Account Recovery

JANUARY 2, 2025

Defaults on credit card debt have surged to their highest levels since the 2008 financial crisis, signaling worsening financial conditions for lower-income consumers amid persistent inflation and elevated interest rates. By the numbers: The big picture: Consumers are feeling the pinch as higher balances and borrowing costs erode their financial stability: Between the lines: The pandemic-era surge in savings and consumer spending gave credit card issuers confidence to extend credit to riskier bor

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Credit Card Debt 189

Account Recovery

DECEMBER 19, 2024

A District Court judge has denied motions from ACA International for a preliminary injunction and a temporary restraining order seeking to block the enactment of guidance issued by the Consumer Financial Protection Bureau related to how medical debts are collected. ACA and one of its members filed the lawsuit against the CFPB last month in the District Court for the District of Columbia.

Debt collector 287

Debt collector Collections 287

Enterprise Recovery

DECEMBER 13, 2024

In B2B sales, a signed contract is of immense sanctity. It serves as the cornerstone for ensuring security and trust between business partners. These contracts provide a clear framework for the business relationship, outlining the rights and obligations of each party involved. This assurance is invaluable in fostering a stable and reliable partnership, as it minimizes the risk of disputes and misunderstandings.

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Consumer Finance

DECEMBER 22, 2024

The CFPB sued Rocket Homes to stop providing incentives to real estate brokers and agents in exchange for steering homebuyers to Rocket Mortgage for loans.

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Loans 141

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.

Jimerson Firm

DECEMBER 13, 2024

On December 3, 2024, ruling by the U.S. District Court for the Eastern District of Texas granted a preliminary injunction that applies nationwide for all beneficial ownership interest (BOI) reports. 1 What initially appeared to be a straightforward implementation of the Corporate Transparency Act (CTA) has transformed into a complex legal and regulatory challenge that demands careful navigation by businesses across the United States.

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Government 98

UK debt collections

DECEMBER 17, 2024

BILLIONS of pounds in late payments are owed to self employed tradespeople across the UK, according to new research from Ford Pro. The vehicle manufacturers research found delayed or missing payments to tradespeople was reported as the major issue facing sole traders heading into 2025. Tradespeople are owed as much as 3.5 billion in overdue payments , which equates to an average of 3,942 each.

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Manufacturing Loans 79

Consumer Finance

DECEMBER 19, 2024

The Consumer Financial Protection Bureau (CFPB) sued the operator of Zelle and three of the nations largest banks for failing to protect consumers from widespread fraud on Americas most widely available peer-to-peer payment network.

Banks 140

Banks 140

PDC Flow

DECEMBER 19, 2024

Does your company offer expensive products or services, bill customers after the fact, or provide services on a monthly, or ongoing basis? Its time to evaluate and take advantage of your recurring billing software and set up better recurring payments for your business. Recurring billing is a common payment model companies used to charge customers at regular intervals instead of in a lump sum payment.

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Manufacturing Healthcare Collection Agencies Collections Agency 84

Collections Law

DECEMBER 27, 2024

Watching your debtor continue business as usual while they owe you money can be incredibly frustrating. You have a judgment in hand, yet your debtor seems unfazed, conducting transactions and collecting payments without a second thought to what they owe you. Its enough to make any business owner in Massachusetts feel powerless. The good news is that you are not powerless.

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Debtor Lawyers Judgment Collections 52

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.

Banks

Account Recovery

DECEMBER 18, 2024

A Washington man was sentenced yesterday to nearly two years in federal prison for his role in a multi-year debt consolidation scheme that defrauded consumers across Oregon and Washington. His business partner remains at large as legal proceedings continue. Driving the news: Javier Antonio Banuelas Urueta, 55, of Vancouver, Wash., received a 21-month prison sentence and was ordered to pay $115,750 in restitution for conspiring to commit and committing mail and wire fraud.

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Debt Consolidation 246

TCPA

DECEMBER 20, 2024

A recent decision from the U.S. District Court for the Southern District of Indiana demonstrates how a defendant may successfully challenge personal jurisdiction when the facts fail to show vicarious liability through a principal-agent relationship. In Roehrman v. McAfee, LLC, No. 23-2146, 2024 WL 5008043, at *2 (S.D. Ind. Dec.

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Consumer Finance

DECEMBER 22, 2024

Today, the CFPB sued Walmart and Branch Messenger for forcing delivery drivers to use costly deposit accounts to get paid and for deceiving workers last mile drivers in Walmarts Spark Driver programabout how they could access their earnings.

