February, 2024

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Bill Introduced in House to Crack Down on AI Robocalls

Account Recovery

The Federal Communications Commission is not the only entity seeking to criminalize the use of artificial intelligence in the area of robocalls. A bipartisan bill has been introduced in the House of Representatives that would require callers to disclose when artificial intelligence is being used and increases the penalties for using AI to impersonate individuals.

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Boost Your Business's Cash Flow with Accounts Receivable

Enterprise Recovery

Accounts receivable is an essential aspect of any business's financial management. It refers to outstanding payments owed to your company for goods or services provided on credit or with an agreement that payment is owed. By allowing your business clients to defer payment, your company can attract more clients and increase sales. Managing A/R effectively , however, is crucial to maintain a healthy cash flow.

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CFPB Report Finds Large Banks Charge Higher Credit Card Interest Rates than Small Banks and Credit Unions

Consumer Finance

The Consumer Financial Protection Bureau (CFPB) today reported on the first set of results from the newly updated Terms of Credit Card Plans survey.

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FTC Issues Supplemental Rulemaking to Combat Impersonation Fraud

Troutman Sanders

Yesterday, the Federal Trade Commission (FTC) issued a Supplemental Notice of Proposed Rulemaking , seeking public comment on its proposal to amend the Rule on Impersonation of Government and Businesses (Impersonation Rule or Rule), that is being finalized by the FTC today, to add a prohibition on the impersonation of individuals. The amendment would also extend liability for violations of the Impersonation Rule to parties who provide goods and services with knowledge or reason to know that thos

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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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London Mansions being seized as part of Debt Collection efforts

UK debt collections

London mansions are being seized as part of measures to recover debts in London from bankrupt businessmen. A Kensington mansion has become the capital’s latest luxury property to go up for sale in insolvency proceedings as wealthy London homeowners face their assets being liquidated to pay down debts. The property on Queen’s Gate, near Hyde Park, is being sold by receivers for around $34m (£27m) alongside another house worth some $520,000 (£412,000) as part of bankruptcy proceedings, according t

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CFPB Report Highlights Differences in Credit Card Interest Rates as One Titan Buys Another

Account Recovery

Three days after the Consumer Financial Protection Bureau released a report indicating that large banks are offering higher credit card interest rates to consumers than smaller banks and credit unions, one of the nation’s largest credit card issues — Capital One — announced it was buying another of the nation’s largest issuers — Discover Financial […]

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Chargeback Prevention Tips for High Risk Businesses

PDC Flow

Your staff works hard during the busy tax season and throughout the year to settle past-due accounts and collect payments for your debt collection agency. Without measures in place to prevent chargebacks, though, many of your payments could end up being disputed by consumers. Agencies and other high-risk businesses can go months or years without experiencing the stress caused by credit card chargebacks.

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CFPB Secures $12 Million From Ringleaders of Foreclosure Relief Scam

Consumer Finance

The Consumer Financial Protection Bureau resolved an appeal in a long-running enforcement suit against a foreclosure relief scam operation for $12 million.

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Arizona, Kentucky, and Hawaii Become Latest States to Introduce Legislation to Regulate Earned Wage Access Products

Troutman Sanders

Recently, Arizona, Kentucky, and Hawaii have jumped on the bandwagon to regulate earned wage access (EWA) products and services. Arizona’s proposed bill makes clear that EWA services are not considered to be loans or money transmissions, and voluntary tips or gratuities are not finance charges. It further requires EWA providers to be licensed, provide mandatory disclosures to consumers, and to submit an annual report detailing yearly revenue from EWA products.

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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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15% increase in CCJs issued for last 3 months of 2023

UK debt collections

The end of 2023 saw an increase in CCJs issued for unpaid debts. Read the full report issued from the Registry Trust here: The total number of commercial and consumer judgments registered in the British Isles in Q4 2023 was 243,448. This total number excludes England and Wales High Court Judgments, Scotland Ordinary Causes and Northern Ireland High Court Judgments.

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TCPA and FTSA Consent Checklist

Jimerson Firm

In Florida, the Telephone Consumer Protection Act (“TCPA”) and the Florida Telephone Solicitation Act (“FTSA”) limit the use of automated systems for placing automated calls and sending automated text messages. Both the FTSA and the TCPA permit the use of automated dialing systems if the caller obtains the called party’s “prior express written consent.

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Daily Digest – February 20. Suit Accuses Collector of Attempting to Collect From Represented Consumer Who Previously Sued Over Same Debts; Airline Liable for Discounts Mentioned by AI Chatbot

Account Recovery

Suit Accuses Collector of Attempting to Collect From Represented Consumer Who Previously Sued Over Same Debts Judge Denies Competing Summary Judgment Motions in FDCPA Case CFPB Report Highlights Differences in Credit Card Interest Rates as One Titan Buys Another Airline Liable for Discounts Mentioned by AI Chatbot WORTH NOTING: Six movies to put on your […]

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A Guide to Lawyer Trust vs Operating Accounts

PDC Flow

As a law practice, it’s important to follow rules for how to handle a client’s money. This means keeping funds separate through different lawyer trust accounts and operating accounts. Using multiple accounts to manage these finances can be tricky. It’s essential to have strict financial management practices and payment software that can handle multiple lawyer trust and operating accounts.

