Mon.May 16, 2022

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Ariz. AG Obtains Judgment Banning Collector; Defendants to Pay Up to $1.8M in Fines and Restitution

Account Recovery

The Attorney General of Arizona on Friday announced that the defendants in a lawsuit filed by its office have reached a consent judgment that will see the defendants pay $1.6 million in restitution to those impacted by the debt collection scam, up to $900,000 in civil penalties, and a permanent ban for the owner of … The post Ariz. AG Obtains Judgment Banning Collector; Defendants to Pay Up to $1.8M in Fines and Restitution appeared first on AccountsRecovery.net.

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Great communication earns trust as a debt collector

American Profit Recovery

By Georgia: As a debt collector, I look forward to coming to work every day. Yes, you read that correctly. Admittedly, before working here, I would never have thought I’d think that. American Profit Recovery has opened my eyes to what it truly means to be a debt collector, as well as what an important job it is. This career is not only about helping consumers but also helping to change people’s perceptions of the debt collection industry.

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Judge Grants Motion for Defense in FDCPA Case Involving Assigned Claim

Account Recovery

There isn’t much to the ruling in this case, but it does involve a trend that I have been hearing more of in recent months, so I wanted to highlight this in case you haven’t seen it, or have seen it and are curious how these cases are being handled. A District Court judge in … The post Judge Grants Motion for Defense in FDCPA Case Involving Assigned Claim appeared first on AccountsRecovery.net.

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Impact of Russia-Ukraine war on Accounts Receivables

Nexa Collect

The Russia-Ukraine war will undoubtedly translate to higher consumer and commercial delinquencies. . Here are several reasons for it: Due to higher gas prices, everything has become expensive. Consumers need to shell out money on essential goods (like food, gas, clothes, expenses related to kids, etc.), and debt is something most people tend to put on the back burner. .

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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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States Prohibit Collection of Certain Types of School Debt

Account Recovery

On top of changes to how medical debts are being collected — if they are allowed to be collected at all — and rumors circulating about student loan debts being canceled or forgiven, states are also halting the collection of other types of debt, including those owed to local schools. A pair of states have … The post States Prohibit Collection of Certain Types of School Debt appeared first on AccountsRecovery.net.

More Trending

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Compliance Digest – May 16

Account Recovery

I’m thrilled to announce that Bedard Law Group is the new sponsor for the Compliance Digest. Bedard Law Group, P.C. – Compliance Support – Defense Litigation – Nationwide Complaint Management – Turnkey Speech Analytics. And Our New BLG360 Program – Your Low Monthly Retainer Compliance Solution. Visit www.bedardlawgroup.com, email John H.

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CFPB Takes Action to Protect Depositors from False Claims About FDIC Insurance

Consumer Finance

The Consumer Financial Protection Bureau (CFPB) released an enforcement memorandum today that addresses prohibited practices on claims about Federal Deposit Insurance Corporation (FDIC) insurance. Specifically, firms cannot misuse the name or logo of the FDIC or make deceptive representations about deposit insurance.

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Malone Frost Martin Hires New Attorney; Opens Satellite Office in Florida

Account Recovery

DALLAS, Texas — Malone Frost Martin PLLC (MFM), a leading industry defense and compliance law firm, is very pleased to announce the addition of Chelsey Pankratz who will head up MFM’s new satellite office location in Jacksonville, Florida at 301 W. Bay Street, Suite 14147, Jacksonville, FL, US 32202. Chelsey joins MFM with several years of … The post Malone Frost Martin Hires New Attorney; Opens Satellite Office in Florida appeared first on AccountsRecovery.net.

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How Guests Can Honor Their Budgets in Peak Wedding Season

Nerd Wallet

It’s a banner year for weddings, with industry experts at the Wedding Report predicting that more than 2.5 million couples will tie the knot — a 40-year high. But you might find your finances aren’t quite ready to take on the costs associated with being a wedding guest. Half (50%) of Americans say they plan. Amanda Barroso writes for NerdWallet. Email: abarroso@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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Daily Digest – May 16. Judge Grants Motion for Defense in FDCPA Assigned Claim Case; Ariz. AG Gets Judgment Banning Collector

Account Recovery

JUDGE GRANTS MOTION FOR DEFENSE IN FDCPA CASE INVOLVING ASSIGNED CLAIM There isn’t much to the ruling in this case, but it does involve a trend that I have been hearing more of in recent months, so I wanted to highlight this in case you haven’t seen it, or have seen it and are curious … The post Daily Digest – May 16. Judge Grants Motion for Defense in FDCPA Assigned Claim Case; Ariz.

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Smart Money Podcast: New Student Debt, and a Couple's Money Baggage

Nerd Wallet

Welcome to NerdWallet’s Smart Money podcast, where we answer your real-world money questions. This week’s episode starts with a discussion of the student debt new high school grads — and their parents — could take on. Then we pivot to this week’s money question from Nicholas, who sent us a voicemail: “Hi there, Nerds. My. Liz Weston, CFP® writes for NerdWallet.

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Statement of CFPB Director Rohit Chopra, FDIC Board Member, Final Rule Regarding False Advertising, Misrepresentations of Insured Status, and Misuse of the FDIC’s Name or Logo

Consumer Finance

CFPB Director and FDIC Board Member Rohit Chopra’s statement on the FDIC’s final rule regarding false advertising, misrepresentations of insured status, and misuse of the FDIC’s name or logo.

