Sat.Dec 14, 2024 - Fri.Dec 20, 2024

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How AI Agents Are Reshaping the Future of Debt Collection

Account Recovery

The race to automate enterprise processes has shifted dramatically, with AI agents emerging as the next frontier in intelligent automation. For debt collection agencies, this presents an opportunity to optimize workflows, reduce costs, and tackle inefficiencies that traditional tools like Robotic Process Automation (RPA) and basic AI chatbots fail to address.

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CFPB Sues JPMorgan Chase, Bank of America, and Wells Fargo for Allowing Fraud to Fester on Zelle

Consumer Finance

The Consumer Financial Protection Bureau (CFPB) sued the operator of Zelle and three of the nations largest banks for failing to protect consumers from widespread fraud on Americas most widely available peer-to-peer payment network.

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Self Employed Tradespeople owed £3.5Bn in Late Payments

UK debt collections

BILLIONS of pounds in late payments are owed to self employed tradespeople across the UK, according to new research from Ford Pro. The vehicle manufacturers research found delayed or missing payments to tradespeople was reported as the major issue facing sole traders heading into 2025. Tradespeople are owed as much as 3.5 billion in overdue payments , which equates to an average of 3,942 each.

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How to Choose the Right Recurring Billing Software

PDC Flow

Does your company offer expensive products or services, bill customers after the fact, or provide services on a monthly, or ongoing basis? Its time to evaluate and take advantage of your recurring billing software and set up better recurring payments for your business. Recurring billing is a common payment model companies used to charge customers at regular intervals instead of in a lump sum payment.

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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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Judge Denies Motions to Block Enactment of CFPB’s Medical Debt Guidance

Account Recovery

A District Court judge has denied motions from ACA International for a preliminary injunction and a temporary restraining order seeking to block the enactment of guidance issued by the Consumer Financial Protection Bureau related to how medical debts are collected. ACA and one of its members filed the lawsuit against the CFPB last month in the District Court for the District of Columbia.

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The proven benefits of using a credit application contract

Collections Law

In the business world, extending credit is often necessary to build relationships and expand your customer base. But without the right protections, it can also lead to unpaid debts and financial headaches. Fortunately, a credit application contract is a powerful tool that sets the stage for successful transactions and protects your business interests.

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Federal Court Dismisses Action for Lack of Personal Jurisdiction Due to Insufficient Agency Relationship

TCPA

A recent decision from the U.S. District Court for the Southern District of Indiana demonstrates how a defendant may successfully challenge personal jurisdiction when the facts fail to show vicarious liability through a principal-agent relationship. In Roehrman v. McAfee, LLC, No. 23-2146, 2024 WL 5008043, at *2 (S.D. Ind. Dec.

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Debt Consolidation Scam Lands Operator in Prison, Co-Conspirator Still At Large

Account Recovery

A Washington man was sentenced yesterday to nearly two years in federal prison for his role in a multi-year debt consolidation scheme that defrauded consumers across Oregon and Washington. His business partner remains at large as legal proceedings continue. Driving the news: Javier Antonio Banuelas Urueta, 55, of Vancouver, Wash., received a 21-month prison sentence and was ordered to pay $115,750 in restitution for conspiring to commit and committing mail and wire fraud.

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CFPB Takes Action on Bait-and-Switch Credit Card Rewards Tactics

Consumer Finance

The CFPB announced several actions on credit cards, including a circular on rewards programs, research on retail cards, and a tool to explore cards.

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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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Doing Business with a Delinquent Customer? Applying Current Payments Towards Arrearage Could Cost You

FFGN COLLECT NY

Doing business with a delinquent customer? Applying current customer payments toward overdue accounts could cost you. Our client continued to sell to their customer, even though the customer was in arrears. However, the client changed the terms, requiring payment within a few days of shipment. The payments made were meant for the “newer” transactions.

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Why Small Businesses Need Debt Collection Services More Than Ever

JMA

Running a small business has never been easy, but in todays fast-paced, unpredictable, and struggling economy, the challenges are more pressing than ever. Rising costs, tighter budgets, and increasing competition mean that maintaining a healthy cash flow is critical to survival. Unfortunately, unpaid invoices and overdue debts can quickly disrupt even the best-managed businesses, leading.

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CFPB Supervisory Highlights Report Details Issues with Student Loan Debt Collection

Account Recovery

The Consumer Financial Protection Bureau yesterday released a special edition of its Supervisory Highlights report, sharing its findings from examinations related to student loan refinancing, private lending, servicing, and debt collection. The report spotlighted violations that impact both federal and private student borrowers, particularly as 28 million federal borrowers resumed repayments after the COVID-19 pause.

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CFPB Report Finds Mortgage Companies Create Obstacles for Homeowners After Death or Divorce

Consumer Finance

The CFPB issued a report on the experiences of homeowners dealing with their mortgage company after divorce or the death of an original borrower.

