December, 2023

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Four Pitfalls of Delayed Invoice Payments

Enterprise Recovery

When clients fail to pay their invoices on time, it can negatively impact your cash flow and harm your business in various ways. Maintaining a healthy cash flow is crucial for the success of your business, so it is essential to address any issues with late payments promptly and find effective solutions to ensure a steady and stable financial foundation.

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Debt Collector to Shut Down Under Enforcement Order with CFPB

Account Recovery

The Consumer Financial Protection Bureau today announced that a medical debt collector — Commonwealth Financial Systems in Pennsylvania — is being shut down for failing to conduct reasonable investigations and failing to inform the credit reporting agencies that debts were being disputed by consumers.

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CFPB Orders U.S. Bank to Pay $21 Million for Illegal Conduct During COVID-19 Pandemic

Consumer Finance

The Consumer Financial Protection Bureau ordered U.S. Bank to pay nearly $21 million for keeping consumers from accessing unemployment benefits during the COVID-19 pandemic.

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New York Bans Reporting of Medical Debt Effective Immediately

Troutman Sanders

On December 13, New York Governor Kathy Hochul signed into law S4907A , which prohibits hospitals, medical providers, or ambulance services from providing negative information about medical debt to consumer reporting agencies (CRAs). The law also requires that these entities include a provision in their contracts with collection agencies prohibiting the reporting of any portion of a medical debt to a CRA.

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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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The Best Ways to Loan Money to Friends and Family

Credit Corp

Has a friend or family member asked you for a loan? This can be a difficult situation. On one hand, you likely want to help them out. On the other hand, you don’t want to be out the money or put a strain on the relationship. The trick is to know how to loan money the right way. Before you agree to loan any money to a friend or family member, think about how reliable they are.

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Building Trust with Clients: A Guide to Effective Communication

Enterprise Recovery

Effective communication is the foundation for building trust with clients. Communicating clearly and consistently shows your clients that you value their business and respect their time. Communication and trust create a positive relationship so your clients feel good about paying their invoices.

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Daily Digest – December 28. The Year in Review; Washington Appeals Court Overturns Ruling for Collector on Charity Care Disclosure

Account Recovery

The Year in Review Washington Appeals Court Overturns Ruling for Collector on Charity Care Disclosure Most Americans Don’t Expect Financial Situations to Improve in 2024: Survey The Battle for Student Loan Payments Continues WORTH NOTING: The actors, musicians, and writers we lost in 2023 … Winter isn’t an excuse to not exercise.

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CFPB Issues Report Showing Many Americans Are Surprised by Overdraft Fees

Consumer Finance

The Consumer Financial Protection Bureau (CFPB) today issued a new report finding that many consumers are still being hit with unexpected overdraft and nonsufficient fund (NSF) fees, despite recent changes implemented by banks and credit unions that have eliminated billions of dollars in fees charged each year.

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How to Use QR Code Payments for Your Business

PDC Flow

QR codes are everywhere. They help people look at restaurant menus, access corporate websites, or even make purchases. Since the pandemic began, QR code payment usage has climbed, giving people a simple, fast way to access information or take action. QR code payments are good for more than just retail environments. Many businesses have started to adopt QR codes to make paying easier for their customers.

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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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2023 Review: Capital One Spark Cash Plus

Credit Corp

Advertiser Disclosure: Credit.com has partnered with CardRatings for our coverage of credit card products. Credit.com and CardRatings may receive a commission from card issuers. Editorial Disclosure: Opinions, reviews, analyses & recommendations are the author’s alone, and have not been reviewed, endorsed or approved by any of these entities. Snapshot: The Capital One Spark Cash Plus is ideal for small business owners with excellent credit.

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5 Key Debt Collection Customer Self-Service Benefits

Qualco

NPL Management: A 5-Step Roadmap to Strategic Success is the latest e-Guide to be published by Qualco UK. You can view it here. In today's regulatory environment, when it comes to collecting overdue accounts, the clear, overarching message is that the customer must be treated fairly and ethically. However, in a small number of credit businesses, the right strategies for systems and people have not been set.

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Washington D.C. Introduces Legislation Attacking Fintech-Bank Partnership Lending by Opting Out of DIDMCA and Codifying a “True Lender” Test

Troutman Sanders

Late last month, Councilmember Kenyan R. McDuffie introduced B 25-0609 , entitled the Protecting Affordable Loans Amendment Act of 2023, that proposes to opt the District of Columbia out of sections 521-523 of the Depository Institutions Deregulation and Monetary Control Act (DIDMCA). Sections 521-523 of DIDMCA empower state banks, insured state and federal savings associations, and state credit unions to charge the interest allowed by the state where they are located, regardless of where the bo

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Daily Digest – December 22. Collector Accused of Insulting Grandson’s Responsibilities as POA; Legend of the ARM Industry: Leslie Bender

Account Recovery

Collector Accused of Insulting Grandson’s Responsibilities as POA Legend of the ARM Industry: Leslie Bender Calif. Appeals Court Upholds Dismissal of Unfair Collection Case Calif.

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10 Ways to Improve Payment Collections with Salesforce

For finance teams using Salesforce’s powerful CRM technology, automation can transform accounts receivable processes, driving efficiency and delivering measurable results like cost savings, reduced customer churn, and lower DSO.

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CFPB Report Finds Many College-Sponsored Financial Products Charge High and Unusual Fees

Consumer Finance

The Consumer Financial Protection Bureau found that many college-sponsored financial products have higher fees and worse terms and conditions compared to typical market products.

