Account Recovery

APRIL 18, 2024

TEC Services Group is the leading technology and professional services firm in the credit collections industry offering both leading industry solutions along with unrivaled, unbiased, and experienced support. I am thrilled to announce that the Getting to Know series will be sponsored by TEC Services Group in 2024.

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Credit Unions Credit Unions Collections 147

Account Recovery

MARCH 11, 2025

Why it matters: For professionals in debt collection agencies, debt buying companies, fintechs, banks, credit unions, and consumer finance firms, these findings underscore a growing vulnerability among older borrowers.

Credit Card Debt 130

Credit Card Debt Credit Unions Credit Unions Debt Buying 130

Collection Industry News

JUNE 5, 2022

The Consumer Financial Protection Bureau (CFPB)’s decision to establish supervisory powers over nonbank financial institutions will level the playing field and subject those companies to much-needed scrutiny, credit union trade groups informed the agency Tuesday. Response From Credit Union Trade Groups.

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Credit Unions Credit Unions Trade Financial Institution 75

Account Recovery

OCTOBER 9, 2024

This behavior, observed in the retail world, is a crucial lesson for collection agencies, debt buyers, fintechs, banks, and credit unions. The lesson for debt collection professionals? This disparity leads to higher abandonment rates on brand-specific sites. Learn more.

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Collections Credit Unions Credit Unions Retail 130

Nexa Collect

FEBRUARY 3, 2022

An average collection agency will recover about 20% of the total debt assigned. Here are the most important factors which decide how much a collection agency will collect for you: 1. Some clients may get a 100% recovery rate, for others it could very well be 0%. Debtors are less likely to pay when they feel threatened.

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Collection Agencies Collections Agency Collections Debt collector 130

Nexa Collect

MARCH 12, 2021

Debt collection agencies in PR include Kinum , TSI , CICA, ILCA and Professional recoveries. Spanish and English-speaking debt collectors are required for Puerto Rico debt collection. Need a Collection Agency in PR? Puerto Rico is one of the states that regulate the collection of fees and interest. Contact us. 981p (12)).

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Account Recovery

JULY 17, 2024

Judge Awards Defendant $4k in Fees and Costs After Plaintiff Misses Deposition FCC Proposes Rule Requiring Disclosure for AI-Generated Calls Appeals Court Affirms Dismissal of EFTA Suit Filed by Credit Union Against T-Mobile 23 Companies Seeking Collection Talent WORTH NOTING: Drinks to help you stay cool as temperatures heat up … The five most (..)

Credit Unions 130

Credit Unions Credit Unions Collections 130

Account Recovery

FEBRUARY 24, 2025

Appeals Court Reverses Arbitration Ruling for Defendant in Collection Case A New Jersey Appeals Court has overturned a lower courts ruling in favor of a defendant that had granted arbitration in a collection lawsuit more than a year after the complaint had been filed and litigated. More details here.

Debt Buying 130

Debt Buying Debt collector Credit Unions Credit Unions 130

Indiana Consumer Law Group

MARCH 24, 2022

Indiana Consumer Law Group announces the filing of a lawsuit against Financial Center First Credit Union, a credit union located in Indianapolis, Indiana. The lawsuit alleges that Financial Center First Credit Union repossessed our client’s car. The case is being brought as a class action.

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Credit Unions Credit Unions Repossession Lawyers 52

Jimerson Firm

FEBRUARY 10, 2022

The first consideration that lenders (banks and credit unions alike) often face is when, and if, to conclude that the account owner does not intend to, or is not able to, clear the negative balance or loan deficiency. Charging Off” Uncollectable Debt. Ocwen Loan Servicing, LLC, 8:14-CV-3214-T-35MAP, 2015 WL 12938920, at *1 (M.D.

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Lender Credit Unions Credit Unions Collections 98

Collection Industry News

FEBRUARY 14, 2022

LUBBOCK, Texas (KCBD) – The grand opening for Capital Federal Credit Union is scheduled to happen at 3 p.m. So the Lewises and a few others started a credit union. Harper, chairman of the National Credit Union Administration, which chartered the new credit union. Source- site.

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Credit Unions Credit Unions Financial Institution Banks 52

Account Recovery

DECEMBER 2, 2024

Today’s webinar just happens to be on the topic of legal collections (register here) so it’s entirely timely to write about a court ruling involving a judgment. Sometimes it’s better to be lucky than good.

