Sat.Jan 11, 2025 - Fri.Jan 17, 2025

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Using Email in Omnichannel Debt Collection—Set Up for Success Before Hitting “Send”

True Accord

Email has come a long way from the mass blast messagingdeveloping, customizing, and optimizing intelligent email strategies has shown success in both engagement and repayment rates in debt collection. But there’s more that goes into harnessing this channel than just hitting send and hoping for the best. Heres how creditors and collectors can strategically leverage email in debt collection communications to enhance engagement, maintain compliance, and drive repayments.

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CFPB Orders Equifax to Pay $15 Million for Improper Investigations of Credit Reporting Errors

Consumer Finance

The CFPB took action against Equifax, the nationwide consumer reporting agency, for its failure to conduct proper investigations of consumer disputes.

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CFPB Secures Settlement with NCSLTs Over Debt Collection Lawsuits

Account Recovery

The Consumer Financial Protection Bureau yesterday announced a settlement with the National Collegiate Student Loan Trusts (NCSLTs) to resolve allegations of defective debt collection practices. If approved by the court, the stipulated judgment will require the NCSLTs to provide $2.25 million in redress to consumers and implement corrective actions to address the alleged violations.

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Injunction Lifted, Then Reinstated – Beneficial Ownership Information Was Due January 13, 2025, But Now On Hold

Jimerson Firm

(Update as of 12/27/24): In a shocking turn of events, on December 26, 2024, the Fifth Circuit Court of Appeals reversed its own Order issued earlier this week (see below), resulting in a reinstatement of the injunction on filing beneficial ownership information (BOI) reports. This means that as of this blog post, there is no firm deadline on when you need to file your BOI.

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Outsourcing Vs. In-House: The Ultimate Battle For Better Collections

Speaker: Susan Richards

Your past-due accounts are growing, cash flow is tightening, and the pressure is on. The big question: Do you handle the collections internally or outsource to experts? Both strategies come with advantages and risks - but which one delivers the best impact for your business? In this session we’ll dive deep into the in-house vs. outsourcing debate, examining cost-effectiveness, efficiency, compliance risks, and overall recovery success rates.

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Understanding the Acid Test: A Critical Financial Metric for Business Success

Burt and Associates

In the world of business, financial health is everything. Companies thrive or falter based on their ability to manage resources effectively and meet short-term obligations. Enter the acid test , also known as the quick ratio , a vital financial metric that helps assess a companys immediate liquidity. This ratio provides insight into whether a business can cover its short-term liabilities without relying on the sale of inventory, making it an invaluable tool for business owners and financial mana

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Judge Dismisses FDCPA Claims Against Owner of Debt

Account Recovery

A District Court judge in Arizona has granted a defendant’s motion to dismiss a Fair Debt Collection Practices Act case, ruling that the plaintiff failed to sufficiently establish the defendant’s status as a “debt collector” under the statute and did not plead adequate facts to support the alleged violations. The background: The dispute stemmed from a credit card account the plaintiff opened in 2016 with the original creditor.

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The Signature Matters When Interpreting If a Guarantee Is Personal or Corporate

FFGN COLLECT NY

A guarantee is a written promise by one person to pay another’s debt. In a commercial setting, a guarantee is typically the promise of an owner or officer to pay the debt of a corporate entity should it default on its obligation. A commercial guarantee provides additional security and consideration for the creditor. It’s an additional incentive for the corporate entity to fulfill its obligations.

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Improve Operational Efficiency: Key Insights from Our Latest Webinar

PDC Flow

In todays fast-paced business world, operational efficiency is key to staying ahead. Businesses face constant challenges in streamlining business processes, maintaining compliance, and enhancing customer experiencesall while keeping operational costs low. To help address these issues, PDCflow recently hosted a webinar titled Boost Operational Efficiency with Bulk Flows, Custom Branding, and Automated Reminders, featuring Kristen Makanoa, our resident workflow expert and Product Manager.

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CFPB Sues Capital One for Cheating Consumers Out of More Than $2 Billion in Interest Payments on Savings Accounts

Consumer Finance

The CFPB sued Capital One for cheating millions of consumers out of more than $2 billion in interest.

