Fri.Sep 16, 2022

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CFPB Announces Plans to Regulate BNPL Market

Account Recovery

The Consumer Financial Protection Bureau yesterday announced plans to increase its oversight of the Buy Now, Pay Later industry, by issuing guidance or a rule that will more closely align the product with its credit card cousins, and by instituting supervisory examinations of BNPL providers. Use of BNPL products — which allow consumers to make … The post CFPB Announces Plans to Regulate BNPL Market appeared first on AccountsRecovery.net.

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Professional development is a cornerstone here

American Profit Recovery

By Sabrine: Employees may not be comfortable asking questions or asking for advice from their peers because of the environment they are working in. Luckily here at American Profit Recovery, it’s unlikely to be the case because we provide professional development opportunities on a consistent basis. Once a week, we hold a meeting called “Best Practices,” hosted by our top debt collection professionals, work team leads, and management.

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Daily Digest – September 16. Another Collector Facing Opt-Out Class-Action; Judge Grants MTD Over Settlement Offer

Account Recovery

ANOTHER COLLECTOR FACING CLASS-ACTION OVER LOCATION, FORMAT OF EMAIL OPT-OUT DISCLOSURE The disclosure, which was a hyperlink at the bottom of the email, was not “clear and conspicuous” enough, according to the complaint. The disclosure also did not provide instructions for how to inform the debt collector via email that the consumer wished to opt … The post Daily Digest – September 16.

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Enterprise Recovery obtains CLLA Certified Agency Status

Enterprise Recovery

Enterprise Recovery LLC was introduced in 2016 in response to our business clients' requests for industry-focused commercial debt collection. Since then, our company has vowed to help our clients recover bad debt, increase accounts receivable collections and review any potential legal action against their customers. We take this job very seriously and promise to adhere to the strictest standards and regulations to protect our clients.

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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 Grants MTD in FDCPA Case Over Settlement Offer

Account Recovery

A District Court judge in New Jersey has granted a defendant’s motion to dismiss, ruling that a discount offer conveyed in a collection letter did not overshadow the plaintiff’s right to dispute the debt nor did offering multiple discount offers constitute a deceptive or misleading violation of the Fair Debt Collection Practices Act. A copy … The post Judge Grants MTD in FDCPA Case Over Settlement Offer appeared first on AccountsRecovery.net.

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An ‘Emergency’ Expense is a lot More Expensive Than You Think These Days

Account Recovery

The amount that is used as the threshold for an “emergency” expense is likely a lot higher than people have been using, and that could be bad news for companies in the accounts receivable management space. Economists — and even the Federal Reserve Board — has used $400 as the benchmark average cost for an … The post An ‘Emergency’ Expense is a lot More Expensive Than You Think These Days appeared first on AccountsRecovery.net.

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Best-Performing Technology Stocks for September 2022

Nerd Wallet

In the early days of the pandemic, technology stocks were the talk of the town. Companies that provided quick, innovative solutions to a changing world’s problems were handsomely rewarded by the stock market. In 2022, that enthusiasm has dampened, with worries of a looming recession hitting tech companies especially hard. On Sept. 13, the Nasdaq-100.

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Another Collector Facing Class-Action for Location, Format of Email Opt-Out Disclosure

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 Another Collector Facing Class-Action for Location, Format of Email Opt-Out Disclosure appeared first on AccountsRecovery.net.

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What Is a Factor Rate and How Do You Calculate It?

Nerd Wallet

A factor rate represents the cost of a small-business loan and is expressed as a decimal, unlike interest rates, which are shown as percentages. Factor rates are commonly used to quote the price of merchant cash advances and short-term loans from online lenders. Here’s an overview of factor rates and how to calculate them to. Randa Kriss writes for NerdWallet.

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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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Debunked! Four Compliance Myths and Misconceptions for Collections

True Accord

Trying to keep up with regulations in debt collection can feel overwhelming especially with new cases and federal guidance coming out regularly interpreting the law and states actively amending or creating new laws that impact debt collectors, original creditors, and current creditors. Here are four common compliance myths and misconceptions for collections debunked (no detective work needed)!

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Smart Money Podcast: Live From Las Vegas!

Nerd Wallet

Welcome to NerdWallet’s Smart Money podcast, where we answer your real-world money questions. This week’s episode is a special live episode that was recorded at a company gathering in Las Vegas over the summer. Check out this episode on any of these platforms: Apple Podcasts Spotify Our take If you want to gamble in Vegas. Sean Pyles writes for NerdWallet.

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Does New York Allow Contingency Fee Debt Collection?

FFGN COLLECT NY

In some cases, debt collection lawyers may offer contingency fee debt collection arrangements also known as no recovery, no fee collections. The debt collection process can include demand, mediation, arbitration, litigation and judgment enforcement. The availability of contingency fee debt collection depends upon the state’s and/or country’s rules and laws.

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Clear vs. Global Entry: Which Is Right for You?