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Automate and Thrive by Setting Up Recurring Payments

PDC Flow

A lot of businesses don’t know how to set up recurring payments that make sense for customers and still bring in revenue. The most effective recurring payments balance the parameters of payment schedules, business needs, and customer preferences. The first step to successful scheduled payments is to know how, why, and when to accept recurring payments.

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2023 Review: Capital One VentureOne Rewards Card

Credit Corp

Advertiser Disclosure: Credit.com has partnered with CardRatings for our coverage of credit card products. Credit.com and CardRatings may receive a commission from card issuers. Editorial Disclosure: Opinions, reviews, analyses & recommendations are the author’s alone, and have not been reviewed, endorsed or approved by any of these entities. Snapshot: The Capital One VentureOne Rewards credit card is a good fit for the occasional traveler who wants to earn travel rewards on everyday purchas

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More Businesses closing than opening says latest statistics

UK debt collections

Latest Office for National Statistics (ONS) figures show that alarmingly, businesses closing has outpaced openings for the first time since 2010. The ONS Inter-Departmental Business Register shows that there was a 7% year-on-year decline in new businesses in 2022, while business closures were up 5%, meaning it was the first time since 2010 that there is more businesses closing than opening in the UK.

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Connect, Care, Convert: Secrets to Establishing Trust with Niche Markets and Turning Them Into Clients

Speaker: Lynnette Khalfani-Cox, The Money Coach®

Niche markets represent a huge opportunity for the financial services industry in America. From college students and women to communities of color and low-to-moderate-income households, niche populations have specialized financial needs – but they often underutilize many valuable financial products and services. How can you better connect with these consumers?

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Bad Faith Dismissals in Bankruptcy, Part 2: Chapter 7 Debtors with Primarily Consumer Debts

Jimerson Firm

When a debtor files for bankruptcy, a creditor may be able to seek dismissal of the bankruptcy if the petition was filed in bad faith. This article will provide an overview of the options available to a creditor if a debtor with primarily consumer debts files for Chapter 7 bankruptcy. What is a Bad Faith Filing in Bankruptcy? A bad faith filing is one that is inconsistent with the purposes of bankruptcy or is an abuse of the bankruptcy system.

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Daily Digest – December 27. Judge Affirms Dismissal of FDCPA Case Using New Test from Ninth Circuit; Mich. Utility Allowed to Sell Debt Portfolios, But Must Disclose Sales to State Regulator

Account Recovery

Judge Affirms Dismissal of FDCPA Case Using New Test from Ninth Circuit Mich. Utility Allowed to Sell Debt Portfolios, But Must Disclose Sales to State Regulator Ruling in N.Y.

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CFPB and Justice Department Sue Developer and Lender Colony Ridge for Bait-and-Switch Land Sales and Predatory Financing

Consumer Finance

The Consumer Financial Protection Bureau and the Justice Department sued Colony Ridge for operating an illegal land sales scheme and targeting Hispanic borrowers.

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The Sound of Silence: It's More Important Than Ever to Turn Off Notifications

NCBA Law Practice Management Blog

It used to be that you only had to worry about email notifications: popping up, binging. And, that was annoying enough. Now, lawyers are getting notifications from everywhere: case management softwares , CRMs, Slack channels, chat feeds, Zoom chat, etc. It’s enough to make you want to pull your hair out. And, though the game may have changed, as these applications have expanded – the good news is that the solution remains the same.

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Successful Change Management with Enterprise Risk Management

Speaker: William Hord, Vice President of ERM Services

A well-defined change management process is critical to minimizing the impact that change has on your organization. Leveraging the data that your ERM program already contains is an effective way to help create and manage the overall change management process within your organization. Your ERM program generally assesses and maintains detailed information related to strategy, operations, and the remediation plans needed to mitigate the impact on the organization.

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What Is a Certificate of Deposit (CD) Rate?

Credit Corp

The information provided on this website does not, and is not intended to, act as legal, financial or credit advice. A CD rate refers to the interest someone can earn on a certificate of deposit over time. A certificate of deposit (CD) is a term deposit where funds are only accessible after a set period. A CD rate refers to the interest that a person can earn on a certificate of deposit over time.

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Small Businesses owed £22k on average in the UK

UK debt collections

Following a review of business payments and cash flow, the government has found that small and medium-sized enterprises (SMEs) were owed on average £22,000 in late payments in 2022. As a result of these findings, the government has called for greater transparency to help tackle the late payment culture. The report also revealed that the average time taken to pay SMEs has reduced from 81 days in 2010 to 36 days in 2021.

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Amici Argue for Narrow Interpretation of National Bank Act Preemption

Troutman Sanders

A group of non-profit consumer advocacy organizations, the Conference of State Bank Supervisors, and the American Association of Residential Mortgage Regulators filed two separate briefs asking the U.S. Supreme Court to overturn a Second Circuit decision holding that New York’s escrow interest law is preempted by the National Bank Act (NBA) under the “ordinary legal principles of pre-emption.

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Mich. Utility Allowed to Sell Debt Portfolios, But Must Disclose Sales to State Regulator

Account Recovery

A utility company in Michigan will be required to publicly disclose sales of charged-off debt portfolios to the state’s Public Service Commission, and successfully fended off an effort to end the practice altogether, according to a published report from ProPublica.

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How Preparation and Strategy Can Be Used to Fight and Defeat Any Ransomware Attack

Speaker: Karl Camilleri, Cloud Services Product Manager at phoenixNAP

Did you know that 2021 was a record-breaking year for ransomware? The days of a “once in a while” attack against businesses and organizations are over. Cyberthreats have become a serious issue. With 495.1 million attacks, the threat marked a 148% increase compared to 2020 and was the most expensive year on record! As a result, data protection needs to be a concern for most banks, businesses, and information technology specialists.