” (AFSI) of certain large corporations (very generally, and des

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Shield Your Finances From the Power of Summer Travel FOMO

Nerd Wallet

Views from a tower in Portugal, gondolas in Venice, beaches in the Bahamas — as you scroll through your social media feeds, it seems like everyone you’ve ever met is on a picturesque vacation this summer. Compared to the last two years, 2022 is seeing a steep increase in travel, especially international, and it may. Dalia Ramirez writes for NerdWallet.

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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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Director Chopra’s Prepared Remarks at the 2022 National Association of Attorneys General Presidential Summit

Consumer Finance

Director Chopra delivered remarks on digital marketing and advertising at the 2022 NAAG Presidential Summit in Des Moines, IA.

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American Airlines AAdvantage Dining: What You Need to Know

Nerd Wallet

The AAdvantage program offers dozens of ways to earn miles — in fact, we’ve tallied 36 ways to earn AAdvantage miles. Whether you’re looking to boost your AAdvantage miles balance or earn Loyalty Points toward AAdvantage elite status, it’s worth utilizing as many of these earning opportunities as possible. One of the underappreciated ways to. JT Genter writes for NerdWallet.

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Will The Ocean Shipping Reform Act Of 2022 Reduce Debt Collection Disputes?

FFGN COLLECT NY

Delays in shipping and fees levied on American importers have led to severe delays and new challenges for businesses over the last few years. However, a new act from Congress may signal an end to the egregious shipping delays plaguing American businesses. The Ocean Shipping Reform Act of 2022 , a bipartisan bill introduced by Sen. Amy Klobuchar (D-MN) and Sen.

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Revamped REI Co-op Card: 5% Back at REI, 1.5% Elsewhere

Nerd Wallet

Outdoor retail giant REI Co-op has announced a revamped version of its store credit card for co-op members. The REI Co-op Mastercard, issued by Capital One, earns 5% back on REI purchases and donations made to the REI Cooperative Action Fund, plus 1.5% back on everything else. You redeem rewards toward REI purchases, including trips. Caitlin Mims 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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Third Circuit Adopts “Reasonable Reader” Standard for Evaluating Whether a Credit Report Is Inaccurate or Misleading

Troutman Sanders

What standard should courts use to determine whether information contained in a consumer’s credit report is inaccurate or misleading? According to the Third Circuit in a recent precedential decision , the standard should be that of the “reasonable reader,” not a “reasonable creditor,” i.e., not an individual or entity sophisticated in the art of reading credit reports.

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How Much Does a Car Inspection Cost?

Nerd Wallet

Car inspections are not only part of maintaining a car — in some states, they’re required for car registration. But they can also pop up when you’re looking to purchase a used car. How much you’ll pay out-of-pocket for an inspection depends on the type you need, the state in which you live and the. Whitney Vandiver writes for NerdWallet. Email: wvandiver@nerdwallet.com.

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Banking Groups Oppose CFPB’s Proposed Changes to Credit Card Late Fee Safe Harbor

Troutman Sanders

Bankers are gearing up to oppose an effort by the Consumer Financial Protection Bureau (CFPB or Bureau) to prevent an increase in allowable late charges for credit cards. In letters dated August 1, the American Bankers Association , Consumer Bankers Association, Credit Union National Association, and National Association of Federally?Insured Credit Unions (Associations), as well as the Bank Policy Institute , expressed their collective displeasure with the idea.

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A Guide to TSA PreCheck With Family

Nerd Wallet

Going through airport security as a family can be a major drag. Everyone has to remove their shoes, take electronics and liquids out of bags and wait in long lines. One way to reduce this hassle is by signing up for TSA PreCheck. This specialized program offers expedited screening and the lines are often much. Lee Huffman writes for NerdWallet. Email: travel@nerdwallet.com.

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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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How Does Validation of Debts Work?

Credit Management Company

Consumer debt ballooned to $15.31 trillion in the year after the COVID-19 pandemic began. This brought the total average debt balance to more than $96,000 and Generation Z’s average debt has jumped almost 30%. While many consumers are able to manage their debt load and stay current on their accounts, many businesses are finding themselves with uncollected debt and no proven collection strategy.

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Openly Home Insurance Review 2022

Nerd Wallet

Consumer complaints: Close to the expected number.Discounts: Very few discounts.Coverage options: More than average. Bottom line: Premium coverage for high-end homes. Openly insurance is a relatively new offering for homeowners. The company sold its first policies in 2019 and today offers homeowners insurance in 19 states. Openly sells premium coverage primarily to owners of high-value homes.

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A Conversation with Third Party Payment Processors Association President Marsha Jones

Troutman Sanders

In this episode of The Crypto Exchange , Troutman Pepper attorneys Keith Barnett and Carlin McCrory welcome Marsha Jones from the Third Party Payment Processors Association to discuss a portion the ENABLERS Act, which proposes to update federal anti-money laundering laws to include payment processors within the definition of “financial institution.” The ENABLERS Act is co-sponsored by Representatives Joe Wilson (R-SC), Tom Malinowski (D-NJ), Maria Elvira Salazar (R-FL), Steve Cohen (D-TN), Abiga