Nerd Wallet

For any traveler, there is always one part of the trip that can bring anxiety — security checks. Regrettably, security checks can be a nuisance, whether getting by the Transportation Security Administration to catch your departing flight or arriving home from an international trip and dealing with customs. But there are ways to ease the. Alisha McDarris 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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Whose Crypto Is It Anyway? Bankruptcy and Crypto

Troutman Sanders

In this episode of The Crypto Exchange , Troutman Pepper Partner Keith Barnett welcomes his colleague Deborah Kovsky-Apap to discuss various bankruptcy issues facing crypto exchanges, including who exactly owns the digital assets when an exchange files for bankruptcy. Additionally, Keith and Deborah explore bankruptcy eligibility for crypto exchanges and security interests in crypto.

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What to Know About Fly Now Pay Later

Nerd Wallet

Whether you’re taking a long-awaited vacation or need to book travel urgently for an emergency, you may not currently have all of the funds necessary to book a trip. Enter a service like Fly Now Pay Later that lets you “buy now, pay later” for flights, hotels and other travel expenses. But you may be. JT Genter writes for NerdWallet. Email: travel@nerdwallet.com.

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Join Us September 27-29, 2022, for NAFCU’s Regulatory Compliance & BSA Seminar

Troutman Sanders

Troutman Pepper consumer finance partner, Lori Sommerfield, will present CFPB UDAAP Developments under Director Chopra’s Leadership during NAFCU’s Regulatory Compliance & BSA Seminar in Louisville, Ky. The Seminar brings together NCCOs, NCBSOs, compliance, audit, and legal staff and provides an opportunity to stay abreast of evolving regulatory trends including the latest compliance and BSA challenges.

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Apple Card’s Daily Cash Rewards Now Easier to Track

Nerd Wallet

The Apple Card has been a fan favorite since its release in 2019. Among its draws is the ability to access rewards earned from the card — called Daily Cash — nearly instantly, rather than having to wait until the end of the billing cycle as with many cards. The $0-annual-fee card earns 2% back. Craig Joseph writes for NerdWallet. Email: cjoseph@nerdwallet.com.

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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 Signals Increased Regulation of Buy Now, Pay Later Products

Troutman Sanders

After analyzing public feedback, as well as information gathered from the five providers of Buy Now, Pay Later (BNPL) products, the Consumer Financial Protection Bureau (CFPB) issued a report, making it clear that the CFPB plans to increase regulation of the BNPL industry. A form of credit that allows a consumer to split a retail transaction into smaller, interest-free installments and repay over time, the typical BNPL structure divides a $50 to $1,000 purchase into four equal installments.

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3 Things to Know About the New PricePoints from Priceline

Nerd Wallet

The Priceline VIP Rewards™ Visa® Card has an exciting new feature that could have you jetting off to your next vacation in no time. Now, cardholders have the option to earn 5x points for every dollar you spend when booking travel via Priceline, even when redeeming points. This means you could be racking up points. Ramsey Qubein writes for NerdWallet.

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Farewell, Hunstein—Eleventh Circuit Holds Disclosing Debtor’s Information to Mail Vendor Does Not Establish Concrete Harm

Consumer Finance Watch

Wayne Streibich, Diana M. Eng, and Andrea M. Roberts ? Financial institutions, debt collectors, debt collection law firms, and consumer-facing businesses should take note that the Eleventh Circuit Court of Appeals reversed the prior panel’s decision and has ruled that merely … Continue reading → The post Farewell, <i>Hunstein</i>—Eleventh Circuit Holds Disclosing Debtor’s Information to Mail Vendor Does Not Establish Concrete Harm appeared first on Consumer Finance Wa

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5 Things to Know About the Sonesta World Mastercard

Nerd Wallet

Sonesta may not be as ubiquitous as other hotel brands, but its footprint has grown in recent years. And while it’s becoming easier to find a Sonesta hotel, the company remains a small player in the hospitality industry. In turn, only a small number of travelers will benefit from its co-branded credit card. The Sonesta. Jae Bratton 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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What Can a Debt Collector Do in California?

Direct Recovery

Dealing with debt collectors is a frustrating experience for anyone to deal with, regardless of the underlying reasons for the situation. Fortunately, the local laws in California offer a wide range of protections that limit what those agents can do when they contact consumers. While there isn’t all that much that a debt collector can do to a consumer here in California, there are a few things that are permitted, assuming they are attempting to contact you about a legitimate debt.

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What to Know Before Flying United With Pet Cargo

Nerd Wallet

Heading out on a vacation sounds good, doesn’t it? After all, there’s not much else like sipping a daiquiri on the beach. But there’s an extra step to take before traveling when you’ve got pets at home. Do you opt for a pet sitter, find a doggy hotel or bring your furry friend along with. Carissa Rawson writes for NerdWallet. Email: articles@nerdwallet.com.

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Five Stories that Matter in Michigan This Week – September 16, 2022

Fraser

Small Michigan Cannabis Growers Ask State to Stop Issuing Grow Licenses. Small cannabis businesses “overwhelmingly” asked the Michigan Cannabis Regulatory Agency to stop issuing new grow licenses (at least temporarily) at the CRA’s recent public quarterly meeting, according to MLive.com. They also requested that the number of plants any business can grow be capped at 10,000, and that there be better enforcement of black-market sales.