Judge Partially Grants MSJ for Plaintiff in FDCPA Case
Account Recovery
MAY 15, 2023
May, 2023
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Late Paying Clients - It's not Personal
Enterprise Recovery
MAY 26, 2023
When you're growing a business, a late-paying client can be frustrating. You have to dedicate time and resources to figure out what happened and why. You have to pull yourself together enough to have a conversation about money - something that's not easy for many people. The most important thing to remember is that your business fulfilled its part of the deal, and now your client owes your business.
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The pros and cons of different debt collection methods
American Profit
MAY 5, 2023
No matter the size of your business, your organization will always encounter consumers that have challenges meeting their financial obligations. For a whole host of reasons, consumers can either be late in paying you, or stop paying your business altogether. We always advise the organizations we work with to have an internal debt collection strategy prior to issuing accounts to a collection agency.
CFPB Action to Require Citizens Bank to Pay $9 Million Penalty for Unlawful Credit Card Servicing
Consumer Finance
MAY 22, 2023
Today, the Consumer Financial Protection Bureau (CFPB) reached a settlement to resolve CFPB’s allegations that Citizens Bank violated consumer financial protection laws and rules that protect individuals when they dispute credit card transactions.
You Put in a Full Work Week. Shouldn’t Your Collections Software Do the Same?
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Discover a modern, cloud-based collection system that never takes a rest day. MeridianLink® Collect is an intuitive platform with advanced customization options developed to simplify the collections process. Here are four ways MeridianLink Collect can support your team: Omnichannel communications Compliance rules & checklists Workflows & queues One interface with supporting integrations And that’s just the start.
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Creditor Collections Today brings together the best content for creditors and collection professionals from the widest variety of industry thought leaders.
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Debt Ceiling Bill Includes Provision for End of Student Loan Payment Moratorium
Account Recovery
MAY 30, 2023
Putting perhaps the final nail in the moratorium on student loan payments is a clause in the deal worked out between President Joe Biden and House Speaker Kevin McCarthy to suspend the debt ceiling that ends the pause within 60 days after June 30 once the bill is signed into law.
How Automation Helps with Cash Flow
Enterprise Recovery
MAY 19, 2023
With the "unprecedented" events of the past few years, businesses are looking to become more efficient in all areas of their organizations. An area that is often overlooked due to its manual processes is accounts receivable. Even though payments by check have declined since 2019, thirty percent of B2B clients are still writing checks and sending them in the mail.
Working in Debt Collections-Expectations vs Reality
American Profit
MAY 3, 2023
By Angela: I have had the pleasure of sitting in on plenty of interviews throughout my career with American Profit Recovery. During this time, I have noticed some common things potential candidates are always looking for. One of the biggest is that they want an opportunity for growth, a company they can make a nice living at and a good working environment.
CFPB Report Highlights Costly Credit Cards and Loans Pushed on Patients
Consumer Finance
MAY 3, 2023
The Consumer Financial Protection Bureau (CFPB) proposed a rule to implement a Congressional mandate to establish consumer protections for residential Property Assessed Clean Energy (PACE) loans.
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?
Invest in minority-owned businesses to unlock million jobs and trillions of dollars to our economy
Prosperity Now
MAY 14, 2023
Instant ACH Transfers Online
Payment Savvy
MAY 16, 2023
Our current era has been shaped by digitization with a fundamental impact on all sectors, including banking and finance, where it has brought unprecedented convenience, security, and efficiency. The backbone of these developments is none other than America’s Automated Clearing House (ACH) which facilitates seamless electronic transactions between banks and financial institutions within its network.
What Happens when Business Debt Goes to Collections?
Enterprise Recovery
MAY 12, 2023
Debt collections may not be the most enjoyable part of back office operations, but it's absolutely necessary. Unfortunately, some of your business clients will miss a payment or more due to various reasons. If you've signed an agreement and fulfilled your part, they still owe you. What happens when business debt goes to collections?
10 Ways to Improve Payment Collections with Salesforce
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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.