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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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Barron & Newburger’s Latest Risk Management Guidance

BN Lawyers

Heres the latest risk management guidance, published in November 2024, from B&Ns Attorneys Risk Management practice group. BN – Tip of the Month – Cyber Incidents Create a Variety of Ethical Obligations – Nov 2024 The post Barron & Newburger’s Latest Risk Management Guidance appeared first on Barron & Newburger, P.C.

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How to Handle Multiple Debtors at Once Without Losing Control

JMA

Managing multiple debtors can feel overwhelming, especially for businesses trying to maintain healthy cash flow while juggling other priorities. Unpaid invoices, late payments, and inconsistent follow-ups can quickly snowball into financial stress, putting your companys stability at risk. For small to medium-sized businesses, efficient debtor management isnt just about recovering owed moneyits about preserving client.

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Judge Dismisses FCRA, FDCPA Case Over ID Theft Claims

Account Recovery

A District Court Judge in Washington has granted a motion to dismiss filed by all the defendants in a Fair Credit Reporting Act and Fair Debt Collection Practices Act case, ruling that the plaintiff failed to adequately allege that the defendants actions were impermissible under the law. The background: The case originated when the plaintiff reviewed her credit report and discovered what she described as unfamiliar entries.

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CFPB Finalizes Rule to Protect Homeowners on Solar Panel Loans and Other Home Improvement Loans Paid Back Through Property Taxes

Consumer Finance

CFPB Finalizes Rule to Protect Homeowners on Solar Panel Loans and Other Home Improvement Loans Paid Back Through Property Taxes.

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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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SEC Writes Off $10 Billion in Fines It Can’t Collect

Collection Industry News

Paul Bilzerian has been on the run from the Securities and Exchange Commission for so long that he now owes the agency $180 million with interestalmost three times what a court initially ordered him to pay. For 31 years, the agency has tried and failed to collect a $62 million judgment against the former corporate raider for securities fraud. To avoid paying the penalty, Bilzerian pleaded poverty and twice declared bankruptcy.

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4 Ways to Maximize Year-End Success and Prepare for the New Year

Enterprise Recovery

As the year-end approaches, businesses can take a step back and reflect on their achievements and challenges. Conduct a thorough review of key wins and setbacks. Identify the strategies that led to success and those that need improvement. This reflection provides valuable insights into what worked well and what didn't, allowing for more informed decision-making.

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AFSA Submits Comment Letter on Proposed Amendments to NYC Debt Collection Regs

Account Recovery

Proposed amendments to New York Citys rules governing debt collection have drawn significant scrutiny from trade groups outside the collection industry, most notably the American Financial Services Association (AFSA), which submitted a comment letter last week regarding the proposed amendments. These regulations could fundamentally alter how creditors and debt collectors operate, potentially harming consumers while imposing onerous compliance burdens on financial institutions.

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Prepared Press Call Remarks of CFPB Director Rohit Chopra on the Zelle Lawsuit Announcement

Consumer Finance

Director Chopra delivered remarks on consumers harmed by fraud on the Zelle payment network.

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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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FTC Sends More Than $540,000 in Refunds to Consumers Harmed by Phantom and Abusive Debt Collection Scheme

Collection Industry News

The Federal Trade Commission is sending more than $540,000 in refunds to consumers who paid a group of abusive debt collectors who threatened consumers with lawsuits or arrest if they failed to pay debt that they might not have even owed. The FTC filed lawsuits in September 2020 against National Landmark Logistics and Absolute Financial Services, which operated under other names including National Landmark Service of United Recovery, Silverlake Landmark Recovery Group, Absolute Financial Service

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Taking the Emotion Out of Late Payments- Strategies to Protect Your Business and Peace of Mind

American Profit Recovery

Late and non-paying customers can be emotionally draining for your small business. Whether you’re operating a lawn care company, veterinarian practice, heating and air conditioning business, or any other small operation, having customers who don’t pay on time is just part of being in business. While large organizations have their share of the same challenge, your small business can feel the pain of customers not paying far deeper.

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Waters Reintroduces Debt Collection Reform Bill

Account Recovery

Rep. Maxine Waters [D-Calif.], ranking member of the House Financial Services Committee, this week reintroduced H.R. 10509, the Comprehensive Debt Collection Improvement Act. This legislation, first introduced in 2021, seeks to modernize federal debt collection laws while offering stronger protections for consumers facing various types of debt. Key details: The proposed bill would bring several changes to current debt collection practices, including: Why it matters: Consumer advocacy groups have

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CFPB Demanda a JPMorgan Chase, Bank of America, y Wells Fargo, por Permitir la Expansión del Fraude en Zelle

Consumer Finance

La CFPB demand al operador de Zelle y a tres de los bancos ms grandes del pas por no proteger a los consumidores del fraude que se extendi dentro de la red ms grande disponible de pagos de persona a persona.

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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.