Mon.Feb 06, 2023

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Judge Grants MTD for Lack of Standing in FDCPA Case Over Letter Vendor, Dispute Status

Account Recovery

Making sure to explain in specific detail why the plaintiff lacked standing to sue, a District Court judge in Illinois has granted a defendant’s motion to dismiss after it was sued for allegedly violating the Fair Debt Collection Practices Act by using a vendor to print and mail a collection letter and allegedly reporting information … The post Judge Grants MTD for Lack of Standing in FDCPA Case Over Letter Vendor, Dispute Status first appeared on AccountsRecovery.net.

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What Mortgage Company Changes Mean for Your Home Loan

Nerd Wallet

Barbara Marquand writes for NerdWallet. Email: bmarquand@nerdwallet.com. Twitter: @barbaramarquand. The article What Mortgage Company Changes Mean for Your Home Loan originally appeared on NerdWallet.

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Daily Digest – February 6. Judge Grants MTD for Lack of Standing; New Mass. AG Makes First Industry Enforcement Action

Account Recovery

JUDGE GRANTS MTD FOR LACK OF STANDING IN FDCPA CASE OVER LETTER VENDOR, DISPUTE STATUS Making sure to explain in specific detail why the plaintiff lacked standing to sue, a District Court judge in Illinois has granted a defendant’s motion to dismiss after it was sued for allegedly violating the Fair Debt Collection Practices Act … The post Daily Digest – February 6.

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CFPB Issues Guidance to Protect Mortgage Borrowers from Pay-to-Play Digital Comparison-Shopping Platforms

Consumer Finance

Today, the Consumer Financial Protection Bureau (CFPB) issued an advisory opinion to protect Americans from double dealing on digital mortgage comparison-shopping platforms. Companies operating these digital platforms appear to shoppers as if they provide objective lender comparisons, but may illegally refer people to only those lenders paying referral fees.

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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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Connecticut Governor Announces Intention to Purchase, Forgive $2B of Unpaid Medical Debt

Account Recovery

Following the lead set by TV stations, churches, and local governments, the governor of Connecticut has announced his intention to spend $20 million to purchase and then forgive $2 billion of unpaid medical debts for residents of The Nutmeg State. The announcement represents one of the largest plans to cancel medical debt, both for the … The post Connecticut Governor Announces Intention to Purchase, Forgive $2B of Unpaid Medical Debt first appeared on AccountsRecovery.net.

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New Mass. AG Makes First Industry-Related Enforcement Action

Account Recovery

In her first collection-related enforcement action, Andrea Joy Campbell, the new Attorney General of Massachusetts, announced that Toyota Motor Credit Corp., the financing arm of Toyota, will pay $7.6 million in fines and relief after being accused of violating the state’s regulations on collection call frequency while also failing to provide enough information to consumers … The post New Mass.

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6 Ways to Move Back Out of Your Parents’ House

Nerd Wallet

Kate Ashford, CSA® writes for NerdWallet. Email: kashford@nerdwallet.com. Twitter: @kateashford. The article 6 Ways to Move Back Out of Your Parents’ House originally appeared on NerdWallet.

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Compliance Digest – February 6

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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Can marrying someone who has filed bankruptcy impact your finances?

Albuquerque Law

When a relationship becomes serious, the couple often starts to carefully consider their finances. After all, a long-term commitment like marriage usually means two people will combine their finances. As you consider both your assets and debts, you may wonder: will your partner’s financial situation affect yours if they filed bankruptcy in the past?

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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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Community Property: What It Means for Your Assets, When It Applies

Nerd Wallet

Connor Emmert writes for NerdWallet. Email: cemmert@nerdwallet.com. The article Community Property: What It Means for Your Assets, When It Applies originally appeared on NerdWallet.

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Statement of CFPB Director Rohit Chopra on Mortgage Comparison Shopping in a Time of Higher Interest Rates

Consumer Finance

CFPB Director Chopra’s statement on digital mortgage comparison-shopping platforms.

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What’s New for Medicare in 2023?

Nerd Wallet

Kate Ashford, CSA® writes for NerdWallet. Email: kashford@nerdwallet.com. Twitter: @kateashford. The article What’s New for Medicare in 2023? originally appeared on NerdWallet.

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Michigan Federal Court Finds Conflicting Records Concerning Request to Remove Disputed Debt Status Creates Issue of Fact in FDCPA Case

Troutman Sanders

In a recent decision, a Michigan district court found that because there was a genuine issue of fact as to whether the defendant debt collector notified the consumer reporting agency (CRA) to remove a disputed debt notification from the plaintiff’s tradeline, the case could proceed to trial. In Evans v. Merchants and Medical Credit Corp. , the plaintiff received a letter from the defendant attempting to collect on an unpaid debt.

