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DEBTCOLLECTORS, facing growing demands to freeze the collection of debt across the country amid the economic hardship caused by the coronavirus pandemic, are mobilizing their lobbyists to push back. In New York, residents are receiving a 30-day reprieve from the collection of state-owned medical and student debt.
30 deadline, approved the Debt Collection Licensing Act and legislation to create the Department of Financial Protection and Innovation (DFPI)—essentially a state version of the Consumer Financial Protection Bureau—Friday. The DFPI will include oversight of debtcollectors and emerging financial technology products.
As it relates to collections and accountsreceivablemanagement , skip-tracing is the process of locating debtors whose contact information is no longer accurate. The ability to locate a debtor means that you actually have a chance to recover debts that are owed. What is skip-tracing? How will my company benefit from it?
Updates to the Gramm-Leach-Bliley Act (GLBA), the Safeguards Rule , provide financial institutions, including those in the accountsreceivablemanagement industry, with requirements on how to safeguard customer information, went into effect on June 9. On the regulatory front, data protection is making headlines.
2020 has been an unusual year for the accountsreceivablemanagement industry (to say the least). But the year also saw numerous pieces of legislation, (CFPB’s Regulation F to California debt collection licensing and more) that will impact how collections will operate going forward. Joann Needleman.
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