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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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2024 Review: Chase Sapphire Reserve®

Credit Corp

Advertiser Disclosure: Credit.com has partnered with CardRatings for our coverage of credit card products. Credit.com and CardRatings may receive a commission from card issuers. Editorial Disclosure: Opinions, reviews, analyses and recommendations are the author’s alone, and have not been reviewed, endorsed or approved by any of these entities. Snapshot: The Chase Sapphire Reserve® is best for consumers who travel frequently and want to earn bonus points on flights, hotels and car rentals.

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How to Choose the Best Collection Software

Qualco

NPL Management: A 5-Step Roadmap to Strategic Success is the latest e-Guide to be published by Qualco UK. You can view it here. In today's regulatory environment, when it comes to collecting overdue accounts, the clear, overarching message is that the customer must be treated fairly and ethically. However, in a small number of credit businesses, the right strategies for systems and people have not been set.

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Retail Insolvencies continue to rise in the UK

UK debt collections

Retail Insolvencies are expected to continue to rise according to latest industry expert findings. Less than two months into 2024 and six UK retailers have already gone bust, with a further two warning they may fall into trouble, as experts warn the market will “continue to see an uptick in retail insolvencies”. According to figures from Centre of Retail Research , over 400 job roles have been impacted by retailers shutting up shop in light of the cost of living crisis and financial strain place

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Beware of the Pitfalls When Using Boilerplate Real Estate Contracts

Jimerson Firm

In the complex realm of residential and commercial real estate transactions, the importance of a well-crafted customized contract cannot be overstated. However, the convenience and seemingly time-saving allure of boilerplate real estate contracts have led many real estate agents and buyers and sellers to neglect the inherent pitfalls associated with their use.

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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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Compliance Digest – February 19

Account Recovery

I’m thrilled to announce that Bedard Law Group is the new sponsor for the Compliance Digest. Bedard Law Group, P.C. – Compliance Support – Defense Litigation – Nationwide Complaint Management – Turnkey Speech Analytics. And Our New BLG360 Program – Your Low Monthly Retainer Compliance Solution. Visit www.bedardlawgroup.com, email John H.

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Do you feel bad about filing for bankruptcy?

Roths Child Law

A lot of people delay filing for bankruptcy for a considerable time. While it is essential that you take your time to consider if it is right for you and to look for alternative solutions, delaying the inevitable can prolong your agony. Having debt you cannot afford to pay back can play havoc with your mental health, and filing for bankruptcy can help a lot.

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Financial Empowerment for the Underserved: An Interview with Adrian Gomez of United Way of Pueblo County, Bank On Pueblo County 

Prosperity Now

Bank On Pueblo County, a component of United Way of Pueblo County located in Pueblo, Colorado, is a coalition working to increase financial wellness efforts in the community. We interviewed Program Coordinator, Adrian Gomez, to learn more about the organization (a Prosperity Now Community Champion!), their Bank On Program, advocacy efforts and goals for 2024.

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Troutman Pepper Weekly Consumer Financial Services Newsletter

Troutman Sanders

To keep you informed of recent activities, below are several of the most significant federal and state events that have influenced the Consumer Financial Services industry over the past week: Federal Activities State Activities Federal Activities: On February 16, the Consumer Financial Protection Bureau (CFPB) issued a procedural rule updating how financial institutions can appeal supervisory findings, including those relating to compliance with the Fair Credit Reporting Act.

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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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Huge rise in no fault evictions in 2023

UK debt collections

Figures released in the past week by the Ministry of Justice showed that 9,457 households in England were evicted by bailiffs in 2023, compared to 6,399 in 2022. A total of 26,311 households have been removed from their homes since the government first promised to scrap no-fault evictions in 2019. The latest data also showed that a further 30,230 landlords in England started Section 21 eviction court proceedings in 2023, a rise of 28% in one year.

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Credit Risk Management Definition, Mitigation, and Solutions

Qualco

NPL Management: A 5-Step Roadmap to Strategic Success is the latest e-Guide to be published by Qualco UK. You can view it here. In today's regulatory environment, when it comes to collecting overdue accounts, the clear, overarching message is that the customer must be treated fairly and ethically. However, in a small number of credit businesses, the right strategies for systems and people have not been set.

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Daily Digest – February 19. Appeals Court Affirms Dismissal of Hunstein Copycat, but Dissent Argues Plaintiff Has Standing; CFPB Issues Rule to Update Supervisory Appeals Process

Account Recovery

Appeals Court Affirms Dismissal of Hunstein Copycat, but Dissent Argues Plaintiff Has Standing CFPB Issues Rule to Update Supervisory Appeals Process FTC Takes Steps to Protect Consumers from AI Deepfakes Compliance Digest – February 19 WORTH NOTING: Strong winds gave some planes a big boost over the weekend … How well do you know the […]

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The Secret Insurance All Businesses Should Have

Jimerson Firm

Business Interruption Insurance Owning a business has many perks but can also be very unpredictable. A common trait many successful business owners share is the ability to plan for the future. Business interruption insurance is one tool in the tool chest that can help business owners protect themselves from unforeseen circumstances that they could not have predicted and provide financial stability in the midst of uncertainty.

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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.