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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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What is a ‘Type P’ Passport?

Nerd Wallet

Lee Huffman writes for NerdWallet. Email: travel@nerdwallet.com. The article What is a ‘Type P’ Passport? originally appeared on NerdWallet.

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Troutman Pepper Weekly Consumer Financial Services Newsletter

Troutman Sanders

To help you keep abreast of relevant activities, below find a breakdown of some of the biggest events at the federal and state levels to impact the Consumer Finance Services industry this past week: Federal Activities State Activities Federal Activities: On February 3, while delivering remarks at the American Bar Association Business Law Section Derivatives and Futures Law Committee Winter Meeting , Commodities Futures and Trading Commission (CFTC) Chairman Rostin Benham noted that “there remain

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Smart Money: ChatGPT vs. the Nerds, and Rental Properties

Nerd Wallet

Jae Bratton writes for NerdWallet. Email: jbratton@nerdwallet.com. Liz Weston, CFP® writes for NerdWallet. Email: lweston@nerdwallet.com. Twitter: @lizweston. Sean Pyles writes for NerdWallet. Email: spyles@nerdwallet.com. Twitter: @SeanPyles. Sara Rathner writes for NerdWallet. Email: srathner@nerdwallet.com. Twitter: @sarakrathner. The article Smart Money: ChatGPT vs. the Nerds, and Rental Properties originally appeared on NerdWallet.

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How To Become an ISO Partner?

Payment Savvy

An ISO can help companies elevate the customer experience they’re providing by offering stellar payment processing services. A good ISO offers extensive support to its clients, both in regard to technical solutions and day-to-day merchant services. Many businesses, ranging in size and industries they’re operating in, benefit significantly from ISOs partnerships.

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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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Best Medicare Advantage Plans in Oregon

Nerd Wallet

Over 900,000 people in Oregon are signed up for Medicare, placing it about in the middle of U.S. states for Medicare beneficiaries. Medicare is the government health care program for people ages 65 and older. Medicare Advantage is a bundled alternative to Medicare sold by private companies. It offers all the same benefits and usually. Alex Rosenberg writes for NerdWallet.

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Illinois Federal Court Dismisses CFPB’s Case Against Townstone Financial, Finding ECOA Does Not Extend to Prospective Applicants

Troutman Sanders

On February 3, an Illinois federal court dismissed a case brought by the Consumer Financial Protection Bureau (CFPB) against Townstone Financial, Inc., a Chicago mortgage lender, for alleged violations of the Equal Credit Opportunity Act (ECOA) for purportedly discouraging prospective African American applicants in the Chicago metropolitan area from applying for mortgages.

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How to Choose a Health Care Proxy

Nerd Wallet

Dalia Ramirez writes for NerdWallet. Email: dramirez@nerdwallet.com. The article How to Choose a Health Care Proxy originally appeared on NerdWallet.

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What Are Independent Sales Organizations? (ISO)

Payment Savvy

Choosing the most suitable payment processor for your business is crucial. Since the majority of merchant accounts are being opened by ISOs or MSPs, you may already be familiar with these acronyms. Understanding the basis on which ISOs operate and how they can be beneficial for your business can help you in deciding which payment processing solutions make sense for you.

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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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Level 2 EV Charger: What It Is and Where to Find One

Nerd Wallet

Kurt Woock writes for NerdWallet. Email: kwoock@nerdwallet.com. The article Level 2 EV Charger: What It Is and Where to Find One originally appeared on NerdWallet.

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What Are Credit Cards on File?

Payment Savvy

Card-on-file (CoF) payments are taking over the payment processing industry. This payment method is slowly becoming a standard among both retail and subscription-based businesses, offering a more seamless and convenient customer experience. Essentially, card-on-file transactions allow merchants to charge their customers’ cards without them having to perform any action.

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‘Debt-Proof’ Credit Cards Lower Some Barriers but Raise Their Own

Nerd Wallet

Melissa Lambarena writes for NerdWallet. Email: mlambarena@nerdwallet.com. Twitter: @LissaLambarena. The article ‘Debt-Proof’ Credit Cards Lower Some Barriers but Raise Their Own originally appeared on NerdWallet.

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La CFPB Emite Direcciones para Proteger a Prestatarios de Hipotecas de las Tácticas Pague por Participar Usadas por Plataformas de Comparación de Ofertas

Consumer Finance

CFPB emite opinión legal para proteger de negociaciones escondidas por compañías que operan plataformas digitales de comparación de ofertas hipotecarias.

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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.