Wed.Aug 26, 2020

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Daily Digest – August 26. Fired Branch Manager Fined For Kickback Scheme; CFPB Files Suit Against Credit Repair Partner

Account Recovery

BRANCH MANAGER FINED, BARRED FROM RENEWING LICENSE AS PART OF KICKBACK SCHEME The Minnesota Department of Commerce has banned a collection agency branch manager from obtaining a license for five years and fined him $2,500 for orchestrating a kickback scheme in which he inflated the commissions of a collector in order to share in the … The post Daily Digest – August 26.

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10 Benefits of Having a Good Business Credit Score

Nexa Collect

Access to business credit can help smooth out cash flow, enable large equipment purchases, and give companies the capital they need when they need it. But in the same way that personal loans hinge on an individual’s credit score, business loans depend on a company’s business credit score. The higher an organization’s rating, the better. Below you’ll find ten reasons why having a good business credit score is so beneficial.

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CFPB Files Suit Against Credit Repair Partner To Compel Subpoena Compliance

Account Recovery

The Consumer Financial Protection Bureau has filed a lawsuit against a partner of credit repaid company Progrexion Marketing, Inc., accusing the partner of refusing to comply with subpoena and provide documents requested by the agency. A copy of the complaint in the case of CFPB v. OLP.com, Inc., can be accessed by clicking here. The … The post CFPB Files Suit Against Credit Repair Partner To Compel Subpoena Compliance appeared first on AccountsRecovery.net.

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Will There Still Be a Second Stimulus Check?

Debt

If you are one of the millions who anticipated a second stimulus check from the federal government – and penciled $1,200 into the income side of your budget – you better hope that pencil has an eraser. The second stimulus check may never happen. And if it does, the earliest you’ll see it is sometime […]. The post Will There Still Be a Second Stimulus Check?

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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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Lawsuit Activity Rebounds in July, But Still Well Below 2019 Levels: WebRecon

Account Recovery

Only in 2020 would the number of lawsuits filed against collection agencies claiming violations of the Fair Credit Reporting Act, the Fair Debt Collection Practices Act, and the Telephone Consumer Protection Act be both up and down, according to data published yesterday by WebRecon. When comparing the totals from July 2020 to a month earlier, … The post Lawsuit Activity Rebounds in July, But Still Well Below 2019 Levels: WebRecon appeared first on AccountsRecovery.net.

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AmSher Continues to Lead Innovation in Accounts Receivable Services Industry with Pairity AI

Account Recovery

Birmingham, Ala.– AmSher, a leading specialized accounts receivable service company, announced today that it has selected Pairity AI for account scoring to boost compliant Right-Party Contact and maximize debt recovery. “We have honed our credit-based modeling and scoring with our proprietary predictive methodology,” says AmSher President, Seth DeForest.

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Consumer Financial Protection Bureau Issues Analysis of HMDA Data Points

Consumer Finance

The Consumer Financial Protection Bureau issued a new Home Mortgage Disclosure Act analysis of the 2019 HMDA Data. This data article is the second in a series and follows the first article published in June of this year.

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FTC Announces FCRA NPRMs

Account Recovery

The Federal Trade Commission has announced that it is seeking comment on a number of proposed changes to several rules aimed at aligning the Fair Credit Reporting Act and the Dodd-Frank Wall Street Reform and Consumer Protection Act. The FTC has released five notices of proposed rulemaking, each of which will be published in the … The post FTC Announces FCRA NPRMs appeared first on AccountsRecovery.net.

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New CFPB Guide for Intermediaries to Assist Non-Filers to Access their Economic Impact Payments

Consumer Finance

The Consumer Financial Protection Bureau released a guide to assist intermediaries in serving individuals to access their Economic Impact Payments (EIPs).

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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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Ohio Bankruptcy FAQ: What Is a Means Test?

Luftman, Heck & Associates.

There are two types of personal bankruptcy available – Chapter 7 and Chapter 13. Both have benefits depending on your situation and need. Chapter 13 creates a payment plan so it is easier to pay off at least portions of your debts in three to five years. Chapter 7 totally wipes away your debts and gives you a clean slate after selling off certain assets.

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Bailiffs allowed to return to Debt Collection duties

UK debt collections

Local Authorities have been given the green light to send Bailiffs to collect outstanding debts. This follows a five month suspension due to the coronavirus pandemic. The use of Bailiffs had been suspended on the 26th March this year but can now resume Debt Collection activities as long as they adhere to new guidance issued. Other than ‘exceptional circumstances’, they are not allowed to enter properties to seize goods.

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Debt Collector Cannot “Outsource” Statutory Duty to Avoid Errors under FDCPA, Ninth Circuit Holds.

Troutman Sanders

The plaintiff incurred a debt to a medical provider who placed the debt with a debt collector. The collection letter from the debt collector included a request for repayment of principal and interest. The plaintiff filed a lawsuit alleging that the debt collector violated the Fair Debt Collection Practices Act (FDCPA) because it was not allowed to charge interest on the unpaid debt or, alternatively, that it was using the wrong start date for the interest calculation.

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CFP on Racial Capitalism

Public Citizen

We've received the following Call for Papers, which overlaps with consumer law issues: Racial Capitalism: An Elaboration in Legal Scholarship. As a journal dedicated to social, racial, and economic justice, the  Journal of Civil Rights & Economic Development  (JCRED) is soliciting articles for  Racial Capitalism, an Elaboration in Legal Scholarship ,   our forthcoming symposium issue.

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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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Troutman Pepper Attorneys Publish Article, “The Inconvenience of Convenience Fees” In ACA International’s Collector Magazine

Troutman Sanders

Troutman Pepper Attorneys, David Anthony and Jonathan Floyd recently published the article, “The Inconvenience of Convenience Fees” in ACA’s Collector Magazine. Convenience fees have emerged as a prominent topic and potential source of litigation in the accounts receivable management (ARM) industry as creditors and debt collectors look to defray the expense of payment processing.

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2019 1:1 Fund Impact Report Highlights Partners’ Successes

Prosperity Now

The 1:1 Fund helps local CSA programs raise funds from individual donors, which are used to boost the savings of

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