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Judgment Garnishment Fair Debt Collection Legal Collections 130

Fico Collections

NOVEMBER 20, 2020

According to research from Equifax, the 2008 recession had an unexpected and interesting effect on credit unions. While market volume was down across the board in auto loan and bank card originations: Credit unions increased their market share by about 15% in auto loan origination. Pain points in prescreen marketing.

Credit Unions 52

Credit Unions Credit Unions Banks Acquisition 52

Fico Collections

OCTOBER 26, 2021

5 Ways Credit Unions Can Be More Resilient with AI and Analytics. Credit unions are sitting on a lot of risk right now. This COVID pandemic aftershock is about to hit the financial services industry, which means that credit unions need to pay close attention to their capital, asset quality, earnings, and liquidity.

Credit Unions 52

Credit Unions Credit Unions Financial Institution Banks 52

Nexa Collect

NOVEMBER 26, 2022

As per FTC, starting June 9, 2023 all collection agencies will be treated as financial institutions. This means all collection agencies must secure consumer data nearly the same way as banks. Failure to comply with GLBA can have severe consequences for the collection agency, especially the owners and/or the CEO. Collecting debt.

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Collection Agencies Collections Agency Financial Institution Collections 130

Troutman Sanders

AUGUST 15, 2023

This filing comes just three days after CUNA and the National Association of Federally-Insured Credit Unions (NAFCU) sent a joint letter to the CFPB urging it to stay enforcement and implementation of the Final Rule for all covered financial institutions until after the U.S.

Credit Unions 52

Credit Unions Credit Unions Trade Financial Institution 52

Fico Collections

JULY 9, 2021

For credit unions and smaller banks in North America, the challenge of how to compete with their bigger counterparts is a constant and pressing matter. Today’s prescreening solutions are very manual in nature, typically involving a list processing agreement with a credit bureau.

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Credit Unions Credit Unions Acquisition Banks 52

Troutman Sanders

AUGUST 9, 2023

Given the effect of the [injunction order] on the overall distribution of compliance burdens across the financial sector, we ask that you consider broader relief.”

Credit Unions 52

Credit Unions Credit Unions Trade Financial Institution 52

Consumer Financial Services Law

OCTOBER 13, 2016

The CFPB’s Consent Order with Navy Federal Credit Union (“NFCU”) should provide a wakeup call for all community banks and credit unions as to how they conduct their internal debt collection efforts. million to the CFPB. million to the CFPB. Consent Order, ¶24.

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Credit Unions Credit Unions Banks Collections 40

Collection Industry News

OCTOBER 18, 2021

AP) — Two credit unions, one based in Washington state and one in Alaska, said Thursday they are seeking regulatory approval of their intent to merge. The credit unions said in a news release that the merger would combine Anchorage, Alaska-based USA Federal Credit Union’s 700,000 members with Global Credit Union’s 45,000 members.

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Credit Unions Credit Unions Collections Government 40

Fico Collections

AUGUST 19, 2022

Tackling the Fintech Threat: A Guide for Banks and Credit Unions. billion globally in 2021 – banks and credit unions are losing their status as the primary financial services providers to American consumers. banks collected $15.47 What financial institutions need to compete with fintech threat disrupters.

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Credit Unions Credit Unions Banks Financial Institution 52

Account Recovery

SEPTEMBER 18, 2024

What’s happening: SMS is quickly becoming a preferred communication method for banks, credit unions, collection agencies, and fintech companies. According to the 2024 Consumer Texting Behavior Report, 84% of consumers check their texts within 15 minutes of receiving them, and 77% respond in that timeframe.

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Financial Institution Credit Unions Credit Unions Collection Agencies 130

Nexa Collect

OCTOBER 31, 2022

It is recommended to assign accounts for collections roughly when they are between 60-90 days past due for a maximum recovery rate. Based on clients we came across last year (2021), here is the average recovery rate we have seen, along with our collection agency partner(s). Credit Unions. House Rent Collection.

Credit Unions 130

Credit Unions Credit Unions Manufacturing Collection Agencies 130

Collection Industry News

FEBRUARY 5, 2021

When the state-mandated shutdowns started last March, Skyler Fort, a painting contractor in northern Michigan, turned to his local credit union, 4Front Credit Union, for a PPP loan. That’s because their mission is to support Main Street, unions and the local communities they serve. Between year-end 2019 and Sept.

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Collection Industry News

JUNE 27, 2023

Banks and credit unions rarely see eye-to-eye, so it was no surprise when Dan Berger, president and CEO of the National Association of Federally-Insured Credit Unions, called out “greedy” bank executives responsible for recent bank failures. LONG BEACH, Calif.

