Consumer Finance
DECEMBER 19, 2022
CFPB is ordering Wells Fargo Bank to pay more than $2 billion in redress to consumers and a $1.7 billion civil penalty for legal violations across several of its largest product lines.
Nerd Wallet
FEBRUARY 3, 2022
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Sawin & Shea
JULY 6, 2022
A common question we receive from those considering bankruptcy is how it impacts personal guarantees. Some situations in which someone may sign a personal guarantee before filing bankruptcy include assisting a friend or family member in receiving a loan, and a business owner may sign a personal guarantee in order to secure funds for their company. If you’re considering filing for bankruptcy, you need to consult with a bankruptcy attorney before signing a personal guarantee.
True Accord
FEBRUARY 23, 2022
Most Americans are in enough credit card debt, they would do anything to go back in time and change the outcome of their financial situation, according to new research. A survey of 2,000 general population Americans examined how they tackle their financial hurdles and found the average person owes $3,083 to credit card debt. Many respondents shared their financial regrets over the years, from not setting up a retirement plan when they were younger (51%), to not paying close attention to their cr
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Finance Transformation Myths Busted Over 75% of organizations struggle to define the right success metrics to benchmark the impact of their finance transformation investment. Whether you are just initiating your digital transformation journey or planning to pitch your next AI project to leadership, without the right metrics and a rigorous tracking process - all your efforts might go to waste!
Better Credit Blog
APRIL 4, 2022
If you are like most people, you have dealt with or are currently dealing with debt collectors. I’ve been preaching about the dangers of debt collectors for years and get countless emails from readers who end up in trouble by answering the phone when a debt collector calls. So, how should you deal with debt collectors? Here are some specific things you should keep in mind if you end up on the phone with a debt collector.
Creditor Collections Today brings together the best content for creditors and collection professionals from the widest variety of industry thought leaders.
PBWT
SEPTEMBER 30, 2022
To encourage parties to transact with debtors in bankruptcy, the Bankruptcy Code in corporate bankruptcies provides highest priority to “administrative expenses,” which include “the actual, necessary costs and expenses of preserving the estate.” 11 U.S.C. § 503(b); id. § 507(a)(2). Section 365 of the Bankruptcy Code permits the assumption or rejection of any executory contract—a contract in which the parties have ongoing duties of performance to each other
Credit Corp
NOVEMBER 29, 2022
Did you know that financial behaviors are set by age seven ? Even if a student is receiving a financial literacy education in school, they’re likely not learning important lessons like budgeting, saving, investing, and managing income until high school. By then, they’re already facing tough decisions about how to spend their first paycheck and determining how to afford higher education.
Public Citizen
MAY 13, 2022
by Paul Alan Levy. The effort by the Watch Tower Bible and Tract Society (a/k/a Jehovah’s Witnesses) to identify a dissident member, "Kevin McFree ," through a spurious claim of copyright infringement has ended with a whimper rather than a bang as Watch Tower agreed to dismiss its copyright lawsuit with prejudice to avoid a possible claim for attorney fees.
Troutman Sanders
APRIL 26, 2022
On April 25, the Consumer Financial Protection Bureau (CFPB or Bureau) announced that it would begin invoking a provision in Dodd-Frank, previously used only infrequently, to conduct supervisory examinations over a greater number of nonbank financial companies that may “pose risks to consumers.”. Under Dodd-Frank, the CFPB has authority to examine three categories of nonbank entities: Nonbank entities that offer or originate mortgages, private student loans, and payday loans, regardless of the n
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.
Prosperity Now
FEBRUARY 23, 2022
The House-passed version of the Build Back Better Act , an expansive and ambitious piece of legislation aimed at shoring
Consumer Finance
MAY 4, 2022
The Consumer Financial Protection Bureau (CFPB) finalized an enforcement action against Bank of America for processing illegal, out-of-state garnishment orders against its customers’ bank accounts.
Nerd Wallet
AUGUST 17, 2022
Rising prices (i.e., inflation) are everywhere you look — on the news, at the pump and in the grocery store. We notice these changes when we reach for our wallets, but it’s difficult to grasp what an extra dollar here or several dollars there mean over the course of several weeks, months or an entire. Elizabeth Renter writes for NerdWallet. Email: elizabeth@nerdwallet.com.
