Account Recovery
JANUARY 17, 2022
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.
Credit Corp
JANUARY 17, 2022
Credit limit plays an important role for millions of credit card users across the country. It’s a factor that influences credit card use and, by its role in determining credit utilization, your credit score as a whole. So understanding your credit limit and how a credit card issuer sets it is very important. But what exactly is a credit limit, and how is it determined by a credit card issuer?
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Account Recovery
JANUARY 17, 2022
When is a communication from a debt collector not an attempt to collect a debt? If it says so in a letter to an attorney representing a consumer, is that enough? A District Court judge in Pennsylvania thinks so, and has granted a defendant’s motion for summary judgment in three consolidated Fair Debt Collection Practices … The post Judge Grants MSJ in FDCPA Cases Over ‘Not an Attempt’ to Collect Disclosure in Letter appeared first on AccountsRecovery.net.
Consumer Finance
JANUARY 17, 2022
Today, the Consumer Financial Protection Bureau (CFPB) filed a proposed final judgement and order with a federal district court that, if entered by the court, would resolve a March 2021 lawsuit brought by the CFPB against BrightSpeed Solutions and its founder Kevin Howard.
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.
Account Recovery
JANUARY 17, 2022
A bill has been introduced in the New York legislature that would ban debt collectors from attempting to collect debts using social media platforms, which would directly contradict what is allowed under the provisions of the Consumer Financial Protection Bureau’s Regulation F. Details about the bill — A08622 — which was introduced last week by … The post Bill Introduced in N.Y. to Ban Social Media Communications When Collecting appeared first on AccountsRecovery.net.
Creditor Collections Today brings together the best content for creditors and collection professionals from the widest variety of industry thought leaders.
Account Recovery
JANUARY 17, 2022
PEACHTREE CORNERS, GA — The First Financial Asset Management (FFAM360) family of companies, a world-class organization providing revenue-centric solutions to specifically address all phases of the credit and revenue lifecycle, is pleased to announce the addition of Daniel J. McCusker, Esquire as General Counsel and Chief Compliance Officer. Mr.
Nerd Wallet
JANUARY 17, 2022
Welcome to NerdWallet’s Smart Money podcast, where we answer your real-world money questions. This week’s episode starts with a discussion about how Nerds choose the best financial products for consumers — while keeping their editorial integrity. Then we pivot to this week’s money question from Richmond, who left us a voicemail: “A couple of my. Liz Weston writes for NerdWallet.
Account Recovery
JANUARY 17, 2022
The average consumer worries about money six times a day and more than half have overextended themselves are in a “difficult” financial position, according to the results of a survey conducted and released by Affirm, a Buy Now, Pay Later provider. On the bright side, though, younger consumers feel as though living through the pandemic … The post Consumers Worry About Money 6 Times a Day: Survey appeared first on AccountsRecovery.net.
Nerd Wallet
JANUARY 17, 2022
It’s always exciting when you’ve finally saved up enough airline miles for an award flight. Whether you’re looking to stretch your miles by flying economy or want to splurge for a first-class ticket, the amount you’ll pay will vary by airline. While many U.S. airlines have ditched fixed-rate award charts in favor of dynamic pricing, Carissa Rawson writes for NerdWallet.
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Account Recovery
JANUARY 17, 2022
JUDGE GRANTS MSJ IN FDCPA CASE OVER ‘NOT AN ATTEMPT’ TO COLLECT DISCLOSURE IN LETTER When is a communication from a debt collector not an attempt to collect a debt? If it says so in a letter to an attorney representing a consumer, is that enough? A District Court judge in Pennsylvania thinks so, and … The post Daily Digest – January 17.
UK debt collections
JANUARY 17, 2022
Brexit combined with the coronavirus pandemic has created a double-edged sword for businesses in the UK. It is claimed that its full-scale impact is yet to be fully realised with Economists from Atradius suggesting that UK Business insolvencies will rise by a staggering 33%. Only a recently as last week, UK Debt Collection experts were warning that Businesses need to act in the face of late payment.