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FFGN COLLECT NY

DECEMBER 15, 2024

Doing business with a delinquent customer? Applying current customer payments toward overdue accounts could cost you. Our client continued to sell to their customer, even though the customer was in arrears. However, the client changed the terms, requiring payment within a few days of shipment. The payments made were meant for the “newer” transactions.

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Bankruptcy Debtor Creditors Collections 52

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Collection Agencies

Collections Law

DECEMBER 18, 2024

In the business world, extending credit is often necessary to build relationships and expand your customer base. But without the right protections, it can also lead to unpaid debts and financial headaches. Fortunately, a credit application contract is a powerful tool that sets the stage for successful transactions and protects your business interests.

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Commercial Collection Creditworthiness Credit Management Lawyers 52

Account Recovery

DECEMBER 26, 2024

New York Gov. Kathy Hochul this week signed a sweeping package of bills to enhance consumer data protection in New York into law. While the package tackles various digital safety issues, one law stands out for debt collection professionals: S5703B/A1035B, which bans the use of social media platforms for debt collection. The details: The newly enacted law prohibits debt collectors from using social media platforms to communicate with consumers about unpaid debts.

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Collections Debt collector 130

JMA

DECEMBER 14, 2024

Running a small business has never been easy, but in todays fast-paced, unpredictable, and struggling economy, the challenges are more pressing than ever. Rising costs, tighter budgets, and increasing competition mean that maintaining a healthy cash flow is critical to survival. Unfortunately, unpaid invoices and overdue debts can quickly disrupt even the best-managed businesses, leading.

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Collections 52

Consumer Finance

DECEMBER 16, 2024

The CFPB issued a report on the experiences of homeowners dealing with their mortgage company after divorce or the death of an original borrower.

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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.

BN Lawyers

DECEMBER 19, 2024

Heres the latest risk management guidance, published in November 2024, from B&Ns Attorneys Risk Management practice group. BN – Tip of the Month – Cyber Incidents Create a Variety of Ethical Obligations – Nov 2024 The post Barron & Newburger’s Latest Risk Management Guidance appeared first on Barron & Newburger, P.C.

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NCBA Law Practice Management Blog

DECEMBER 15, 2024

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Account Recovery

DECEMBER 27, 2024

A District Court judge in Michigan has denied a defendant’s motion to dismiss and stayed a case in which the defendant is accused of violating the Fair Debt Collection Practices Act and state law in Michigan while a state court determines whether or not the underlying debt is for personal or business reasons. The background: Back in 2021, the plaintiff attempted to purchase an automobile.

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Fair Debt Collection Collections 130

JMA

DECEMBER 14, 2024

Managing multiple debtors can feel overwhelming, especially for businesses trying to maintain healthy cash flow while juggling other priorities. Unpaid invoices, late payments, and inconsistent follow-ups can quickly snowball into financial stress, putting your companys stability at risk. For small to medium-sized businesses, efficient debtor management isnt just about recovering owed moneyits about preserving client.

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Debtor 52

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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

Consumer Finance

DECEMBER 15, 2024

The CFPB released a special edition of its Supervisory Highlights describing a range of unlawful activities identified by CFPB examiners across student loan markets.

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Student loans Student Loans Loans Collections 110

On Guard

DECEMBER 18, 2024

The trends of today are shaping the trends of tomorrow. How has 2024 unfolded and what is expected for 2025? As this year has come to an end, we gathered a list of the top trends in credit management through the past year: Trends in credit management #1: Increasing DSO in European companies A high Days Sales Outstanding (DSO) means that it takes longer for a company to collect money from its customers after making a sale, significantly affecting its cash flow and, consequently, its smooth operat

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Credit Management Accounts Receivables Management Bankruptcy Government 52

NCBA Law Practice Management Blog

DECEMBER 15, 2024

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Law Firms 40

Account Recovery

DECEMBER 31, 2024

A state appeals court in Washington has affirmed an attorney’s fee award for the plaintiff in a debt collection case, agreeing with the lower court that counterclaims brought by the defendant, a collection operation, were frivolous. The background: The case originated from allegations that the defendant, a licensed debt collection agency, attempted to collect an amount of interest exceeding what was permitted by a previous judgment.

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Collections Collection Agencies Collections Agency Judgment 130

Speaker: Genevieve Hancock, CPA

Cash flow isn’t just about balancing numbers - it's about ensuring your organization is positioned for both immediate stability and long-term success. Understanding that cash flow management fuels every decision, every opportunity, and every growth phase is critical. But how can you shift from simply managing cash to strategically optimizing it for resilience?

Financial services