Sat.Nov 18, 2023 - Fri.Nov 24, 2023

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How a bounced check can actually help your company get paid

Collections Law

It seems counterintuitive. When a business debtor writes a bad check you wouldn’t expect that it would actually be a good thing and that it could help your company collect on the debts owed to them. But that bad check opens up access to legal actions that can ensure your access to funds that can help you get paid. Our ethical debt collection attorneys at Law Offices of Alan M.

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What Your Peers are Thankful For This Holiday Season

Account Recovery

In yesterday’s Daily Digest, I asked people to send me a note to share what they are thankful for and a number of you responded. So right off the bat, I am thankful for that.

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CFPB Orders Toyota Motor Credit to Pay $60 Million for Illegal Lending and Credit Reporting Misconduct

Consumer Finance

The Consumer Financial Protection Bureau (CFPB) today ordered Toyota Motor Credit Corporation to pay $60 million in consumer redress and penalties for operating an illegal scheme to prevent borrowers from cancelling product bundles that increased their monthly car loan payments.

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Number of Businesses closing hits record levels

UK debt collections

A record number of businesses closed across the UK last year, official figures have shown. The data from the Office for National Statistics (ONS) also reveals that the so-called business death rate surpassed the “birth rate” of new businesses being founded in 2022 for the first time since 2010. The figures show 345,000 businesses across the UK shut their doors in 2022 – a 5% increase on the 328,000 that closed in 2021, and the highest figure since records began in 2002.

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Guide to Business Writing

Everything you need to know about better business writing in one place. This is a complete guide to business writing — from a clear business writing definition to tips on how to hone your business writing skills.

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Are your Recurring ACH Payments Compliant?

PDC Flow

Many consumers prefer to pay large bills in installments through ACH payments rather than a credit card. Offering this option in your business will decrease consumer complaints and increase your overall receivables. But just as with cards, it’s important to ensure the recurring ACH payments you accept are compliant. Understanding Recurring ACH Payment Compliance Complying with every regulation that applies to your business can get tricky.

More Trending

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CFPB and 11 States Order Prehired to Provide Students More than $30 Million in Relief for Illegal Student Lending Practices

Consumer Finance

The Consumer Financial Protection Bureau (CFPB) and 11 states announced today that student lender Prehired will provide more than $30 million in relief to student borrowers for making false promises of job placement, trapping students with “income share” loans that violated the law, and resorting to abusive debt collection practices when borrowers could not pay.

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New Yorkers Should Receive the Same Digital Communications Benefits All Non-New Yorkers Receive: Part Two

True Accord

In our first blog post on the New York and New York City’s proposed amendments to their debt collection laws, we explored the proposed amendments and the alternative opt-out laws in the federal Fair Debt Collection Practices Act (FDCPA) and the Washington, DC debt collection amendment that achieve the same objectives without the unintended consequences.

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Extra Energy supply Director hit with 6 year ban

UK debt collections

A former Director of Extra Energy Supply has been banned from running a business for six years. Mordechay Ben-Moshe, 48, was a Director of Birmingham-based Extra Energy Supply, which supplied around 130,000 household and business customers at the point it went into administration in December 2018. Extra Energy Supply was under investigation already At the time of its collapse, Extra Energy Supply was under investigation by energy regulator Ofgem for alleged breaches of its regulations.

Trade 64
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Judge Sanctions Plaintiff, Grants MSJ For Defense in FDCPA Case

Account Recovery

Not showing up for a deposition is a big no-no in the legal world and a plaintiff in a Fair Debt Collection Practices Act case is going to have to pay because of it after the District Court judge not only granted the defendant’s motion for summary judgment, but also for sanctions against the plaintiff.

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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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7 Areas Your Business Could Cut Costs to Save Money in 2024

Direct Recovery

With the global pandemic in our rearview mirror and an upcoming election here in the United States, 2024 should be an opportunity to post record numbers for businesses of all shapes and sizes across the country. However, things aren’t as positive as we might like to see closing out 2023. Regardless of the shape your business is in right now, or whatever may lie ahead in the coming year, there is nothing wrong with being cautiously optimistic and attempting to cut costs while hoping for monster r

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Does Emailing a Debtor Between 9pm and 8am Violate the FCCPA?

Jimerson Firm

The Florida Consumer Collection Practices Act (FCCPA) is a pro-consumer statute. As such, businesses need to be aware of the statute and the risk and liability of the statute. We have recently seen a trend in filing lawsuits against businesses for allegedly violating Section 559.72(17) relating to emails for collecting debt. This article seeks to explore whether sending an email to a debtor after 9pm and before 8am violates the FCCPA.

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Trial by Fire: Lawyers Don't Have to Be Perfect, When It Comes to Business Management

NCBA Law Practice Management Blog

Running a business, really, is conducting one big experiment. You’re continually testing hypotheses, and seeing whether they work. You need to make frequent adjustments, to tweak things , for the better. You could say that a business owner is like a scientist – perhaps a less glamorous analogy would be that it’s like owning an old car, that you constantly have to fix.

