Optio Solutions

SEPTEMBER 19, 2023

Optio Solutions, a prominent player in the industry, has positioned itself at the forefront of compliance efforts, setting a gold standard for collections agencies. Compliance is not just a legal requirement but also a crucial element for long-term success in the collections industry, and for our clients, brand protection. Compliance: A Legal and Ethical Imperative… The post The Importance of Compliance in the Collections Industry appeared first on Optio.

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Nerd Wallet

JANUARY 11, 2023

Randa Kriss writes for NerdWallet. Email: rkriss@nerdwallet.com. The article Small-Business Trends: 6 Predictions for 2023 originally appeared on NerdWallet.

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Account Recovery

DECEMBER 15, 2023

The Consumer Financial Protection Bureau today announced that a medical debt collector — Commonwealth Financial Systems in Pennsylvania — is being shut down for failing to conduct reasonable investigations and failing to inform the credit reporting agencies that debts were being disputed by consumers.

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Debt collector 261

Consumer Finance

NOVEMBER 27, 2023

The Consumer Financial Protection Bureau (CFPB) today ordered Bank of America to pay a $12 million penalty for submitting false mortgage lending information to the federal government under a long-standing federal law.

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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.

Credit Corp

JUNE 1, 2023

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. Your credit score may improve if your collection debt is reported to a new credit scoring model—FICO 9®, FICO 10®, VantageScore 3.0® or VantageScore 4.0®.

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Collections Debt collector Collection Agencies Collections Agency 127

Nerd Wallet

JANUARY 3, 2023

Kate Wood writes for NerdWallet. Email: kwood@nerdwallet.com. Twitter: @[link]. The article New FHFA Credit Score Rules Could Broaden Homeownership Access originally appeared on NerdWallet.

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Prosperity Now

NOVEMBER 7, 2023

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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Troutman Sanders

MARCH 27, 2023

The Federal Reserve issued a press release announcing its plans for a July debut of FedNow , its service “to facilitate nationwide reach of instant payment services by financial institutions.” As previously discussed here , the FedNow service will provide individuals and businesses the ability to send and receive instant payments through the Federal Reserve’s Fedline® network at any time of day seven days a week.

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PBWT

FEBRUARY 27, 2023

In a recent per curium opinion, the Fifth Circuit recommitted to its practice of dismissing claims against court-appointed fiduciaries when plaintiffs fail to obtain permission before bringing suit. The court rested its decision on the Barton doctrine, which other courts, including the Eleventh Circuit, have found inapplicable in similar circumstances.

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Debtor Bankruptcy 112

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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.

Collections

Payment Savvy

DECEMBER 7, 2023

Paying for healthcare expenses out of pocket can be a huge burden, especially if you are dealing with a chronic illness. According to various studies, medical expenses are the leading cause of bankruptcy in the United States. But if you have an FSA card, you can use it to help cover eligible health expenses. What Is an FSA Card? A flexible spending account (FSA) card is a special debit card that allows you to pay for approved healthcare expenses using the pre-tax money you’ve contributed t

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Jimerson Firm

NOVEMBER 13, 2023

While not all incidents of theft are prosecuted in the criminal system, Florida’s civil system has two causes of action that allow a person or entity to pursue the theft of either money or personal property. These two causes of action are Conversion and Civil Theft, and while they are similar in some regards, there are also stark differences that affect important aspects of a claim, such as the amount of damages available and a plaintiff’s burden of proof.

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Qualco

SEPTEMBER 12, 2023

During a tightening cycle, central banks worldwide raise interest rates in an attempt to curb inflation. As a result, loan borrowers with floating rates, also referred to as adjustable or variable rates, face higher monthly payments due to increased interest expenses. Consequently, non-performing and performing forborne exposures become more vulnerable to distress or default.

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Collateral Collections Financial Institution Loans 104

UK debt collections

NOVEMBER 24, 2023

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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Collections

Consumer Finance

DECEMBER 18, 2023

The Consumer Financial Protection Bureau ordered U.S. Bank to pay nearly $21 million for keeping consumers from accessing unemployment benefits during the COVID-19 pandemic.

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Banks Financial services 144

Credit Corp

OCTOBER 6, 2023

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. The average monthly car payment for new vehicles in the United States is $725, and $516 for used vehicles. New car payments are up 11.5% year-over-year and used car payments are only up 2.2%.

