Sat.Nov 04, 2023 - Fri.Nov 10, 2023

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Setting Up a Successful Debt Collection Validation Notice Email Campaign

PDC Flow

Most modern debt collection agencies are starting to use email for collection, or have it on the roadmap to implement soon. Consumers like the convenience of email and companies prefer advantages like: The cost savings of using email compared to traditional mail The possibility to reach consumers you otherwise wouldn’t Faster collection on accounts Even with the positive aspects of email for debt collection, one point of hesitation remains – sending validation notices.

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FDCPA Suit Filed Over ‘Settlement’ Offer Made on Time-Barred Debt

Account Recovery

EDITOR’S 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?

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Navigating the Challenges of B2B Debt Collections

Enterprise Recovery

Debt collections between businesses (B2B) is the recovery of overdue payments for goods or services provided to another company. Understanding the intricacies of B2B debt collections is essential for businesses to manage their cash flow effectively and maintain healthy financial relationships with their clients. Businesses of all sizes often face delayed payments, invoice disputes, and communication difficulties.

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

Consumer Finance

The Consumer Financial Protection Bureau (CFPB) is proposing to supervise larger nonbank companies that offer services like digital wallets and payment apps.

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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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When Banks Can Refuse Lending to BIPOC Families, We Need Our Laws to Factor in Race

Prosperity Now

The Community Reinvestment Act (CRA), enacted in 1977, is a key piece of legislation meant to ensure that underserved communities get equitable access to credit. In late October, the Federal Reserve Board, the Federal Deposit Insurance Corporation, and the Office of the Comptroller of the Currency issued a final rule updating the regulations governing the CRA—the first such reform in over 25 years.

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Integrating Judicial and Extrajudicial Strategies in Portfolio Management

Qualco

Managing loan portfolios becomes a labyrinth for financial institutions in a financial ecosystem marked by unrelenting complexity and constant change. The latter grapple with this formidable challenge amidst evolving regulatory norms and economic instability. Last year, discussions around the standardisation of insolvency laws across the European Union garnered substantial attention.

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How Do Credit Card Miles Work?

Credit Corp

Many or all of the products featured here are from our partners who compensate us. This may influence which products we write about and where and how the product appears on a page. However, this does not influence our evaluations. Have you ever wondered how miles work on credit cards and how they can benefit you? Everyone always talks about them, so they must be a good idea , right?

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Prepared Remarks of CFPB Director Rohit Chopra on Press Call for CFPB’s Enforcement Action against Citi for Illegal Discrimination Targeting Armenian-Americans

Consumer Finance

The CFPB took action against Citi, one of the globe’s largest banks, for intentionally and systematically discriminating against Americans of Armenian descent.

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Omissions From Rep During Call with Consumer Lead to FDCPA Suit

Account Recovery

EDITOR’S 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?

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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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Domestication of Foreign Judgments 101

Jimerson Firm

Judgment creditors are often faced with the question of how to collect an out-of-state judgment (also commonly referred to as a foreign judgment) in Florida. Generally, when a creditor obtains a judgment in another state, and the judgment debtor is located in the State of Florida, or assets the judgment creditor wants to obtain are located in Florida, the judgment creditor must “domesticate” the judgment in Florida.

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Double glazing giant facing liquidation

UK debt collections

Yorkshire based Doubled Glazing giant Safestyle is facing liquidation. Only last week, the company, which has its HQ in Bradford, announced administrators had been appointed. Around 680 of its workers were made redundant as a result of the firm going into administration. The company failed after facing a series of pressures, including runaway inflation and poor consumer confidence, administrators said.

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Win a judgment, get paid…if you have a reach and apply injunction.

Collections Law

You would think that winning a judgment in your debt collection case would be the end of your legal ordeal. But it’s usually not. Just because a court has decided that your debtor does indeed owe you money, does not always mean that your debtor is actually going to pay the money they owe you. In fact, if they haven’t paid you yet, you most likely will have other battles to fight before you see any of your money.

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Daily Digest – November 10. FDCPA Suit Filed Over ‘Settlement’ Offer Made on Time-Barred Debt; Judge Grants MTD in FDCPA Case Over Letter with ‘Minimum Payment’ and ‘Balance’

Account Recovery

FDCPA Suit Filed Over ‘Settlement’ Offer Made on Time-Barred Debt Judge Grants MTD in FDCPA Case Over Letter with ‘Minimum Payment’ and ‘Balance’ PRA Group Swings to Loss in 3Q, But Points to Strong Consumer Performance Going Forward Citi Fined $26M for Intentionally Denying Credit Applications from Armenian Americans WORTH NOTING: It’s satire, but it’s […]

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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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Defenses Allowed in an Action to Domesticate an Out-of-State Default Judgment

FFGN COLLECT NY

Thinking about domesticating your out-of-state judgment in New York? If the out-of-state judgment was obtained on default, you may be concerned that moving to domesticate the judgment will lead the debtor to attempt to claim affirmative defenses. Can a previously defaulting defendant interpose an answer in a debt collection action that seeks to domesticate an out-of-state default judgment?