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Cash Flow Secrets Every Upskilled CPA Should Know

Speaker: Debra L. Robinson

CPAs know the drill: taxes, compliance, rinse, repeat. But what about the sneaky cash flow that’s quietly messing with your organization’s success? It’s time to step into the spotlight and expose the “dirty little secrets” of cash flow to fuel strategic growth. By upskilling your accounting practices and shifting focus from tax compliance to the strategic movement of money, you can transform your role from reactive accountant to proactive financial strategist.

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Judge Grants MTD in FDCPA Case Over Email-Only Communication Demand

Account Recovery

A District Court judge in Illinois has granted a defendant’s motion to dismiss after it was sued for sending a letter to an individual who had indicated that email was the only convenient channel of communication. The ruling, issued by Judge Georgia N. Alexakis of the District Court for the Northern District of Illinois, was based on the fact that the plaintiff lacked standing to sue because she did not suffer a concrete injury.

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Gin Company seen on Dragons Den, collapses with Business debts

UK debt collections

Didsbury Gin was founded by best friends and gin lovers Liam Manton and Mark Smallwood in 2017, who according to the brands website, wanted to take gin to the next level. A year after founding the brand, the pair won a 75,000 (US$88,952) grant after appearing on BBC television series Dragons Den , which in return would take a 10% stake in their business.

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Form Matters When Interpreting If a Guaranty Is Personal or Corporate

FFGN COLLECT NY

A guaranty is a written promise by one person to pay another’s debt. In a commercial setting, a guaranty is typically the promise of an owner or officer to pay the debt of a corporate entity should it default on its obligation. A commercial guaranty provides additional security and consideration for the creditor. It’s an additional incentive for the corporate entity to fulfill its obligations.

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CFPB Orders Honda’s Auto Financing Arm to Pay $12.8 Million for COVID-19 and Other Credit Reporting Failures

Consumer Finance

The CFPB ordered the American Honda Finance Corporation to pay $12.8 million for reporting inaccurate information that affected the credit reports of 300,000 people.

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Top 3 Banking Secrets to Stay Relevant with Gen Z Consumers

Speaker: Brian Muse-McKenney, Chief Revenue Officer & Matt Simester, Cards and Payments Expert

In today’s world of social media, dating apps, and remote work, businesses risk becoming irrelevant (or getting "ghosted") if they fail to meet the evolving needs of Gen Z consumers. Credit cards with flexible payment options, especially for young adults with little-to-no credit history, are a particularly important and valuable solution for this generation.

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Judge Denies MTD in FDCPA, FCCPA Case Over Parking Debt

Account Recovery

A District Court judge in Florida has denied a defendant’s motion to dismiss claims it violated the Fair Debt Collection Practices Act and the Florida Consumer Collections Practices Act in a ruling that seems potentially problematic in terms of the definition of debt collector and when a debt is in default. The background: The case stems from a parking fee dispute at a private garage in Miami.

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Understanding Cybersecurity Law in Florida

Jimerson Firm

In todays digital age, cybersecurity has become a critical concern for businesses and individuals alike. With increasing cyber threats and data breaches, it is essential to understand the legal frameworks that govern the protection of information systems. In Florida, specific statutes and regulations address cybersecurity, imposing obligations on organizations to safeguard sensitive data and ensure compliance with state laws.

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Working at Onguard: Meet Natascha 

On Guard

When starting your career as a pedagogist and a dance teacher, you dont expect to end up excelling in B2B sales. But these two might not be so far apart. For Natascha, the link is clear: persuasion and instilling enthusiasm. This is her story. She has been working at Onguard for 24 years, she loves philosophy and art, and she is Onguards go-to person for sustainability, a former active member of the work council, the organisations Unicef project team member, and a gender diversity advocate.

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CFPB Proposes Rule to Ban Contract Clauses that Strip Away Fundamental Freedoms

Consumer Finance

Today, the Consumer Financial Protection Bureau (CFPB) proposed a rule that would stop financial companies from forcing Americans to choose between participating in the financial system or giving up their rights, including those guaranteed by the Constitution.

