Fri.Dec 11, 2020

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What the States With the Highest Credit Card Debt Burdens Have in Common

Account Recovery

If you had three guesses, do you think you could name any of the five states that have the highest amount of average credit card debt, per person? All five were in the top 10 last year, according to a ranking provided by Creditcards.com. Want a clue? Coincidentally enough, all five rank among the bottom … The post What the States With the Highest Credit Card Debt Burdens Have in Common appeared first on AccountsRecovery.net.

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How Much Interest Can I Earn on $100, $1K or $10K?

Nerd Wallet

A savings account is an important way to prepare for big expenses and future goals — even if you start small. No matter the amount you’re saving, what’s most critical is that you start now. “There’s never a time that’s soon enough,” says Angela Moore, a certified financial planner and the founder of Modern Money. Ruth Sarreal writes for NerdWallet. Email: rsarreal@nerdwallet.com.

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Wisc. Judge Grants MTD in FDCPA Case Over Creditor Name in Letter

Account Recovery

A District Court judge in Wisconsin has granted a defendant’s motion to dismiss after it was sued for violating the Fair Debt Collection Practices Act because it allegedly failed to correctly identify the creditor to whom a debt was owed in a collection letter. A copy of the ruling in the case of Fellenz v. … The post Wisc. Judge Grants MTD in FDCPA Case Over Creditor Name in Letter appeared first on AccountsRecovery.net.

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Can You Pay Off Student Loans in One Lump Sum?

Nerd Wallet

You can use a lump sum to pay down or pay off student loans. There are never any penalties for prepaying federal or private student loans. You’ll save time and interest if you can pay off student loans in one lump sum. But before you do, make sure there’s not a better use for that. Ryan Lane writes for NerdWallet. Email: rlane@nerdwallet.com. The article Can You Pay Off Student Loans in One Lump Sum?

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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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HHS Issues NPRM to Amend HIPAA’s Privacy Rule

Account Recovery

The Department of Health and Human Services’ Office of Civil Rights has issued a Notice of Proposed Rulemaking that would amend the Health Insurance Portability and Accountability (HIPAA) Act’s Privacy Rule to, among other things, reduce the regulatory burden on the healthcare industry. HIPAA’s Privacy Rule protects the privacy and security of individuals’ medical records … The post HHS Issues NPRM to Amend HIPAA’s Privacy Rule appeared first on AccountsRecove

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Daily Digest – December 11. Wisc. Judge Grants MTD in FDCPA Case; Bankruptcy Overhaul Bill Introduced

Account Recovery

WISC. JUDGE GRANTS MTD IN FDCPA CASE OVER CREDITOR NAME IN LETTER A District Court judge in Wisconsin has granted a defendant’s motion to dismiss after it was sued for violating the Fair Debt Collection Practices Act because it allegedly failed to correctly identify the creditor to whom a debt was owed in a collection … The post Daily Digest – December 11.

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3 Ways Minority-Owned Banks Make a Difference in America

Nerd Wallet

One type of bank plays an outsized role in creating more economic opportunity for people of color. From a Black leadership perspective, a bank is more than “a place where someone can drop off a deposit or get a loan,” says Kevin Cohee, CEO and chairman of OneUnited Bank, one of the biggest Black-owned banks. Spencer Tierney writes for NerdWallet. Email: spencer.tierney@nerdwallet.com.

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Sen. Warren, Rep. Nadler Introduce Bankruptcy Reform Bill

Account Recovery

Sen. Elizabeth Warren [D-Mass.] and Rep. Jerry Nadler [D-N.Y.], the chairman of the House Judiciary Committee, this week introduced a bill in Congress that would overhaul the consumer bankruptcy process in an attempt to “simplify and modernize” the process, according to a press release announcing the proposed legislation. The Consumer Bankruptcy Reform Act of 2020, … The post Sen.

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Can You Afford A Dog? Pet Ownership Costs Guide for 2020

Credit Corp

There is so much to love about having a dog—the companionship, cuddles, stress relief, and other health benefits. But before you take the big leap into dog ownership, you have to know what it will cost you financially. Each year, too many dogs end up abandoned in shelters because their owners could not afford the various bills affiliated with keeping up with their pets.

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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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Gift Hilton Honors Elite Status This Year

Nerd Wallet

If you’re a Diamond or Lifetime Diamond member in the Hilton Honors loyalty program, one of your loved ones is about to get Hilton elite status — and you’ve found yourself an easy holiday gift to give that won’t cost you a dime. Beginning next week and through January 2021, Hilton will allow certain members. Sally French writes for NerdWallet. Email: sfrench@nerdwallet.com.

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Chairwoman Maxine Waters Urges Biden to Rescind the CFPB’s Debt Collection Rule

Collection Industry News

On Friday, Representative Maxine Waters (D-CA-43)—the Chairwoman of the House Financial Services Committee—sent a letter to President-elect Biden urging him and Vice President-elect Harris to rescind the Consumer Financial Protection Bureau’s recently-released final debt collection rule and to take several other actions. The 45-page-long letter covers a wide range of topics.

