Collection Industry News
AUGUST 23, 2022
Matt Egan, August 22, 2022. The Federal Reserve is unlikely to tame inflation without pushing the American economy into a recession, according to a survey of economists released Monday. Seventy-two percent of economists polled by the National Association of Business Economics expect the next US recession will begin by the middle of next year – if it hasn’t already started.
True Accord
AUGUST 24, 2022
Buy Now, Pay Later (BNPL) plans have taken over as a popular financing option for consumers, partly due to an increase in online shopping demands during the pandemic. In 2021, Americans spent more than $20 billion through BNPL services , taking up a bigger part of the $870 billion-a-year online shopping market. From laptops and airline flights to clothing and furniture, BNPLs make it simple to pay for almost anything in small installments.
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Debt Recoveries
AUGUST 21, 2022
Why should an insurance company contract out this part of the claims process? What are the reasons for this, and what are the advantages? . The main advantage, of course, is that by outsourcing to a professional debt recovery agency, insurance companies can benefit from higher returns and a lower claims-to-premium ratio. . A professional agency, such as Debt Recoveries Australia, which also specialises in insurance claim recoveries, may have the skills and resources to do the job more efficien
Nerd Wallet
AUGUST 23, 2022
Personal finance often puts a strain on mental health. Debt, bills, job security and similar matters are major sources of stress and anxiety for many people. Problems can flow in the opposite direction, too: Mental health struggles can make it harder to manage personal finances. Credit cards present a unique challenge. They offer convenience, rewards, Jae Bratton writes for NerdWallet.
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.
Account Recovery
AUGUST 26, 2022
The Court of Appeals for the Third Circuit has reversed a lower court’s dismissal of a Fair Credit Reporting Act lawsuit, ruling that the federal government does not have sovereign immunity from the statute’s civil liability provisions, widening a split at the Appellate level that seems destined to be resolved by the Supreme Court. A … The post Appeals Court Rules Gov’t Liable for FCRA Violations appeared first on AccountsRecovery.net.
Creditor Collections Today brings together the best content for creditors and collection professionals from the widest variety of industry thought leaders.
Fraser
AUGUST 25, 2022
A ballot initiative aimed at replacing the City of Detroit’s current recreational marijuana ordinance was recently struck down by the Detroit Election Commission after a determination the initiative did not have enough signatures required to secure a ballot spot under the Michigan Regulation and Taxation of Marijuana Act. The group behind the proposed initiative, Citizens for Better Equality, were fighting an uphill battle as the Detroit City Council vehemently opposed the initiative and the Cit
Nerd Wallet
AUGUST 24, 2022
After months of rumor and speculation, President Joe Biden announced the details on a broad vision for student loan debt repayment and debt cancellation on Wednesday. Through an executive order, federal student loan borrowers who meet income requirements will see $10,000 in debt canceled. If the borrower received a Pell Grant to attend school, the. Anna Helhoski writes for NerdWallet.
Account Recovery
AUGUST 25, 2022
The Arizona Supreme Court yesterday unanimously rejected an appeal from an industry group seeking to prevent a question from being added to the ballot in the upcoming November elections that would give voters the opportunity to raise the limits on what can be shielded from wage garnishments while also lowering the judgment interest rate, ending … The post Ariz.
JMA
AUGUST 26, 2022
Debts are tricky business and with it comes the high chance of meeting people who’ll spit up one excuse after another about why they haven’t paid. It can be frustrating, it can be annoying, and sometimes it can make you feel like you have no control over your business. But it doesn’t have to be. Read more » The post How to Handle Excuses from Debtors appeared first on JMA Credit Control.
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Troutman Sanders
AUGUST 25, 2022
Please join Consumer Financial Services Partner Chris Willis and fellow Partners Lori Sommerfield and Kim Phan, along with special guest Matt Ater from Vispero, as they discuss recent developments in website accessibility governing public accommodations under Title III of the Americans with Disabilities Act (ADA). Topics include: Current litigation trends, including the recent increase in ADA website accessibility lawsuits filed in federal and state courts; Insights into the DOJ’s recent website
Nerd Wallet
AUGUST 26, 2022
This week, all eyes were on student loan cancellation news. And that makes sense: Borrowers waited months for the president to make a decision on his campaign promise to cancel at least $10,000 in student loan debt. But tucked in the details around cancellation was something you might have missed — a new income-driven repayment, Cecilia Clark writes for NerdWallet.
Account Recovery
AUGUST 25, 2022
Even though she explicitly states she is not taking a position on the topic, Judge Yvette Kane of the District Court for the Middle District of Pennsylvania did say in a ruling remanding a Hunstein case back to state court for lack of standing that a defendant providing a plaintiff’s information to a vendor who … The post Judge Remands Hunstein Case Back to State Court for Lack of Standing appeared first on AccountsRecovery.net.
FFGN COLLECT NY
AUGUST 23, 2022
Are you a subcontractor or vendor with an invoice that is more than 30 days past due? Perhaps you have reason to believe that the general contractor was paid for the services or goods you provided, but has not paid you. New York lien law offers a number of options to subcontractors and vendors including the option to lien real property. And you do not need to file a mechanics lien to avail yourself of some of the options afforded by Article 3 of the New York lien law.
