Mon.Apr 24, 2023

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Compliance Digest – April 24

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 and Federal Partners Confirm Automated Systems and Advanced Technology Not an Excuse for Lawbreaking Behavior

Consumer Finance

Four federal agencies jointly pledged today to uphold America’s commitment to the core principles of fairness, equality, and justice as emerging automated systems, including those sometimes marketed as “artificial intelligence” or “AI,” have become increasingly common in our daily lives.

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Judge Denies MTD in FDCPA Case Over Dispute Language in Letter

Account Recovery

A District Court judge in Illinois has denied a defendant’s motion to dismiss a Fair Debt Collection Practices Act case, ruling the language in a collection letter overshadowed the plaintiff’s right to validate or dispute the debt in question, while also noting that the defendant’s attempt to invoke that the language complied with what the … The post Judge Denies MTD in FDCPA Case Over Dispute Language in Letter first appeared on AccountsRecovery.net.

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This Fair Housing Month (and All Year Round!) We Work for Housing Justice

Prosperity Now

This month celebrates Fair Housing Month and the 55th anniversary of the 1968 Fair Housing Act.

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Your Accounting Expertise Will Only Get You So Far: The New Way To Lead

Speaker: Victor C. Barnes, CPA, MBA

In the climb from contributor to leader, the rules quietly change. But if you’re aiming for the summit, the air gets thinner, and what got you here won’t be enough to get you to the top. 🗻 What made you successful early in your finance career—technical accuracy, sharp analysis, flawless execution—won’t be what carries you to the next level. The higher you go, the more your effectiveness depends on how you connect, adapt, and communicate.

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Arkansas AG Seeks to Block Utility From Resuming Normal Collection Activities

Account Recovery

The Attorney General of Arkansas is attempting to block a utility company from resuming its normal collection and disconnection activities, arguing that there have been too many complaints from consumers and the state’s Public Service Commission has not had a chance to conduct a thorough investigation. A copy of the motion filed by Tim Griffin, … The post Arkansas AG Seeks to Block Utility From Resuming Normal Collection Activities first appeared on AccountsRecovery.net.

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Final Income Tax Numbers Offer Little Solace to ARM Industry

Account Recovery

There is little to be excited about when it came to this year’s tax season, and data from the Internal Revenue Service confirms what those in the accounts receivable management industry have been experiencing on a daily basis for the past few months — that if you were counting on a strong tax season to … The post Final Income Tax Numbers Offer Little Solace to ARM Industry first appeared on AccountsRecovery.net.

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Director Chopra’s Prepared Remarks on the Interagency Enforcement Policy Statement on “Artificial Intelligence”

Consumer Finance

Director Chopra provided remarks on an interagency press conference to announce the Joint Statement on Enforcement Efforts Against Discrimination and Bias in Automated Systems

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Daily Digest – April 24. Judge Denies MTD in FDCPA Case Over Dispute Language in Letter; Experts Predict Court Will Strike Down Student Loan Debt Cancellation Plan

Account Recovery

JUDGE DENIES MTD IN FDCPA CASE OVER DISPUTE LANGUAGE IN LETTER A District Court judge in Illinois has denied a defendant’s motion to dismiss a Fair Debt Collection Practices Act case, ruling the language in a collection letter overshadowed the plaintiff’s right to validate or dispute the debt in question, while also noting that the … The post Daily Digest – April 24.

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Over 75% of SMEs have cashflow worries says new data

UK debt collections

Latest data from Time Finance has uncovered the true impact of late payments for SMEs with 75% of UK businesses worrying about cashflow as a direct result of overdue invoices from their customers. In a recent survey into the worsening challenge of late payments, Time Finance found that chasing payments was damaging customer relationships for 17% of businesses, while 8% said the lack of essential working capital meant they were unable to afford key investments.

