Account Recovery
JANUARY 17, 2025
The Consumer Financial Protection Bureau yesterday announced a settlement with the National Collegiate Student Loan Trusts (NCSLTs) to resolve allegations of defective debt collection practices. If approved by the court, the stipulated judgment will require the NCSLTs to provide $2.25 million in redress to consumers and implement corrective actions to address the alleged violations.
Consumer Finance
JANUARY 15, 2025
The CFPB ordered Block, the operator of the peer-to-peer payments app Cash App, to refund consumers $120 million and pay a penalty of $55 million.
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Enterprise Recovery
JANUARY 10, 2025
As accounts receivable (A/R) become delinquent, your business expenses could fall behind. With every late-paying client, cash flow for payroll, rent, or other vendors falls short, threatening your company's bottom line and growth. The effectiveness of your A/R department may be one of the most important measurements to determine the success of your business.
Account Recovery
JANUARY 10, 2025
EDITORS 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? Call (855) WEB-RECON or email admin@webrecon.net today!
Speaker: Debra L. Robinson
CPAs know the drill: taxes, compliance, rinse, repeat. But what about the sneaky cash flow that’s quietly messing with your organization’s success? It’s time to step into the spotlight and expose the “dirty little secrets” of cash flow to fuel strategic growth. By upskilling your accounting practices and shifting focus from tax compliance to the strategic movement of money, you can transform your role from reactive accountant to proactive financial strategist.
Consumer Finance
JANUARY 13, 2025
The CFPB sued Capital One for cheating millions of consumers out of more than $2 billion in interest.
Creditor Collections Today brings together the best content for creditors and collection professionals from the widest variety of industry thought leaders.
Hudson Weir
JANUARY 10, 2025
Businesses rely on steady cash flow to operate smoothly, and unpaid invoices can create major hurdles With this in mind, you might wonder: what is a letter before action and how can it help recover debts? UK small businesses face an average of 22,000 in overdue payments, translating to an economic loss of 2.5 billion annually. In fact, customers paid nearly 50% of small businesses invoices late between June 2023 and June 2024, according to Apollo.
Burt and Associates
JANUARY 17, 2025
In the world of business, financial health is everything. Companies thrive or falter based on their ability to manage resources effectively and meet short-term obligations. Enter the acid test , also known as the quick ratio , a vital financial metric that helps assess a companys immediate liquidity. This ratio provides insight into whether a business can cover its short-term liabilities without relying on the sale of inventory, making it an invaluable tool for business owners and financial mana
Consumer Finance
JANUARY 12, 2025
Today, the Consumer Financial Protection Bureau (CFPB) proposed a rule that would stop financial companies from forcing Americans to choose between participating in the financial system or giving up their rights, including those guaranteed by the Constitution.
FFGN COLLECT NY
JANUARY 14, 2025
A guarantee is a written promise by one person to pay another’s debt. In a commercial setting, a guarantee is typically the promise of an owner or officer to pay the debt of a corporate entity should it default on its obligation. A commercial guarantee provides additional security and consideration for the creditor. It’s an additional incentive for the corporate entity to fulfill its obligations.
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.
Jimerson Firm
JANUARY 16, 2025
(Update as of 12/27/24): In a shocking turn of events, on December 26, 2024, the Fifth Circuit Court of Appeals reversed its own Order issued earlier this week (see below), resulting in a reinstatement of the injunction on filing beneficial ownership information (BOI) reports. This means that as of this blog post, there is no firm deadline on when you need to file your BOI.
UK debt collections
JANUARY 15, 2025
Didsbury Gin was founded by best friends and gin lovers Liam Manton and Mark Smallwood in 2017, who according to the brands website, wanted to take gin to the next level. A year after founding the brand, the pair won a 75,000 (US$88,952) grant after appearing on BBC television series Dragons Den , which in return would take a 10% stake in their business.
Account Recovery
JANUARY 13, 2025
A District Court judge in Arizona has granted a defendant’s motion to dismiss a Fair Debt Collection Practices Act case, ruling that the plaintiff failed to sufficiently establish the defendant’s status as a “debt collector” under the statute and did not plead adequate facts to support the alleged violations. The background: The dispute stemmed from a credit card account the plaintiff opened in 2016 with the original creditor.
PDC Flow
JANUARY 17, 2025
In todays fast-paced business world, operational efficiency is key to staying ahead. Businesses face constant challenges in streamlining business processes, maintaining compliance, and enhancing customer experiencesall while keeping operational costs low. To help address these issues, PDCflow recently hosted a webinar titled Boost Operational Efficiency with Bulk Flows, Custom Branding, and Automated Reminders, featuring Kristen Makanoa, our resident workflow expert and Product Manager.