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The Best Award Flights to Book to Toronto

Nerd Wallet

Whether it’s to catch a game, attend a film festival or explore the magnificent city, Toronto offers many compelling reasons to visit. But, no matter your reason, the best way to start your trip is by booking a cheap flight to Toronto. Thankfully, airline miles and bank points can help you slash your travel costs. JT Genter writes for NerdWallet. Email: travel@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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Influence of blockchain and robotisation decreasing according to finance professionals

On Guard

Plenty of steps to be taken towards real-time reporting. Amsterdam 15 May 2022 – The importance of blockchain and robotisation has declined over the years for finance professionals. In 2019, 33% still said they expected blockchain to have a major impact on the financial sector and 29% thought so of blockchain. Since then, these percentages have shrunk to seventeen and twenty percent respectively.

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How to Book Travel on Expedia

Nerd Wallet

Booking travel on Expedia is easy. You can use the popular online travel agency to search and purchase such things as accommodations, cruises, excursions and activities, flights, and rental cars. The site is especially handy for building your own highly customized travel package. Want a pet-friendly three-bedroom condo convenient to Aspen Mountain with a hot.

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Navigating the Critical Differences Between the CCPA and the CPRA

Troutman Sanders

Register. Thursday, May 26 • 12:00 – 1:00 p.m. ET. California was the first state to enact a comprehensive state privacy bill with the California Consumer Privacy Act of 2018 (CCPA). Although the CCPA went into effect on January 1, 2020, it was significantly overhauled during California’s November 2020 General Election, when the California Privacy Rights Act of 2020 (CPRA or the Act) was adopted.

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NerdWallet’s Best Point-of-Sale (POS) Systems 2022

Nerd Wallet

The best point-of-sale systems do far more than handle customer payments. A system with the right features can improve daily business operations by helping you smoothly manage sales, track inventory and boost revenue with customer loyalty programs. Transparent pricing, intuitive flows and access to live support are also important when selecting your system.

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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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Troutman Pepper Weekly Consumer Financial Services COVID-19 Newsletter

Troutman Sanders

Like most industries today, Consumer Finance Services businesses continue to be significantly impacted by COVID-19. To help you keep abreast of relevant activities, below find a breakdown of some of the biggest legislative and regulatory events at the federal and state levels to impact the Consumer Finance Services industry this past week: Federal Activities.

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QR Code Payments: How Small Businesses Can Use Them

Nerd Wallet

A QR code, or quick response code, is a way to convert information into an image, like this: If you point a smartphone camera at one, it can execute a command like opening a webpage in a browser — a simple but useful feature, especially for longer URLs that are too clunky to input manually. Kurt Woock writes for NerdWallet. Email: kwoock@nerdwallet.com.

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Reaching Consumers Beyond Outbound Calling: Insights and Learnings from Collection Experts

True Accord

If transforming the way you reach customers to recover delinquent accounts isn’t on your radar in 2022, a year where projected delinquencies are expected to soar, you’re at risk. Fortunately, we recently rounded up a panel of experts to share their insights and experiences taking those first steps away from outbound calling and toward better consumer communication in our webinar “What Labor Shortage, Wage Inflation, and Regulatory Restrictions Mean for Your Call Center”— available to

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How to Stay in the Maldives for Cheap via Citi and Choice

Nerd Wallet

Overwater villas, white sand and strawberry daiquiris — these are the images we conjure up when thinking about the Maldives. One of the most aspirational vacations for every type of traveler, we often spend years saving up for the ability to sleep a few nights above the waves. But these perfect beaches can come at. Carissa Rawson 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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Nielson Paper Asks What Happens If the FTC Becomes a Serious Rulemaker?

Public Citizen

Aaron L. Nielson of Brigham Young has written What Happens If the FTC Becomes a Serious Rulemaker? forthcoming in FTC's R????????? A???????? (Concurrences 2022). Here's the abstract: The Federal Trade Commission (FTC) is no one’s idea of a serious rulemaker. To the contrary, the FTC is in many respects a law enforcement agency that operates through litigation and consent decrees.

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Options Trading Explained

Nerd Wallet

Options trading is popular with investors for a number of reasons. Certain options trading strategies can potentially limit the risk of loss, protect investments against market volatility, or turn a profit. Amid 2022 concerns about inflation, the Russia-Ukraine war and rising oil prices, options trading is growing. According to the Options Clearing Corp., 939 million.

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Illinois Will Stop Helping Cities Collect Some School Ticket Debt From Students

Collection Industry News

Source: site. Illinois’ top financial official has banned local governments from using a state program to collect debt from students who have been ticketed for truancy, eliminating a burden for families struggling to pay steep fines. A number of school districts around the state, meanwhile, have begun to scale back and reevaluate when to involve law enforcement in student discipline, among them a suburban Chicago high school where Black students have been disproportionately ticketed.

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CFPB Releases Spring 2022 Supervisory Highlights

Collection Industry News

Source: site. The CFPB recently issued its Spring 2022 Supervisory Highlights , discussing findings from its examinations in connection with auto servicing, consumer reporting, credit card account management, debt collection, deposits, mortgage origination, prepaid accounts, remittances, and student loan servicing. This is the 26th edition of the CFPB’s Supervisory Highlights and it covers the examinations that were completed in the second half of 2021.

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How to Attract Multiple Generations to Open New Accounts and Apply for Loans

The experiences of every generation are characterized by their behaviors involving finances. Understanding these attitudes and using them to inform marketing messages enables community banks, regional banks and credit unions to better serve their customers. This entertaining and informative eBook will help your financial institution uncover the best practices when it comes to appealing to mass audiences.