Wed.Apr 07, 2021

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CFPB Proposes Delay in Enactment of Debt Collection Rule

Account Recovery

The Consumer Financial Protection Bureau today announced it is issuing a Notice of Proposed Rulemaking aimed at delaying the effective date of Regulation F, its debt collection rule, until January 29, 2022. The rule was scheduled to go into effect on November 30, 2021. The rule was issued in two parts, back in October and … The post CFPB Proposes Delay in Enactment of Debt Collection Rule appeared first on AccountsRecovery.net.

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Debt Collection in the Pandemic: Compassion Is Critical to Success

Fico Collections

The economic and financial fall-out following the turbulence of the past 12 months has highlighted the critical need for agility, flexibility and adaptability in unprecedented times. This is particularly true for managing debt collection in the pandemic. It’s clear that being slow to react or tone-deaf to customers facing financial difficulty by delivering impersonal or threatening collections messages — while lacking the flexibility to find collaborative ways to solve your customers challenges

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Trio of Collection Attorneys Charged With Racketeering, Accused of Forging Proof of Service Docs

Account Recovery

A trio of Michigan attorneys have been arrested and charged with racketeering and obstruction of justice, among other charges, by allegedly operating a scheme through which they forged documents that were filed in state court seeking to collect on debts that individuals did not owe. The three lawyers — Marc Fishman, his son, Ryan Fishman, … The post Trio of Collection Attorneys Charged With Racketeering, Accused of Forging Proof of Service Docs appeared first on AccountsRecovery.net.

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Why (and How) to Renew Your Passport Now, Even If You’re Not Traveling Soon

Nerd Wallet

Like most Americans, you might not be traveling internationally anytime soon. After all, many countries are still closed to international tourists, making travel impossible. Even if your destination is open, you must show proof of a negative COVID-19 test in order to return to the U.S., which might be a deterrent. Plus, the U.S. vaccination. Sally French 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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Video: Answering More of Your Credit Reporting Questions

Account Recovery

Compliance is not always binary. It is not always black-and-white. Sometimes, companies are going to have to make choices based on how risky or conservative they want to be. Those situations feature prominently in the latest episode of “Ask The Credit Reporting Expert” in which Sarah DeMoss, the Director of Compliance and Licensing at Premiere … The post Video: Answering More of Your Credit Reporting Questions appeared first on AccountsRecovery.net.

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CMS Services Launches Free Terms & Conditions Database With Agreements From Hundreds of Creditors Nationwide

Account Recovery

CHICAGO — April 6 — CMS Services, a leading provider of compliance management services to the Accounts Receivable Management industry, is excited to announce the launch of its Bank Terms & Conditions portal, providing copies of the terms and conditions issued by hundreds of credit grantors and financial institutions nationwide from each quarter dating back … The post CMS Services Launches Free Terms & Conditions Database With Agreements From Hundreds of Creditors Natio

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ExtraCredit by Credit.com–Try It Free for 30 Days

Credit Corp

Credit.com is offering a free 30-day trial of ExtraCredit. If you’re in the market for a financial tool that goes above and beyond traditional free credit monitoring, this might be the chance you’ve been waiting for. What Is ExtraCredit? ExtraCredit is the most comprehensive credit monitoring tool out there. Many credit monitoring tools make it possible for you to get a good look at your reports on the regular, and some may offer informational credit scores that update every week or

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False Threats Nets Collector Lifetime Ban from Industry

Account Recovery

The Consumer Financial Protection Bureau yesterday announced it had entered into a consent order with a debt collector and its owner for falsely threatening to take legal action against individuals and that the company and the owner have been permanently banned from the industry and ordered to pay $860,000 in redress to its victims, which … The post False Threats Nets Collector Lifetime Ban from Industry appeared first on AccountsRecovery.net.

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Prosperity Now is helping take Baby Bonds to the next level – the States

Prosperity Now

Leaders in Congress have signaled that now is the time to look beyond recovery toward large-scale progressive policies like the

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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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Nonprofit Hospitals Not As Giving as For-Profit, Gov’t Facilities: Report

Account Recovery

Even though they are receiving exemptions from having to pay their taxes because of the amount of charity care they are supposed to be providing, nonprofit hospitals provided less charity care than for-profit hospitals, according to the details of a study released earlier this week. Looking at data from 2018, nonprofit hospitals offered $2.30 in … The post Nonprofit Hospitals Not As Giving as For-Profit, Gov’t Facilities: Report appeared first on AccountsRecovery.net.

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Once-Rare Cell Phone Protection Now a Common Credit Card Perk

Nerd Wallet

If you’re like many Americans, your cell phone has essentially become another appendage. And if you’ve ever broken — or shattered — that appendage, you know full well the panic that can set in. That might be why you decided to pay extra for insurance from your wireless carrier, typically at a cost upward of. Erin Hurd writes for NerdWallet. Email: ehurd@nerdwallet.com.

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Daily Digest – April 7. Trio of Collection Attorneys Charged with Racketeering; False Threats Nets Collector Lifetime Ban

Account Recovery

TRIO OF COLLECTION ATTORNEYS CHARGED WITH RACKETEERING, ACCUSED OF FORGING PROOF OF SERVICE DOCS A trio of Michigan attorneys have been arrested and charged with racketeering and obstruction of justice, among other charges, by allegedly operating a scheme through which they forged documents that were filed in state court seeking to collect on debts that … The post Daily Digest – April 7.