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Troutman Sanders
AUGUST 24, 2022
Banking trade groups are challenging a request for information (RFI) issued by the Consumer Financial Protection Bureau (CFPB) regarding customer service at large financial institutions. In a joint letter dated August 22, the Bank Policy Institute, Consumer Bankers Association, and the American Bankers Association objected to the CFPB’s insinuation that big banks are providing a sub-par customer experience and challenged the CFPB’s authority to regulate customer service.
Nerd Wallet
AUGUST 25, 2022
Soaring real estate values mean many homeowners are awash in equity — the difference between what they owe and what their homes are worth. The average-priced home is up 42% since the start of the pandemic, and the average homeowner with a mortgage can now tap over $207,000 in equity, according to Black Knight Inc., Liz Weston, CFP® writes for NerdWallet.
Account Recovery
AUGUST 25, 2022
Surprising nobody yesterday, President Biden announced that the federal government will forgive up to $10,000 in student loan debt for anyone making less than $125,000 per year and up to $20,000 for anyone with a Pell grant, while also extending the moratorium on making student loan payments through the end of the year. Individuals with … The post Biden Announces Student Loan Cancellation Plan, Extends Moratorium on Payments appeared first on AccountsRecovery.net.
JMA
AUGUST 21, 2022
We’ve seen a lot of changes in technology over the last 50 or so years – especially with the rise of the internet in the 1990s. These changes have affected many things, including the way we communicate with one another. Technological advancements have made it simpler and faster for people to communicate with one another. Read more » The post Which is Better for Debt Collection: Phone Calls or Emails?
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?
Troutman Sanders
AUGUST 23, 2022
As we previously posted on June 23, the Federal Trade Commission (FTC or Commission) released a proposed Motor Vehicle Dealers Trade Regulation Rule. This new rule could allow the FTC to regulate dealers exempt from the Consumer Financial Protection Bureau’s (CFPB) jurisdiction under Section 1029(a) of the Dodd-Frank Act and would impose significant limits on how dealers advertise, impose up-front price disclosure requirements, require new paperwork for any optional “add-on” products, and prohib
Nerd Wallet
AUGUST 25, 2022
For crypto investors, any given day can feel like a roller coaster ride. The price of Bitcoin, for instance, regularly goes up or down by more than 5% in a day. In contrast, stock indices like the S&P 500 or Dow Jones Industrial Average rarely see swings that large. During a bad turn for digital. Kurt Woock writes for NerdWallet. Email: kwoock@nerdwallet.com.
Account Recovery
AUGUST 26, 2022
FEDERAL GOV’T INSTRUCTS AGENCIES TO REMOVE MEDICAL DEBT FROM LOAN UNDERWRITING FACTORS Government agencies that make decisions about lending or guaranteeing loans must remove medical debt from their underwriting criteria, according to a memo issued yesterday by the White House Office of Management & Budget.The government said this is the next step because what has … The post Daily Digest – August 26.
Fraser
AUGUST 26, 2022
Michigan Sees Unemployment Decrease as Jobs Increase. According to recent data released by the Michigan Department of Technology, Management, and Budget, the unemployment rate in the state dropped from 6.2% to 4.2% over a twelve-month period. Michigan also saw a bump in jobs last month, with 3,000 in July. Why it Matters: Officials point to the increase in job growth and lower unemployment rates as a reflection of the hard work that the government, people, and businesses have put into the econom
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?
Troutman Sanders
AUGUST 22, 2022
To help you keep abreast of relevant activities, below find a breakdown of some of the biggest events at the federal and state levels to impact the Consumer Finance Services industry this past week: Federal Activities. State Activities. Federal Activities: On August 19, the Federal Deposit Insurance Corporation (FDIC) issued letters, demanding that five crypto-related companies cease and desist from issuing consumer disclosures that imply the companies’ products are insured by the FDIC.
Nerd Wallet
AUGUST 24, 2022
Most health insurance plans cover birth control without requiring you to pay anything out of pocket. Some employers are exempt, and federal law makes exceptions that allow health plans to cover limited forms of birth control. But there are ways to appeal to your insurance company if you’re forced to pay for birth control prescribed. Taryn Phaneuf writes for NerdWallet.
Account Recovery
AUGUST 25, 2022
The “Getting to Know” series is sponsored by Applied Innovation. Applied Innovation is helping to shape the future of accounts receivable management. Product development is driven by customer feedback, agency profitability and compliance and includes platforms addressing client portal access, document management, payment negotiation, Regulation E focused electronic payment authorizations and TCPA communication authorization platforms. … The post Getting to Know Brandon Gilbert
AGA
AUGUST 23, 2022
Don’t Overlook the Strategic Opportunity Provided by Outsourcing Collections. Small businesses have to deal with many of the same challenges as larger ones. A key difference (besides volume of transactions) is the lack of labor specialization. The employees of small companies tend to handle multiple responsibilities – the time devoted to each task can vary greatly as does the proficiency of the person handling those tasks.
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