Direct Recovery
JANUARY 17, 2022
After nearly two years, the COVID-19 pandemic has changed just about everything about how business is conducted around the world, and that is definitely true for the debt collection industry. While we can still make collection phone calls like we used to, nearly everything else has changed and evolved with the rest of the world over the past few years.
Fraser
JANUARY 17, 2022
Teenage drivers in Michigan must be named on an automobile insurance policy covering the vehicle they will be driving. This means that once your teen has passed their road test and is legally licensed to drive, as the parent, you should notify your insurer before your teenager actually begins driving independently. Your insurance company can then add your teenager to your policy as a “named driver” for all of the vehicles that they will regularly be driving.
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?
Fico Collections
JANUARY 17, 2022
In early collections, most customers will pay within a couple of days when nudged by a friendly reminder, such as text messaging. On the other hand, customers under financial stress should be spoken to sooner rather than later, so that there is sufficient time to resolve the problem and prevent accounts from rolling to later stages of delinquency. Ideally, minimal operational effort is spent on customers that are likely going to pay, so that expensive debt collection resources can be focused on
Collection Industry News
JANUARY 17, 2022
Source- site. The CFPB filed a complaint earlier this week in a New York federal district court against three companies that purchase defaulted debts (Corporate Defendants) and three individuals who are owners and/or officers of the Corporate Defendants (Individual Defendants). The Bureau alleges that the Corporate Defendants (1) placed consumer debts directly with debt collectors that collected the debts on their behalf or with “master servicers” who then placed the debts with debt collectors
NACM
JANUARY 17, 2022
China's central bank cut its interest rate on 700-billion-yuan ($110.19 billion) worth of one-year medium-term lending facility (MLF) loans to some financial institutions by 10 basis points from 2.95% to 2.85%, according to news reports.
Collection Industry News
JANUARY 17, 2022
Source- site. California recently adopted its “Proposed Regulations under the Debt Collection Licensing Act.” Among other things, effective December 22, 2021, the Commissioner of Financial Protection and Innovation designated the NMLS to receive and store filings, obtain credit reports, and collect fees and assessments from applicants and licensees on behalf of the Commissioner.
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Fraser
JANUARY 17, 2022
New Deadlines for Compliance Have Been Announced. On Thursday, January 14, 2022, the Supreme Court of the United States released opinions on the much anticipated vaccine mandate litigation. As discussed in our previous blog posts , late last year the Occupational Safety and Health Administration (OSHA) and the Center for Medicaid and Medicare Services (CMS) published two different vaccine mandates to respond to everlasting Covid-19 pandemic.
Collection Industry News
JANUARY 17, 2022
Source- site. A group of? U.S. banking regulators withdrew their lawsuit that sought to block the federal government from granting bank charters to FinTech companies. . The Conference of State Bank Supervisors (CSBS), the national trade group of bank regulators, announced Thursday (Jan. 13) that it has dropped the complaint in federal court challenging the Office of the Comptroller of the Currency’s (OCC) nonbank charter program and Figure Technologies ’ application for an OCC nonbank char
Collection Industry News
JANUARY 17, 2022
Source- site. Recently, the CFPB and DOJ jointly issued two letters reminding landlords and mortgage servicers about legal housing protections for military families under the Coronavirus Aid, Relief, and Economic Security Act (CARES Act) and Servicemembers Civil Relief Act (SCRA). The first letter was sent to landlords and property management companies regarding protection for military tenants.
Collection Industry News
JANUARY 17, 2022
Source- site. Credit union and banking trade groups sent a joint letter to CFPB Director Rohit Chopra on Thursday to ask for additional data collection, development and analysis before making new overdraft policy recommendations. Last month, the CFPB issued two reports concerning the amount of overdraft and non-sufficient fees (NSF) collected by banks and credit unions.
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.
Collection Industry News
JANUARY 17, 2022
Source- site. On January 5, 2022, the Consumer Finance Protection Bureau (“CFPB”) issued its annual report (“Annual Report”) of credit and consumer reporting complaints. Historically, the CFPB issued its annual report on the Fair Credit Reporting Act in its Consumer Response Annual Report. This year, however, the CFPB chose to issue a standalone report based on the sheer volume of complaints lodged against the three major nationwide consumer reporting agencies (“NCRAs”) from January 2020 to Sept
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