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A number of trade groups from across the financial services industry, including ACA International, have petitioned the Federal Communications Commission to delay the enactment of a rule related to the Telephone Consumer Protection Act that is scheduled to go into effect next month. Meanwhile, the FCC has launched a deregulation initiative and is seeking comment on all existing FCC rules that may create unnecessary regulatory burdens.
You may be a small business owner or a professional in the position of finance. You may be reading this and at the same time having challenges with cash flow. The main culprit could be late and non-paying consumers. Just about every type of business will encounter this challenge, and it’s imperative to implement a regular and consistent program for getting customers to pay you for what you have provided.
The Consumer Financial Protection Bureau filed a brief yesterday seeking to convince a federal judge why it should be entitled to $43 million in penalties from the owner of a debt relief company. The case, CFPB v. FDATR, Inc., is being heard in the Northern District of Illinois, with Judge Georgia N. Alexakis presiding. The CFPB’s motion comes after the company, FDATR, failed to respond to the complaint filed in 2020, leading to a default judgment earlier this year.
A new report from GoCardless , in partnership with the Federation of Small Businesses (FSB), has revealed an escalating late payments crisis threatening UK small businesses. A survey of over 2,000 small Business owners found that 45% are experiencing more late payments than a year ago, while 50% fear the situation will worsen in the next 12 months. For many, the delays are severealmost a quarter (24%) of SMBs report receiving payments up to 60 days late.
AI is reshaping industries, yet finance remains one of the slowest adopters. Concerns over compliance, legacy systems, and data silos have made finance teams hesitant to embrace AI-driven transformation. But delaying adoption isn’t just about efficiency—it’s about staying competitive in a rapidly evolving landscape. How can finance leaders overcome these challenges and start leveraging AI effectively?
A new study, based on an exclusive survey by The Kaplan Group , provides a comprehensive analysis of payment collection challenges, focusing on companies affected by high and very high Days Sales Outstanding (DSO). The research spans various industries and company sizes, offering insights into revenue distributions, industry-specific trends, and the impact of delayed payments on cash flow management.
Securing a judgment against a debtor is a significant victory, but the battle doesnt end there. Collecting on that judgment requires finding the money, sometimes by uncovering the debtors assets. This process is known as post-judgment asset discovery. It is a crucial step that can be the difference between getting paid and walking away empty-handed.
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Securing a judgment against a debtor is a significant victory, but the battle doesnt end there. Collecting on that judgment requires finding the money, sometimes by uncovering the debtors assets. This process is known as post-judgment asset discovery. It is a crucial step that can be the difference between getting paid and walking away empty-handed.
Dealing with credit card debt is challenging, let alone facing a debt lawsuit.If the creditor wins the lawsuit, you may face serious financial repercussions. Lawsuits also harm credit scores, and the stress from the legal process can exacerbate financial challenges. If you find yourself being sued by a debt collector, you may wonder how to get a credit card lawsuit dismissed.
The Attorney General of New York has introduced proposed legislation that would update state law to protect consumers from unfair and abusive acts or practices in addition to the deceptive practices that have been illegal since the original law went into effect in 1970. Driving the news: New York Attorney General Letitia James, along with state lawmakers Sen.
Striving to deliver positive consumer experiences is not just a best practiceit is becoming a more prominent component of compliance in debt collection , especially when it comes to consumer communication. As consumer preferences have shifted toward digital channels, the success of a businesss debt recovery operation (whether in-house or outsourced to a third-party agency) hinges on engagement through online platforms, emails, and text messaging.
Demand for payment failed, and now you want to go legal with your debt collection claim. Regardless of whether you proceed with mediation, arbitration, or litigation, your collection attorney will need to choose the appropriate legal theories or causes of action to include in your New York debt collection case. The facts of your underlying claim will determine the causes of action you and your attorney decide to pursue.
Finance isn’t just about the numbers. It’s about the people behind them. In a world of constant disruption, resilient finance teams aren’t just operationally efficient. They are adaptable, engaged, and deeply connected to a strong organizational culture. Success lies at the intersection of people, culture, adaptability, and resilience. Finance leaders who master this balance will build teams that thrive through uncertainty and drive long-term business impact.
In a time of economic transition, where housing programs, small business lending, and taxpayer services face uncertainty due to shifting federal priorities, the question isnt what will change? Its how do we ensure continuity and stability? Thats where Prosperity Next comes in.
A vehicle is an important asset, especially for those with challenging commutes. Unfortunately, vehicle costs continue to steadily rise, with average monthly car payments rising to $725 for new vehicles. With increased expenses, its easy to fall behind on car payments. If you are having a hard time keeping up with a car loan, voluntary repossession may be a good option to get the burden of late payments off your hands.
A District Court judge in Virginia has issued a consent decree in which a law firm representing a plaintiff in a Fair Debt Collection Practices Act case will pay both the plaintiff and the defendant a total of $50,000 and take corrective action after it was accused of filing one lawsuit and settling another in the plaintiff’s name without her knowledge.