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Credit Unions Credit Unions Banks Financial Institution 40

Collection Industry News

OCTOBER 5, 2021

(WTWO/WAWV) — With the upcoming retirement of former President and CEO, Trent Kerr, the Indiana State University Federal Credit Union Board of Directors announced Friday that Marie “Sam” Shanks will be the new President and CEO of ISUFCU starting Oct. The post ISU Federal Credit Union announces new President, CEO to start Oct.

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Credit Unions Credit Unions Collections Government 40

Collection Industry News

AUGUST 18, 2020

The Consumer Financial Protection Bureau (CFPB) should ensure its debt collection rulemakings do not extend unwarranted regulatory requirements to first-party debt collectors, CUNA wrote Tuesday in response to a CFPB proposal.

Collections 75

Collections Debt collector Credit Unions Credit Unions 75

Troutman Sanders

SEPTEMBER 8, 2023

Mountain America Federal Credit Union , the plaintiff became delinquent on a credit card account with her credit union. The credit union then assigned the debt to a third-party collection agency. In Hansen v. A copy of the order is available here.

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Original Creditor Collection Agencies Collections Agency Credit Unions 59

True Accord

JANUARY 21, 2025

We are entering a year of unknowns across the board, from potential regulatory changes to economic fluctuations to varying consumer sentiments, and theres a lot to consider as it relates to debt collection in 2025. What Does This Mean for Debt Collection? Whats Impacting Consumers? in December and the highest since May last year.

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Student loans Student Loans Credit Card Debt Financial Institution 83

Collection Industry News

JUNE 28, 2022

That’s why Travis Credit Union (TCU) is offering an in-person Mad City Money Youth Financial Boot Camp, designed to prepare the next generation with personal finance skills for the workforce. Travis Credit Union is offering a free Mad City Money event in Pleasant Hill. Source: site. July 8, 11:30 a.m.

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Credit Unions Credit Unions Education Judgment 40

Collection Industry News

SEPTEMBER 12, 2022

University Credit Union, September 08, 2022. 8, 2022 /PRNewswire/ — University Credit Union (UCU) is excited to announce its newest partnership with UC San Diego. About University Credit Union: University Credit Union, a federally-insured financial cooperative, was founded in 1951 on UCLA’s campus by faculty and staff.

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Credit Unions Credit Unions Education Financial Institution 40

Collection Industry News

JUNE 13, 2022

Three students, including one from Coral Springs, will have a little less financial stress heading into college thanks to a $10,000 in scholarships from Tropical Financial Credit Union. This year, the credit union awarded three scholarships totaling $10,000: One grand prize of $5,000 and two $2,500 awards.

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Credit Unions Credit Unions Education Banks 40

Credit Corp

AUGUST 24, 2020

When you’re trying to conquer unpaid debts sent to collections, you’ll likely face some obstacles. Once you’ve accomplished these tasks, you may still be wondering how to pay collections to a debt collection agency. Find out how to pay collections below. Apply for medical credit cards for specific procedures.

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Collections Debt collector Collection Agencies Collections Agency 69

Account Recovery

SEPTEMBER 5, 2024

04, 2024 — C&R Software (“C&R”),the world’s leading Cloud-native end-to-end software and solutions provider for the complete credit risk lifecycle and a CORA Group company, today announced the acquisition of SpringFour, the first-of-its-kind, leading financial health fintech. WARMINSTER, Pa.,

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Acquisition Credit Unions Credit Unions Construction 130

PDC Flow

NOVEMBER 30, 2021

Recently, in a PDCflow sponsored webinar through Accounts Recovery , Panelists Chuck Dodge, Hudson Cook, LLP and Matt Stegall, Vantage Credit Union , discussed consent management for electronic communication from both perspectives. Who is responsible for data collection and maintenance along the payment collection chain?

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Creditors Credit Unions Credit Unions Debt collector 80

Nexa Collect

APRIL 27, 2022

Credit bureaus will soon stop reporting medical debts lower than $500, remove medical line items that have been fully paid, and collection agencies now have to wait for 1 year before medical debts can be reported. These include government rules, credit scoring models and even credit bureaus.

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Healthcare Credit Unions Credit Unions Creditors 130

Troutman Sanders

AUGUST 19, 2020

In a 9-3 vote earlier this month, the California Assembly Banking and Finance Committee approved legislation requiring a license for debt collectors and debt buyers, entitled the Debt Collection Licensing Act (SB 908) (DCLA). The DCLA would also require the DBO to respond to consumer complaints and enforce violations.

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