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My 2021 Travel Resolutions: A Hopeful Pursuit of International Destinations

Nerd Wallet

At this point, I can’t even imagine taking the trips I had planned for 2020: The quick weekend trip to Atlanta to see a Taylor Swift concert, the birthday week in Nashville where I hear people pack into four-story bars, or a two-week journey through New Zealand and Australia. The truth is travel has changed, Meghan Coyle writes for NerdWallet. Email: mcoyle@nerdwallet.com.

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Judge Dismisses FDCPA Class Action Brought Over $0 Balance Line Item

Troutman Sanders

Plaintiffs John Slomanski and Margaret Brusewitz brought an FDCPA class action, Slomanski and Brusewitz v. Alliance Collection Agencies , in the Eastern District of Wisconsin alleging that debt collection letters sent to them and other class members were misleading and violated §1692e of the FDCPA. They alleged that the letters were misleading because they listed multiple accounts, stating that they had not been paid off, and yet some line items had a $0 balance.

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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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Star Alliance Award Sweet Spots and Transfer Partners

Nerd Wallet

Star Alliance is the largest airline alliance, home to 26 members, including the likes of United Airlines, Air Canada and All Nippon Airways. The breadth of this network means that you can reach more than 1,300 destinations in 195 countries by using one member airline’s miles to fly on another member airline. Flying on an. Elina Geller writes for NerdWallet.

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District Court Dismisses FDCPA Claim Alleging Failure to Address Future Hypotheticals

Troutman Sanders

In Riccio v. Client Services, Inc. , the District Court of New Jersey dismissed a class action lawsuit finding that a failure to assure a consumer that statements in a letter would not change in the future was not materially misleading under the least sophisticated debtor test. On February 13, 2020, Joanne Riccio received a collection letter from Client Services, Inc. (“CSI”) that included the following statement: “Please note that no interest will be added to your account bala

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Timing Is Everything in Eleventh Circuit’s Renewed Consent Case

TCPA

The Eleventh Circuit recently affirmed the entry of summary judgment in favor of a student loan servicer and its affiliate, finding that their nearly 2,000 calls did not violate the TCPA because the plaintiff had renewed his consent by submitting … Continue reading →

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The CFPB Curtails the Activities of an Unlicensed Debt Collector: Striking a Chord Between State Licensing Compliance and the FDCPA

Collection Industry News

On December 8, 2020, the Consumer Financial Protection Bureau (CFPB) entered into a Consent Order with RAB Performance Recoveries, LLC (RAB) for engaging in debt collection activity without a license in the states of Rhode Island, Connecticut and New Jersey. RAB’s failure to obtain any proper state licensing in those specific states led the CFPB to issue a fine of over $200,000 as well as a permanent order restraining RAB and its principals from ever engaging in a very broad description of debt

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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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Article on section 230 immunity

Public Citizen

The immunity provided to internet platforms by section 230 of Communications Decency Act is a hot topic these days. Gregory Dickenson has written Rebooting Internet Immunity. Here is the abstract: We do everything online. We shop, travel, invest, socialize, and even hold garage sales. Even though we may not care whether a company operates online or in the physical world, however, the question has dramatic consequences for the companies themselves.

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It’s Go Time! CFPB Officially Launches Its Advisory Opinion Program

Collection Industry News

Six months after it first announced its pilot program, the Consumer Financial Protection Bureau (CFPB or Bureau) officially launched its Advisory Opinion Program by finalizing its advisory opinion policy yesterday. The policy is designed to provide clarity in areas where there might be regulatory uncertainty. The advisory opinion program is of special interest to the debt collection agency.

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Dodge Momentum Index Falls in November

NACM

The Dodge Momentum Index (DMI) saw a slight step back in November, the second straight month with a decline. The Momentum Index from Dodge Data & Analytics, which measures nonresidential building projects at their first reporting, fell 2.6%."Uncertainty over the potential for further federal stimulus has significantly complicated the recovery a.

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Regulation F—the CFPB’s Final Rule on Debt Collection—Is Now Published in the Federal Register

Collection Industry News

Per the Federal Register’s website, Regulation F—the Consumer Financial Protection Bureau’s (CFPB) Final Rule on debt collection—is now published in the Federal Register. This means that the clock is officially ticking toward the effective date: November 30, 2021. Questions remain as to how final the Final Rule is, but with no definitive answer, and really only speculation based on the results of the election and potential shifts in Congress.

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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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The CFPB Curtails the Activities of an Unlicensed Debt Collector: Striking a Chord Between State Licensing Compliance and the FDCPA

Collection Industry News

On December 8, 2020, the Consumer Financial Protection Bureau (CFPB) entered into a Consent Order with RAB Performance Recoveries, LLC (RAB) for engaging in debt collection activity without a license in the states of Rhode Island, Connecticut and New Jersey. RAB’s failure to obtain any proper state licensing in those specific states led the CFPB to issue a fine of over $200,000 as well as a permanent order restraining RAB and its principals from ever engaging in a very broad description of debt

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The CFPB’s Ombudsman Post-Examination Survey

Collection Industry News

[Note: This article has been updated to include additional information about the Post-Examination Survey Program]. In its recently published Annual Report to the Director, the CFPB’s Ombudsman Office describes a beta program launched this year to survey companies post-CFPB examination. Starting on page 14 of the report, the CFPB’s Ombudsman, Wendy Kamenshine, lays out the process the Bureau went through in conceiving, developing, and beta-testing these post-examination surveys.