Sawin & Shea
SEPTEMBER 14, 2022
When filing Chapter 7 or Chapter 13 bankruptcy, it’s critical to understand the difference between consumer debt and non-consumer debt. Your consumer and non-consumer debts impact your ability to file Chapter 7 bankruptcy, and your debt types also determine what’s protected by an automatic stay when filing Chapter 13 bankruptcy. If you’re considering filing Chapter 7 or Chapter 13 bankruptcy, consider enlisting the help of skilled bankruptcy attorneys.
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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.
True Accord
NOVEMBER 8, 2022
LENEXA, Kan., Nov. 8, 2022 — TrueAccord Corp , a debt collection company using machine learning-powered digital recovery solutions to improve consumer experience, today announced it joined the Visa Fintech Partner Connect program. Through Visa Fintech Partner Connect, TrueAccord is Visa Ready certified. This certification helps technology companies build and launch payment solutions that meet Visa’s global standards around security and functionality.
Better Credit Blog
APRIL 1, 2022
It’s smart to know how to remove negative items from your credit report, especially if you are soon to be applying for a mortgage or car loan. In fact, you can remove something from your credit history before seven years pass. Whatever you’re dealing with, late payments, collections, charge-offs, or foreclosures, the following techniques can clean up your credit quickly.
UK debt collections
MAY 16, 2022
Business CCJs in Scotland saw a fifty two per cent (52%) increase in decrees and judgments against them in the first quarter of 2022. This huge rise is in comparison with the same period last year, 2021. The total value of these judgments also rose by a massive 269%. The total value of judgment debt went from just under £2.1m to more than £8m. Registry Trust , the not-for-profit organisation which maintains the Register of Judgments, Orders and Fines for the UK & Ireland, has released its la
PBWT
MAY 22, 2022
In the world of cryptocurrency, exchange platforms act as intermediaries allowing investors to buy and sell assets while making money through commissions and transaction fees. Any assets purchased may be held in either non-custodial or custodial wallets. If a customer chooses a custodial wallet, the platform holds and manages the assets through a private key, which is a string of characters that serves as a password.
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.
Consumer Finance
MAY 2, 2022
Numerous student loan borrowers recently submitted complaints to the Consumer Financial Protection Bureau (CFPB) about companies that promised them student loan forgiveness or loan forbearance in exchange for fees amounting to hundreds or thousands of dollars. Borrowers believed they were talking to their servicer or a company authorized by the Department of Education because they often knew private information such as the borrower’s loan balance or recent consolidation activity.
Consumer Finance
JUNE 22, 2022
Today, the Consumer Financial Protection Bureau (CFPB) issued a final rule to help survivors avoid some of the financial consequences of human trafficking. The CFPB has established, among other things, a method for survivors of trafficking to submit documentation to credit reporting companies that identifies any adverse item of information that resulted from human trafficking.
Consumer Finance
JULY 13, 2022
The Consumer Financial Protection Bureau (CFPB) and the Office of the Comptroller of the Currency (OCC) have fined Bank of America $225 million for botching the disbursement of state unemployment benefits at the height of the pandemic.
Nerd Wallet
AUGUST 29, 2022
Your bank plays a role in climate change through its lending and other actions. But is your bank making a positive environmental impact? It can be hard to know. Through their messaging, banks sometimes paint a greener picture of their impact on the climate than what their holdings or other factors indicate, a process known. Spencer Tierney writes for NerdWallet.
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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.
Nerd Wallet
JULY 28, 2022
The latest Mega Millions lottery jackpot has passed $1 billion for only the third time in the lottery game’s 26-year history. That’s, well, a lot of money. How much? Here’s one way to think about it: Let’s say you’ve just scored a dream salary of $1 million a year. Go, you! So, at that blistering. Rick VanderKnyff writes for NerdWallet. Email: rvanderknyff@nerdwallet.com.
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.
Nerd Wallet
JULY 13, 2022
Today’s housing market can feel like a dream killer. Rising mortgage rates, high home prices and a shortage of properties for sale deliver a one-two-three punch. If you’ve been knocked out of one too many deals and need a timeout, here’s how to regroup and keep the homeownership dream alive. Give yourself a break Given. Barbara Marquand writes for NerdWallet.
Consumer Finance
MAY 15, 2022
Today, the Consumer Financial Protection Bureau (CFPB) published a report examining mortgage servicers’ responses to the COVID-19 pandemic. The data, collected across 16 large servicers from May through December 2021, reveal homeowners continue to face significant risks and challenges connected to working with their mortgage servicers.
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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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