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28 Business Ideas for Teens

Nerd Wallet

You’re never too young to start a business. Just take a look at some of these young entrepreneurs if you’re not convinced. Business success can come at any age, and you never know who will think of the next big idea. If you have an industrious teen with an entrepreneurial spirit—or if they’re just looking. Christine Aebischer writes for NerdWallet. Email: caebischer@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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New U.S. Supreme Court Case Finds Local Personal Jurisdiction Over Auto Manufacturer in Ford Motor Co. v. Montana Eighth Jud. Dist. Ct.

Troutman Sanders

The U.S. Supreme Court’s recent decision in Ford Motor Co. v. Montana Eighth Jud. Dist. Ct. held that a state has specific personal jurisdiction over out-of-state mega corporations that advertise, sell, and service their products in that state and whose products cause injuries to the state’s residents. Ford Motor Co. v. Montana Eighth Jud. Dist. Ct. , 141 S.

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What Is the Marriott Bonvoy Moments Program?

Nerd Wallet

Marriott Bonvoy Moments is a unique program that allows Marriott Bonvoy members to bid on — or buy outright — a wide variety of experiences, ranging from luxury boxes at sporting events to dinners at exclusive restaurants and even cooking lessons with celebrity chefs. It’s an attractive program for cardholders who want to use their. Alex Cramer writes for NerdWallet.

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Factors to Tick Off Before Partnering with a Merchant Service Provider

Payment Savvy

A merchant account is a must-have if you want to collect electronic payments for your business. This includes debit cards, credit cards, HSA/FSA cards, and ACH, or e-Check, payments. Despite a merchant service provider being a crucial tool for business success, not all processors are created equally. Choosing the wrong merchant service provider could be a ticking time bomb for revenue loss.

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Wells Fargo vs. Chase: Which Is Better for Business Checking?

Nerd Wallet

Wells Fargo and Chase are among the best banks for small business. Both banks boast extensive physical footprints, easy online access and business-friendly features. So how do you pick between the two? You look at each of the bank’s features — monthly fees, transaction limits, cash deposit allowance and the like — and evaluate it. Kelsey Sheehy 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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CFPB proposes to delay debt-collection rules

Public Citizen

The Consumer Financial Protection Bureau today proposed extending the effective date of two debt-collection rules that were finalized in 2020 and currently go into effect in November 2021. The CFPB proposes the delay to give affected parties more time to comply due to the ongoing COVID-19 pandemic. The proposal is here. One of the two rules that would be delayed addresses communications in connection with debt collection and prohibitions on harassment or abuse, false or misleading representation

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Bank of the West Business Checking: 2021 Review

Nerd Wallet

Bank of the West offers a slate of business checking accounts with standard features like online bill pay and mobile deposit, plus a standout feature: a $5 buffer to guard against the occasional overdraft. Beyond that, Bank of the West’s business accounts don’t have a lot of bells and whistles. But the base checking account, Kelsey Sheehy writes for NerdWallet.

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Supreme Court Takes a Chainsaw to the TCPA

Public Citizen

As noted in Jeff Sovern’s post last week , the Supreme Court ruled last Thursday in the case of Facebook v. Duguid that the Telephone Consumer Protection Act (TCPA) does not apply to robocalls and robotexts sent to cell phones unless they are sent from equipment that uses a random or sequential number generator. The decision has the potential to allow a vast increase in the number of automatically dialed junk and scam calls and texts to cell phones.

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Is Cash Back or Travel Rewards Better for Your First Credit Card?

Nerd Wallet

Choosing your first credit card can be difficult. The annual fee, benefits and rewards earned on purchases all factor into the decision. A card that pays miles or points can earn you incredible travel experiences, but on the other hand, cash-back cards can get those same travel experiences — or anything else. Both types of. Lee Huffman writes for NerdWallet.

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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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Third Circuit Rejects Debtor’s Claim that Invitation to Call Deceives Debtors of Legally Effective Means of Disputing a Debt

Troutman Sanders

In Moyer v. Patenaude & Felix, A.P.C. , the Third Circuit Court of Appeals affirmed the dismissal of a putative class action complaint, alleging that including an invitation to call the debt collector to “eliminate further collection action” was deceptive and overshadowed the validation notice requiring disputes to be in writing in violation of the Fair Debt Collection Practices Act (FDCPA).

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Katabat Powers the Future of Collections

Katabat

Katabat 9.2 Release Provides Significant New Product Enhancements. Wilmington, DE – April 7, 2021 . This week Katabat released version 9.2 of the Katabat platform , its latest significant software update focused on enhanced security features, additional platform integrations, and improved client communication capabilities. We released over 40 enhancements in response to client feedback and requests.

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Presidential Proclamation Restricting the Issuance of Certain H, J, and L Visas Expires

Burr Forman

On June 22, 2020, the Trump Administration announced Presidential Proclamation 10052 (“PP 10052”), which suspended the issuance of many H, J, and L visas at U.S. Embassies and Consulates. The ban was originally set to expire on December 31, 2020, but the Trump Administration extended the effective date through March 31, 2021. PP 10052 was implemented as a measure to protect workers in the United States amid high unemployment rates caused by the COVID-19 pandemic.

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