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Building A Safe Place for the Miami-Dade Haitian Community at Sant La

Prosperity Now

In September, Prosperity Now launched the second iteration of the VITA Leadership Institute, through generous support from the Wells Fargo Foundation. The VITA Leadership Institute (VLI) aims to train a diverse class of ten emerging VITA leaders to build their capacity to expand and scale free, high-quality, and racially equitable tax preparation services for low-income taxpayers in their communities.

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CFPB and DOJ Joint Statement on Immigration Status and Credit Underwriting

Troutman Sanders

Join Troutman Pepper Partner Chris Willis for a solo episode where he discusses a recent joint statement from the Consumer Financial Protection Bureau and the Department of Justice regarding the consideration of immigration status in credit underwriting — an issue that has plagued creditors for years. Chris provides listeners with important background on this matter, the history and impact of litigation on credit underwriting and immigration status, the content of the joint statement, and what s

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Videos Sent via Text Not a Prerecorded Message Under TCPA, Judge Rules

Account Recovery

There are two types of text messages — SMS and MMS. SMS messages are traditional text messages in that they only contain text. MMS messages are similar to SMS, but they can contain multimedia, like video.

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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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Tips for Credit Debt Relief

Sawin & Shea

No one would argue that we have been living through some turbulent economic times in the past several years. Factors like inflation, high interest rates, and economic uncertainty have found more and more Americans relying on credit cards to get by. In fact, Americans are at an all-time high when it comes to credit debt to the tune of $1 Trillion. On average, Americans individually carry about $7,951 in credit card debt.

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What Is A Contingent Liability?

Hudson Weir

Contingent liabilities are an important – but often complicated – part of business and accounting. In this article, we explain contingent liabilities including when you need to disclose them in your financial statements and their importance in insolvencies. For context, a liability is defined as a debt or a service owed by a company. These are different to expenses, which make up the costs of a company’s operations, referring instead to a company’s debts or obligations – but in that case, what a

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Prepared Remarks of CFPB Director Rohit Chopra at the Global Financial Innovation Network’s Annual General Meeting

Consumer Finance

The CFPB notes that there are a few things that routinely come up, especially related to ensuring that startups and new businesses can emerge, bring their services to market, and challenge incumbents.

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Daily Digest – November 9. Getting to Know Gary Adams of First Collection Services; Videos Sent via Text Not a Prerecorded Message Under TCPA, Judge Rules

Account Recovery

Getting to Know Gary Adams of First Collection Services Videos Sent via Text Not a Prerecorded Message Under TCPA, Judge Rules New Medical Debt Screening Law Now in Effect in Minnesota Plaintiff’s Attorneys Seeking $29k in Fees on FDCPA Case that Settled for $10k DCM Services Names Steve Barker as Senior Vice President of Human […]

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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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$225,000 Punitive Damages Award Upheld Where Creditor Repeatedly Contacted Customer After Being Notified of Attorney Representation

Troutman Sanders

Earlier this year, a district court for the Middle District of Florida upheld a jury award of $225,000 in punitive damages in a debt collection case finding the defendant’s conduct “reprehensible” based on the physical harm caused to the plaintiff, the defendant’s indifference or reckless disregard of the harm it caused to the plaintiff, the plaintiff’s financial vulnerability, and the defendant’s repeated actions.

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CICM Wrapped 2023

CICM

At this time of year, we like to look back at what the credit community has managed to achieve in 2023 at the Chartered Institute of Credit Management. So without much further ado, let’s explore our year: Qualifications and members 82% of studying members passed the Credit and Collections Qualification in 2023. It’s truly inspiring to witness the remarkable dedication of credit professionals in their pursuit of excellence.

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Ninth Circuit Clarifies Standards for Certifying a Class and Determining Treble Damages Under TCPA

TCPA

Last week, the Ninth Circuit in True Health Chiropractic, Inc. v. McKesson Corp. (True Health II), No. 22-15710 (9th Cir. Oct. 25, 2023), affirmed the Northern District of California’s earlier ruling in True Health Chiropractic Inc. v. McKesson Corp., 13-cv-02219 (N.D. Cal. Apr.

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CFPB Proposes Rule to Regulate Tech Payment Companies

Account Recovery

The Consumer Financial Protection Bureau yesterday issued a Notice of Proposed Rulemaking that would give the Bureau the power to regulate tech companies like Apple and Google which are playing a larger role in the payments ecosystem in the United States.

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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?