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Much has been written about how changes at the top of the Consumer Financial Protection Bureau are going to impact the accountsreceivablemanagement industry, but there are two other government regulators that also police debt collectors — the Federal Communications Commission and the Federal Trade Commission.
The Federal Trade Commission yesterday announced a crackdown on deceptive and unfair practices used by for-profit universities by reviving a long-dormant enforcement tool that could have implications into how the regulator takes action against companies in the accountsreceivablemanagement industry.
Artificial intelligence has become a big buzzword in the accountsreceivablemanagement industry during the past couple of years. Companies are using AI to help identify which accounts to contact and when to contact them and using algorithms to help them make more decisions and handle more collection inquiries.
15, 2021 – Minneapolis, Minnesota – ACA International, the world’s largest trade association for the accountsreceivablemanagement industry, has named Scott Purcell as CEO effective on Jan.
President Joe Biden named temporary heads to the three major government agencies regulating the accountsreceivablemanagement industry — the Consumer Financial Protection Bureau, the Federal Communications Commission, and the Federal Trade Commission.
The Federal Trade Commission has announced that it is “exploring” a rule to crack down on “junk” fees that it says are proliferating throughout the country, and one of the categories of fees could have applications in the accountsreceivablemanagement industry.
The Federal Trade Commission has issued a warning to consumers about QR codes and how they are being used to potentially scam individuals and steal their personal and financial information.
Issa returns to the firm after serving as General Counsel for ACA International, a trade association for the accountsreceivablemanagement industry. He focuses his practice on representing clients in litigation and providing counsel to clients on compliance, risk management, and […]
BIDEN NAMES TEMPORARY PICKS TO LEAD CFPB, FCC, FTC President Joe Biden named temporary heads to the three major government agencies regulating the accountsreceivablemanagement industry — the Consumer Financial Protection Bureau, the Federal Communications Commission, and the Federal Trade Commission.
One of the jokes about the accountsreceivablemanagement industry is that it’s the world’s second-oldest profession. There is a kernel of truth in that statement, though, because as long as people have been buying, selling, and trading with each other, there have been people who have not paid their debts.
The point is this: the 80-20 rule holds true for accountsreceivablemanagement. With that in mind, and with Halloween on the horizon, we wanted to go over three treats of the trade that will make a difference for your business as we enter the holiday season of the year.
I have a Series 3 license and could (technically but not realistically) trade commodity futures and options. TEC is now extending its services by offering proven, industry-leading technology solutions alongside of our Professional Services to help Clients feel confident in their technology decisions. Learn more at ww.tecsg.com.
Manufacturing firms, especially those engaged in international trade, face similar challenges. The survey was distributed to Chief Financial Officers, AccountsReceivableManagers, and Finance Directors who possess direct oversight of their organizations’ collection processes and cash flow management.
Like any industry, the debt collection and accountsreceivablemanagement industries have some bad apples. The latter are obviously people and organizations that you would want to avoid should your business need assistance with collecting on delinquent accounts. So what’s the implication for you, the business owner?
He joins fellow credit practitioners, as well as the other board members, who represent all facets of the accountsreceivablemanagement arena: collection agency executives, creditors’ rights attorneys, business consultants, controllers, certified public accountants, industry trade group officers and chief financial officers.
Where data has its own intrinsic value and where data breaches and cyberattacks are a risk for every business, the Safeguards Rule under the Gramm-Leach-Bliley Act (GLBA) provides financial institutions, including those in the accountsreceivablemanagement industry, with guidance on how to safeguard customer information.
With over 50 years of experience and a recovery record of about $6 billion in accountsreceivablemanagement for 60,000+ clients in the last decade, discovering Transworld Systems Collection on your credit report is never a welcomed situation. Especially when credit reporting agencies reduce your score by up to 50 points.
Nils Strachanowski, VP Product for Cash Application, discusses how humans and Artificial Intelligence can collaborate in AccountsReceivableManagement to achieve the best possible results. Cash collection and allocation processes are more critical than ever in times of trade volatility and economic instability.
If you have the name of the principals of the company, get their direct contact information, so if you need to discuss the account with them, you can easily reach them. Get trade references. I hope these little credit manager habits from a debt collection expert have helped you. Ask how many years have they been in business.
These compliance and defense litigation skills applied nicely to the accountsreceivablemanagement industry. . My bosses encouraged me to join several industry trade groups. Industry trade groups and private news agencies provide a tremendous amount of valuable resources to help industry remain current.
The plaintiffs, who include landlords and real estate trade associations from Alabama and Georgia, argue that the CDC exceeded its authority by imposing the ban. For more information, click here. On June 29, the U.S. Supreme Court refused to lift the CDC’s moratorium on evictions during the COVID-19 pandemic. For more information, click here.
On April 15, the Federal Trade Commission (FTC) announced the first enforcement action taken under the new COVID-19 Consumer Protection Act (COVID-19 CPA), which imposes monetary penalties on violators. Companies also would be required to submit business-specific requirements, which pertain to information related to licensing a business.
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