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How Collection Agencies Minimize Effort and Maximize Results with the Right Software

Navigating collections in the dynamic financial landscape presents multifaceted challenges. Organizations face pressures to maintain standards alongside software challenges like regulatory adaptations, data integration, security, workflow optimization, and automation. Finding the right software can save time and money. BEAM offers a comprehensive solution with specialized modules to streamline debt collection effortlessly.

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Compliance Digest – January 13

Account Recovery

I’m thrilled to announce that Bedard Law Group is the new sponsor for the Compliance Digest. Bedard Law Group,P.C. –ComplianceSupport – Defense Litigation – Nationwide Complaint Management Turnkey Speech Analytics.And Our NewBLG360Program Your Low Monthly Retainer Compliance Solution. Visitwww.bedardlawgroup.com, emailJohn H.

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Which Generations Are The Most Responsible Savers?

The Kaplan Group

A new study by The Kaplan Group explores the relationship between generational spending patterns and geographical cost of living. It also examines how location-based cost of living impacts savings potential more significantly than raw income, with lower-cost states demonstrating higher savings scores despite lower median incomes. Key Takeaways Gen X demonstrates the highest potential for savings, with an annual savings potential of $27,200.

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A giant US hospital chain says it’s leading the fight against medical debt. Not all patients agree

Collection Industry News

Advocate Health, one of Americas largest hospital chains, says it is working hard to confront one of the biggest problems in US healthcare today promoting itselfas a leader in the effort to solve the nations medical debt crisis. The non-profit hospital system says it has revamped its billing and collection practices and boosted the number of patients who qualify for charity care.

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CFPB Research Reveals Heavy Buy Now, Pay Later Use Among Borrowers with High Credit Balances and Multiple Pay-in-Four Loans

Consumer Finance

The CFPB released a study finding one fifth of consumers used Buy Now, Pay Later (BNPL) loans in 2022, and many held simultaneous loans from multiple lenders.

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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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Judge Dismisses TCPA Case Against Collector

Account Recovery

A District Court judge in New Jersey has granted a defendant’s motion to dismiss a Telephone Consumer Protection Act case after it was accused of using an automated telephone dialing system when attempting to contact the plaintiff, ruling that the plaintiff’s allegations were insufficient to support the claim. The background: The case stemmed from a series of phone calls made by the defendant, a debt collection company, to the plaintiff’s personal cell phone between May and Jul

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Collection Industry Faces Challenges Amid Growth and Innovation

Account Recovery

Key trends: The debt collection industry is undergoing a period of substantial transformation, according to a report released yesterday by TransUnion. With the rise in account volumes driven by external factors like inflation and a fluctuating economy, debt collectors are faced with the dual challenge of managing more accounts with decreasing collectability.

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Collector Facing FDCPA Class Action for Not Including Validation Info in Non-MVN Initial Notice

Account Recovery

EDITORS NOTE: This article is part of a series that is sponsored by WebRecon. WebRecon identifies serial plaintiffs lurking in your database BEFORE you contact them and expose yourself to a likely lawsuit. Protect your company from as many as one in three new consumer lawsuits by scrubbing your consumers through WebRecon first. Want to learn more? Call (855) WEB-RECON or email admin@webrecon.net today!

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Collector Sued for Contacting Plaintiff at Work

Account Recovery

EDITORS NOTE: This article is part of a series that is sponsored by WebRecon. WebRecon identifies serial plaintiffs lurking in your database BEFORE you contact them and expose yourself to a likely lawsuit. Protect your company from as many as one in three new consumer lawsuits by scrubbing your consumers through WebRecon first. Want to learn more? Call (855) WEB-RECON or email admin@webrecon.net today!

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The New Way CPAs are Delivering Value: Aligning Automation with Client Success

Speaker: Mark Stovel

When it comes to automating, many firms focus on finding the latest tech, believing that efficiency is something achieved through new tools. Yet true efficiency is achieved by delivering real value to clients, not merely by upgraded systems. Without a clear approach, no level of automation can overcome the complexities of serving every client’s needs.