Lawyers 59
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Daily Digest – November 20. Judge Sanctions Plaintiff, Grants MSJ For Defense in FDCPA Case; Judge Grants Preliminary Approval of $51k Settlement in FDCPA Class Action

Account Recovery

Judge Sanctions Plaintiff, Grants MSJ For Defense in FDCPA Case Judge Grants Preliminary Approval of $51k Settlement in FDCPA Class Action Cancer Patient’s Last Wish Raises $20M to Pay Off Medical Debts for Others Compliance Digest – November 20 WORTH NOTING: The unwritten rules of eating and drinking near electronics … Things to do on […]

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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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Florida Senator Introduces Bill Regulating Bank Model Lending and Loan Programs Based on Voluntary Tips

Troutman Sanders

On October 9, a Florida state senator introduced SB 146 , which would add a new section to the Florida Consumer Finance Act (CFA), attempting to curb evasion of the CFA. SB 146 would treat all payments incident to the loan as interest, even if voluntary, and would adopt both predominant economic interest and totality of the circumstance tests for true lender purposes.

Banks 52
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Why do some people file for bankruptcy more than once?

Roths Child Law

Nobody wants to file for bankruptcy, but it happens – and some people have it happen more than once. As long as you wait the appropriate time limit between bankruptcies (which varies according to what type of bankruptcy you filed before and what type you want to file now), there’s no actual limit to the number of times you can receive a discharge of your debts.

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Chicken & Egg: Do Law Firms Need Clients or Talent More Right Now?

NCBA Law Practice Management Blog

I was talking to a friend of mine, who runs a highly successful law firm, the other day. And, he told me ‘clients aren’t the problem, I need to hire good lawyers’. And, I thought to myself: ‘You know what – I have been hearing that a lot lately ’. Now, that makes for an interesting inflection point in the marketplace – because, I think that, if you asked lawyers what they need more, the answer would be ‘client s , I can never have enough clients’.

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Forest Recovery Services Sees 10X Jump in Outbound Collection Calls with Skit.ai’s Voice AI Platform

Account Recovery

The collection agency also reported a 160% increase in collections with one portfolio thanks to Skit.ai’s conversational AI platform. NEW YORK, NY (November 22, 2023) – Skit.

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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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Medical Debt Under the Microscope: Insights from the CFPB’s 2022 FDCPA Report

Troutman Sanders

On November 16, the Consumer Financial Protection Bureau (CFPB or Bureau) released its Fair Debt Collection Practices Act (FDCPA) Annual Report detailing the CFPB’s 2022 activities related to debt collection practices. This comprehensive document summarizes everything FDCPA-related undertaken by the agency during 2022, including enforcement actions, a summary of consumer complaints, education and outreach initiatives, and highlights from examinations it conducted.

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How Soon Will My Credit Score Improve After Bankruptcy in Broomfield, CO?

Debt Free Colorado

Do not let the weight of post-bankruptcy credit challenges stop you from financial freedom Filing for bankruptcy is undoubtedly a challenging decision, one that can have a significant impact on your financial stability and creditworthiness. Understanding the nuances of how bankruptcy affects your credit score, how soon will your credit score improve after bankruptcy, and the steps to rebuild it are crucial for reclaiming your financial health.

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Subscriber Count: Building Law Firm Subscriptions Is Not Easy, But It's Worthwhile

NCBA Law Practice Management Blog

Law firms continue to experiment with different payment models, in a post-COVID environment; and, that includes subscriptions. Subscriptions are popular, because it’s consistent recurring revenue – which everyone is looking for. That’s one of the reasons why technology companies are so valuable. And, if’s the same reason why lots of professional service providers (like law firms, but also like IT providers) are moving to subscription pricing.

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19 Companies Seeking Collection Talent

Account Recovery

During this, The Great Resignation Era, I thought it would be helpful to start a regular posting of different jobs within the accounts receivable management industry that I have found online. Please make sure to do your own due diligence before applying for a position included here or accepting any offers.

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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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Federal Magistrate Recommends Dismissal of FDCPA and FCRA Case on Statute of Limitation and Reasonableness of Reporting Grounds

Troutman Sanders

On November 9, a magistrate judge in the Northern District of Georgia issued a Report & Recommendation to grant a motion to dismiss because the plaintiff’s Fair Debt Collection Practices Act (FDCPA) claims were time-barred and the cause of action under the Fair Credit Reporting Act (FCRA) failed to state a claim. In Marion v. Commercial Services Group, Inc., the plaintiff claimed that she viewed her credit reports in January 2021 and noticed an open account reported by the defendant.

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November 2023 Newsletter – Remembering the Why

Jimerson Firm

Featured in the November 2023 Issue: Partner’s Perspective: Remembering the Why As the holiday season approaches, I often find myself reflecting on the important things in life, like my family, making memories, and the opportunities I have to impact others. While my Partner Perspective typically focuses on my family and friends, I want to take this time to reflect on the gratitude I have for my profession.

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CFPB Proposes New Federal Oversight of Big Tech Companies and Other Providers of Digital Wallets and Payment Apps

Collection Industry News

WASHINGTON, D.C. – The Consumer Financial Protection Bureau (CFPB) is proposing to supervise larger nonbank companies that offer services like digital wallets and payment apps. Driven largely by Big Tech and other large technology firms, digital payment apps and wallets continue to grow in popularity, but many of the companies are not subject to CFPB supervisory examinations.

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Appeals Court Overturns FDCPA Ruling

Account Recovery

The Court of Appeals for the Ninth Circuit has overturned a lower court’s ruling in a Fair Debt Collection Practices Act case that has to do with judgments and a legal principal that aims to keep federal courts out of issues that were already dealt with in state court.

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ERM Program Fundamentals for Success in the Banking Industry

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?