How communicating with a debt collector can resolve your debt
American Profit
MAY 2, 2023
If you are a consumer struggling with debt, you’ll want to pay attention to one of the best pieces of consumer advice we can provide you. If you have an outstanding debt and you are being contacted by a collection agency, pick up that phone, answer that e-mail or respond to that text message. You’ll start the process of getting out of debt and lower your anxiety at the same time.
CFPB Issues Guidance to Rein in Creation of Fake Accounts to Harvest Fees
Consumer Finance
MAY 9, 2023
The Consumer Financial Protection Bureau (CFPB) issued a new circular affirming that a bank may violate federal law if it unilaterally reopens a deposit account to process transactions after a consumer has already closed it.
CFPB’s Section 1071 Final Rule (Part 1): A General Overview
Troutman Sanders
MAY 2, 2023
Please join Troutman Pepper Partner Chris Willis and his colleagues Lori Sommerfield, Addison Morgan, and Josh McBeain for the first installment of a special three-part series about the Consumer Financial Protection Bureau’s (CFPB) new small business lending data collection and reporting final rule — the Section 1071 rule. Part 1 of this special series provides a general overview of the rule, including: What the rule is designed to do; The definition of a small business for the purpose of this r
Five Stories That Matter in Michigan This Week – May 26, 2023
Fraser
MAY 26, 2023
Health Savings Accounts and High Deductible Health Plans Limits Increased for 2024 The federal government recently announced that the inflation adjusted limits for health savings accounts (HSAs) and high deductible health plans (HDHPs) will increase in 2024. For example, HSA contributions for an individual will increase in 2024 to $4,150 from $3,850 in 2023, and the minimum deductible on a HDHP for an individual will increase to $1,600 in 2024 from $1,500 in 2023.
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?
Lawsuit Accuses Collector of Failing to Honor Agreement Because Payment was Two Days Late
Account Recovery
MAY 30, 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?
5 First Steps to Start a Freelance Business
Enterprise Recovery
MAY 5, 2023
Estimates say that the number of freelancers entering the marketplace is growing at a compound annual growth rate of 15%. Enterprise company layoffs and the demand for more flexibility after the pandemic are two of many reasons that more people are considering freelancing. If you're ready to hang out your shingle, you definitely want to make sure you're on steady ground, so preparation and planning are necessary.
What Is a Jumbo Loan?
Credit Corp
MAY 9, 2023
A jumbo loan is a type of mortgage that surpasses the Federal Housing Finance Agency (FHFA) limitations and is used to finance expensive properties. If you’re looking to purchase a property or a home in a more expensive area, it’s important to understand how jumbo loans work. Many individuals use jumbo loans to finance properties that exceed conventional loan limits.
Successful Change Management with Enterprise Risk Management
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.
Don’t Send Just Flowers on Mother’s Day—Support Moms with Paid Leave!
Prosperity Now
MAY 11, 2023
Every year on Mother’s Day I send my mom flowers—just like millions of other people across the country.
Independent Contractor Bills Introduced in Michigan House of Representatives
Fraser
MAY 4, 2023
Are your workers properly classified? Even though the Michigan Legislature is currently mired in the often months-long process of passing a budget, there is a package of mostly non-spending bills in the Michigan House of Representatives that businesses should be keeping an eye on. The multi-bill package ( HB 4390 et seq.) would create one of the strictest standards for defining an independent contractor and provides for significant penalties for those employers that misclassify workers.
Texas Enacts Medical Billing Transparency Law
Account Recovery
MAY 30, 2023
The governor of Texas has signed a bill into law that will require hospitals and health care facilities send patients a written, understandable itemized invoice prior to placing the account with a debt collector. The law is scheduled to go into effect on September 1.
Hosted Payment Page Options from No Code to Low-Code
PDC Flow
MAY 11, 2023
Customers expect companies to offer online payments. If your organization doesn’t accept online payments (or your online page is confusing, outdated, or doesn’t match your website) your business is losing money. Hosted payment pages are now a must for any company that wants to: Stay competitive Make paying easier for customers Save staff time by reducing manual work Bring in money even when your business is closed What is a Hosted Payment Page?
How Preparation and Strategy Can Be Used to Fight and Defeat Any Ransomware Attack
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.
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