In this episode of Moving the Metal , hosts Brooke Conkle and Chris Capurso from Troutman Pepper Locke’s Consumer Financial Services Practice Group discuss the rise and fall of the Junk Fee Rule and the CARS Rule. They delve into the initial broad scope of the Junk Fee Rule, its eventual limitation to specific industries, and the implications for auto finance companies.
Your past-due accounts are growing, cash flow is tightening, and the pressure is on. The big question: Do you handle the collections internally or outsource to experts? Both strategies come with advantages and risks - but which one delivers the best impact for your business? In this session we’ll dive deep into the in-house vs. outsourcing debate, examining cost-effectiveness, efficiency, compliance risks, and overall recovery success rates.
At Brown & Joseph, we value strong partnerships, and our collaboration with Ben Schiffman and Crum & Forster is a perfect example of strategic success… The post How Ben Schiffman is Driving Legal Innovation at Crum & Forster appeared first on Brown & Joseph, LLC.
What if we told you you could hire a collection agency and improve your cash flow without breaking your budget? We’re confident most businesses would like to take advantage of that. There is still a myth that the only way to employ a debt collection agency for your business is to pay large fees to achieve your goals. However, that is not the case; low-cost debt collection solutions are available to any size business.
Whether you are facing unexpected costs or you simply need extra financial support, personal loans are a viable option that many people rely on. In fact, 24 million U.S. adults have an unsecured personal loan as of the third quarter of 2024. So, you’re not alone in wondering how to apply for a personal loan. Understanding the process is crucial before diving in.
On February 27, the Federal Trade Commission (FTC) successfully obtained a temporary restraining order against Blackrock Services, Inc. and its associated entities and individuals. The court order aims to halt the defendants’ alleged deceptive and abusive debt collection practices. The FTC’s complaint , filed on February 24, 2025, alleges that Blackrock Services, Inc., along with Liberty Credit Management, Inc., Civil Complaint Administration, Pacific Billing Solutions, Cornerstone L
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.
Its great to have generative AI tools accessible : to query, produce content and iterate with. These are assistive technologies for law firms; and, if you can get to your results 80% faster, thats a good thing. With a baseline generative AI tool, you input a prompt, and then iterate with the tool, to get your final output. However, AI agents , are the next thing.
Islamic Supply Chain Finance (ISCF) has traditionally been associated with Muslim-majority economies, but its principles of fairness, transparency, and risk-sharing are gaining traction in non-Muslim markets as well. As global trade increasingly shifts towards ethical finance, sustainability, and financial resilience, ISCF presents a compelling alternative financing model that aligns with these trends while enhancing long-term stability for businesses.
Jimerson Birr , a full-service business law firm based in Jacksonville with statewide offices and clients throughout Florida and Georgia, proudly announces the appointment of Brandon C. Meadows as its new Managing Partner. In this role, Mr. Meadows oversees the firms legal operations, ensuring the continued delivery of high-quality legal services while guiding the companys strategic growth.
A collection operation in Indiana that was the subject of a Consumer Financial Protection Bureau enforcement order back in 2023 has closed its doors for good, leaving nearly 100 employees looking for work. The collection agency may be associated with a debt buying operation that also recently shut its doors. Phoenix Financial Services, based in Fishers, Ind., closed at the end of February, according to a published report.
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.
On March 7, the Office of the Comptroller of the Currency (OCC) issued a significant update regarding the involvement of national banks and federal savings associations in cryptocurrency activities. Interpretive Letter 1183 reaffirms the permissibility of various crypto-asset activities and aims to streamline the regulatory process for banks engaging in these activities.
Mountain View, CA, March 14, 2025 – Prodigal today announced the Prodigal Intelligence Engine (PIE), a specialized intelligence layer designed to power AI agents in collections and consumer finance. Building foundations for Agentic AI in consumer finance Recent advancements have led many industries to rapidly adopt AI agents; consumer finance and collections are no exception.
The Court of Appeals for the Fourth Circuit has overturned the dismissal of a Fair Credit Reporting Act case in favor of the defendant, ruling whether a dispute is legal or factual has no bearing on the furnisher’s duty to investigate the dispute. The background: The case stems from a dispute between the plaintiff and her former landlord over charges she believed were fabricated.
Suit Accuses Collector of Misinterpreting Refusal to Pay as Dispute NY AG Introduces Bill to Prohibit Unfair, Deceptive Acts Against Consumers Indiana Collection Agency Closes Down, Affecting Nearly 100 Employees CFPB Moves Forward With Attempt to Order Debt Relief Company Owner to Pay $43M Prodigal launches PIE: Intelligence Layer for Collections AI Agents WORTH NOTING:Two federal judges have ordered thousands of fired federal workers to be rehired … A list of the world’s greatest p
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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