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Loans Lender Credit Unions Credit Unions 118

Account Recovery

NOVEMBER 10, 2023

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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Nerd Wallet

JANUARY 24, 2023

Elizabeth Renter writes for NerdWallet. Email: elizabeth@nerdwallet.com. Twitter: @elizabethrenter. The article Home Shoppers to Face High Rates, Economy With Resolve originally appeared on NerdWallet.

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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?

Financial services

Prosperity Now

OCTOBER 24, 2023

Crisis Assistance Ministry has been a long-time Prosperity Now partner working to close the racial wealth gap in Charlotte, North Carolina. We interviewed Bonnie Tiernan, the organization’s Civic Engagement Manager to learn more about the organization, its successes, and challenges. Tell us some background about yourself – how did you get started with your organization?

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Troutman Sanders

DECEMBER 15, 2023

On December 13, by a vote of 4-1, the Federal Communications Commission (FCC) adopted new rules aimed at “closing the ‘lead generator’ robocall/robotexts loophole.” Specifically, the rule requires telemarketers to obtain consumer consent to receive robocalls and robotexts one seller/brand at a time, instead of allowing a single consent to apply to multiple telemarketers.

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Loans 110

Optio Solutions

AUGUST 28, 2023

Reputation is everything. This truth holds even more significance in industries where negative press can have far-reaching consequences. The collections industry is no exception. In an environment where bad press is the last thing anyone desires, brand protection is a paramount concern. In this landscape, adhering to regulations is crucial, and at Optio Solutions we… The post Brand Protection in the Collections Industry appeared first on Optio.

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Payment Savvy

AUGUST 7, 2023

While it is by no means a pleasurable experience, the simple truth of the matter is that recessions are a part of life and something we should accept as an occasional occurrence. We are going to face them once in a while – there is no avoiding that fact. Depending on your perspective (and at the risk of sounding a little existential), the very fact that recessions are inevitable at some point means we are always approaching one.

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Healthcare Startups Foreclosure Government 98

Speaker: William Hord, Vice President of ERM Services

A well-defined change management process is critical to minimizing the impact that change has on your organization. Leveraging the data that your ERM program already contains is an effective way to help create and manage the overall change management process within your organization. Your ERM program generally assesses and maintains detailed information related to strategy, operations, and the remediation plans needed to mitigate the impact on the organization.

Jimerson Firm

OCTOBER 27, 2023

Getting Your Deposition Taken The thought of sitting for a deposition, whether you’re a litigant or a third-party witness, can be quite daunting, especially if you’ve never been through the process before. Keep in mind, however, that a deposition is simply part of the fact-finding process. The purpose of a deposition is for the deposing attorney to learn facts about the case.

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Qualco

OCTOBER 18, 2023

What is Business Process Automation Business Process Automation (BPA) has been on an upward trend, rapidly transitioning from a mere direction to an absolute business necessity. Designed to speed up recurring, manual, and complex tasks, BPA enhances efficiency and empowers organisations to seamlessly streamline processes, from employee onboarding to accounts payable, contract management, and beyond.

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Brown and Joseph

JULY 26, 2023

Our Clients’ Gateway to an Enhanced Experience We are thrilled to announce the launch of the Brown & Joseph -ARMStrong- Web Portal 2.0—an exciting and… The post Introducing the Brown & Joseph Web Portal 2.0 appeared first on Brown & Joseph, LLC.

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Collections 98

Consumer Finance

OCTOBER 11, 2023

The Consumer Financial Protection Bureau (CFPB) and Justice Department today issued a joint statement that reminds financial institutions that all credit applicants are protected from discrimination on the basis of their national origin, race, and other characteristics covered by the Equal Credit Opportunity Act, regardless of their immigration status.

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Financial Institution 145

Speaker: Karl Camilleri, Cloud Services Product Manager at phoenixNAP

Did you know that 2021 was a record-breaking year for ransomware? The days of a “once in a while” attack against businesses and organizations are over. Cyberthreats have become a serious issue. With 495.1 million attacks, the threat marked a 148% increase compared to 2020 and was the most expensive year on record! As a result, data protection needs to be a concern for most banks, businesses, and information technology specialists.

Banks