Account Recovery
OCTOBER 10, 2023
One-third of all consumers owe at least $250,000 in debt — when factoring in mortgages and auto loans — while half of the population owe less than $250,000, and the remaining 17% are carrying no debt at all, according to a newly released report.
Consumer Finance
OCTOBER 10, 2023
The Consumer Financial Protection Bureau (CFPB) issued an advisory opinion regarding a provision enacted by Congress which generally prohibits large banks and credit unions from imposing unreasonable obstacles on customers, such as charging excessive fees, for basic information about their own accounts.
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Account Recovery
OCTOBER 10, 2023
A District Court judge has granted a defendant’s motion for judgment on the pleadings in a Fair Debt Collection Practices Act case, ruling that while the plaintiff lacked standing to sue, the merits of the case warranted the ruling as well and that using a word other than “validation” when responding to a verification request […]
Consumer Finance
OCTOBER 10, 2023
The Consumer Financial Protection Bureau (CFPB) released a special edition of its Supervisory Highlights focused on the agency’s efforts to shutdown junk fees.
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.
True Accord
OCTOBER 10, 2023
We’re approaching the end of the year and fall is in the air – along with consumer financial uncertainty. Economic stressors persist and are likely contributing to many consumers relying on credit to cover expenses, while the resumption of student loan payments adds another financial obligation to the mix. For consumers, the conundrum of balancing finances continues as the holiday spending season sneaks up.
Creditor Collections Today brings together the best content for creditors and collection professionals from the widest variety of industry thought leaders.
PDC Flow
OCTOBER 10, 2023
PDCflow now offers an extensive list of ACH processing options for merchants. Through a recent integration enhancement, companies who accept ACH payments through PDCflow have access to more choices than ever before when it comes to ACH processors. Businesses may choose from any of the following check processors for their PDCflow ACH payments: Payliance ACHWorks VeriCheck (VCI) RP Solutions CheckGateway PAYA ACH EFT BOP CrossCheck Teledraft Reliafund Actum Benefits of More ACH Processing Options
Hudson Weir
OCTOBER 10, 2023
We’ve mentioned it many times before on our blog, but what is the Insolvency Act 1986 exactly? It’s legislation that provides the legal platform for business and individual insolvency matters in the UK. And the Insolvency Act 1986 ‘long title’ is very informative about its contents, consolidating: Enactments relating to company insolvency and winding up (including the winding up of companies that are not insolvent, and of unregistered companies); Enactments relating to the insolvency and bankrup
Collections Law
OCTOBER 10, 2023
A mechanic’s lien is a powerful debt-collection tool for businesses in the construction industry. One of the requirements to file a mechanic’s lien is that you must have a written contract that is enforceable under Massachusetts law. That contract must also relate to the property that you helped to improve by performing services. What constitutes a contract for a mechanic’s lien?
Troutman Sanders
OCTOBER 10, 2023
The Connecticut Banking Commissioner (Commissioner), acting through the Consumer Credit Division of the Department of Banking (the Division), conducted an investigation into the Law Offices of David M. Katz, discovering that in 2018 and 2019 the firm had engaged in in unlicensed collection activity involving about 10,000 Connecticut accounts with a total balance of $1.4 million.
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Collection Industry News
OCTOBER 10, 2023
The bond vigilantes are coming back as investors continue to sell amid the prospect of higher-for-longer interest rates and a growing fiscal deficit, according to Kevin Zhao, head of global sovereign and currency at UBS Asset Management. The yield on the benchmark 10-year U.S. Treasury note rose above 5% once again on Monday, having passed the milestone on Thursday for the first time since 2007.
NACM
OCTOBER 10, 2023
Education gives professionals the opportunity to learn, share their knowledge and grow. NACM's Professional Certification Program allows credit professionals to earn credentials that showcase excellence and mastery in their career. With six levels of professional certifications, credit professionals are motivated to sharpen their tools or learn new.
Account Recovery
OCTOBER 10, 2023
The Department of Education and the Biden Administration last week announced an additional $9 billion in student loan debt relief, bringing the total amount of student loans that have been canceled during the current administration to $127 billion. In the most recent announcement, the Department of Education is providing 53,000 borrowers with $5.
Account Recovery
OCTOBER 10, 2023
Collector Facing FDCPA Suit Over Texts With Consumer Judge Grants MJOP for Defendant in FDCPA Case Over ‘Substantiation’ Letter Administration Wipes Out $9B More in Student Loans Growing Debt Loads Making it Harder for Consumers to Stay Current WORTH NOTING: What older voters think about Trump and Biden’s age … What it’s like to live […]
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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