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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.
FFGN COLLECT NY
JANUARY 14, 2025
A guaranty is a written promise by one person to pay another’s debt. In a commercial setting, a guaranty is typically the promise of an owner or officer to pay the debt of a corporate entity should it default on its obligation. A commercial guaranty provides additional security and consideration for the creditor. It’s an additional incentive for the corporate entity to fulfill its obligations.
Jimerson Firm
JANUARY 14, 2025
In todays digital age, cybersecurity has become a critical concern for businesses and individuals alike. With increasing cyber threats and data breaches, it is essential to understand the legal frameworks that govern the protection of information systems. In Florida, specific statutes and regulations address cybersecurity, imposing obligations on organizations to safeguard sensitive data and ensure compliance with state laws.
Account Recovery
JANUARY 10, 2025
Fifty-three state financial regulatory agencies have imposed a $20 million penalty on Bayview Asset Management LLC and its affiliates Lakeview Loan Servicing, Community Loan Servicing, and Pingora Holdings for inadequate cybersecurity practices and delayed compliance with state regulators. The coordinated enforcement action follows a 2021 data breach impacting 5.8 million consumers.
Consumer Finance
JANUARY 16, 2025
The CFPB took action against Equifax, the nationwide consumer reporting agency, for its failure to conduct proper investigations of consumer disputes.
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.
On Guard
JANUARY 14, 2025
When starting your career as a pedagogist and a dance teacher, you dont expect to end up excelling in B2B sales. But these two might not be so far apart. For Natascha, the link is clear: persuasion and instilling enthusiasm. This is her story. She has been working at Onguard for 24 years, she loves philosophy and art, and she is Onguards go-to person for sustainability, a former active member of the work council, the organisations Unicef project team member, and a gender diversity advocate.
The Kaplan Group
JANUARY 13, 2025
A new study by The Kaplan Group explores the relationship between generational spending patterns and geographical cost of living. It also examines how location-based cost of living impacts savings potential more significantly than raw income, with lower-cost states demonstrating higher savings scores despite lower median incomes. Key Takeaways Gen X demonstrates the highest potential for savings, with an annual savings potential of $27,200.
Burt and Associates
JANUARY 10, 2025
Financial health is the backbone of long-term success for small business owners. While revenue growth and customer acquisition are often the focus, effective debt management is equally critical. One tool that stands out in managing debts and ensuring steady cash flow is amortization —a concept that can make seemingly insurmountable debts manageable and predictable.
Account Recovery
JANUARY 10, 2025
A Florida Appeals Court has upheld the dismissal of a case that hinged on whether claims filed under the Florida Consumer Collections Practices Act (FCCPA) were assignable to third parties. This ruling could have significant implications for debt collection practices and the legal strategies employed by both consumers and collection agencies. The background: The case began when a residential tenant failed to pay rent for four consecutive months, prompting the defendant to post an 8-Day Notice on
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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.
Consumer Finance
JANUARY 12, 2025
The CFPB released a study finding one fifth of consumers used Buy Now, Pay Later (BNPL) loans in 2022, and many held simultaneous loans from multiple lenders.
Account Recovery
JANUARY 17, 2025
A District Court judge in New Jersey has granted a defendant’s motion to dismiss a Telephone Consumer Protection Act case after it was accused of using an automated telephone dialing system when attempting to contact the plaintiff, ruling that the plaintiff’s allegations were insufficient to support the claim. The background: The case stemmed from a series of phone calls made by the defendant, a debt collection company, to the plaintiff’s personal cell phone between May and Jul
Account Recovery
JANUARY 14, 2025
A District Court judge in Illinois has granted a defendant’s motion to dismiss after it was sued for sending a letter to an individual who had indicated that email was the only convenient channel of communication. The ruling, issued by Judge Georgia N. Alexakis of the District Court for the Northern District of Illinois, was based on the fact that the plaintiff lacked standing to sue because she did not suffer a concrete injury.
Account Recovery
JANUARY 15, 2025
A District Court judge in Florida has denied a defendant’s motion to dismiss claims it violated the Fair Debt Collection Practices Act and the Florida Consumer Collections Practices Act in a ruling that seems potentially problematic in terms of the definition of debt collector and when a debt is in default. The background: The case stems from a parking fee dispute at a private garage in Miami.
Speaker: Mark Stovel
When it comes to automating, many firms focus on finding the latest tech, believing that efficiency is something achieved through new tools. Yet true efficiency is achieved by delivering real value to clients, not merely by upgraded systems. Without a clear approach, no level of automation can overcome the complexities of serving every client’s needs.
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