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The Hidden Science Behind Why Finance Teams Resist Change—And How to Fix It

Speaker: Kim Beynon, CPA, CGMA, PMP

The most overlooked, yet most critical, element of transformation is preparing people for change. Automation and AI aren't just technical upgrades, they’re cultural shifts which can challenge identities. That’s why change management isn’t a side project—it’s the foundation. In finance, where precision and process rule, navigating change can feel especially disruptive.

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Prepared Remarks of Director Rohit Chopra at the April 2023 Financial Literacy and Education Commission

Consumer Finance

Director Chopra delivered remarks at the April 25, 2023, meeting of the Financial Literacy and Education Commission.

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Trust Bank Onboards 450K Customers in 5 Months using FICO Platform

Fico Collections

Home Blog FICO Trust Bank Onboards 450K Customers in 5 Months using FICO Platform Singapore’s first cloud-native bank uses FICO Platform for onboarding and wins FICO ® Decisions Award for Customer Onboarding and Management Saxon Shirley Tue, 04/18/2023 - 09:50 by Nikhil Behl Chief Marketing Officer expand_less Back To Top Tue, 04/25/2023 - 01:25 One of the World's Fastest Growing Digital Banks Trust Bank , Singapore’s first cloud-native bank, has become one of the world’s fastest growing digital

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Michigan Federal Court Summarily Dismisses FCRA Action Alleging Inaccurate Reporting of Charged-Off Auto Loan

Troutman Sanders

Earlier this month, a district court for the Eastern District of Michigan dismissed on its own initiative a Fair Credit Reporting Act (FCRA) claim brought by a consumer alleging inaccurate reporting of her charged-off vehicle loan. The court’s opinion in Shelton v. Americredit Financial Services, Inc. provides a nuts-and-bolts analysis of what does not constitute inaccurate credit reporting for purposes of the FCRA.

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Digitising customer financial relationship is changing the game! – A guest blog by My DSO Manager

CICM

The digital revolution is in full swing! Perhaps we are so engaged and invested on a daily basis that we fail to recognize how powerful the present developments are and how they transform firms and their connections with their business partners. Credit management is involved in all aspects of a commercial relationship, from the initial contact with customer risk management to the final stages of the sales process with dispute management, cash collection, payment, and performance management.

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Agent Tooling: Connecting AI to Your Tools, Systems & Data

Speaker: Alex Salazar, CEO & Co-Founder @ Arcade | Nate Barbettini, Founding Engineer @ Arcade | Tony Karrer, Founder & CTO @ Aggregage

There’s a lot of noise surrounding the ability of AI agents to connect to your tools, systems and data. But building an AI application into a reliable, secure workflow agent isn’t as simple as plugging in an API. As an engineering leader, it can be challenging to make sense of this evolving landscape, but agent tooling provides such high value that it’s critical we figure out how to move forward.

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Experts Predict Court to Strike Down Student Loan Repayment Plan, But That Could Cost the ARM Industry

Account Recovery

Legal experts are predicting that the The Supreme Court will strike down the Biden administration’s plan to cancel $400 billion in student loan debt, according to a published report, which could potentially lead to increased delinquency and default rates. Experts predict the six conservative justices will agree that the Biden administration is exceeding its authority … The post Experts Predict Court to Strike Down Student Loan Repayment Plan, But That Could Cost the ARM Industry firs

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Updates on the Student Debt Relief for Californians

Direct Recovery

Overwhelming student debt has quickly become one of the most significant problems plaguing the next generation of young people and simultaneously holding back the overall economy. The pandemic pause has given many American struggling with student loan debt a reprieve. Still, with those breaks set to expire in August, things could get difficult once regular student loan payments resume.

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New York Department of Financial Services Adopts Virtual Currency Assessments Regulation

Troutman Sanders

On April 17, the Superintendent of the New York Department of Financial Services (NYDFS), Adrienne A. Harris, announced that the NYDFS adopted a final regulation establishing how companies with NYDFS-issued BitLicenses will be assessed for costs of their supervision examination. During the public comment period for the proposed regulation, the NYDFS received four comments, but ultimately declined to make any changes to the proposed rule.