Troutman Sanders

JULY 29, 2020

This bill protects stimulus funds provided under the Coronavirus Aid, Relief, and Economic Security Act (the “CARES Act”) from being garnished by private debt collectors. 3841 allows individuals to request that their financial institution protect these payments from debt collection garnishment. As part of S.

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True Accord

JUNE 29, 2023

Let’s take a look at how the new updates to GLBA Safeguards Rule, how these security policies are important specifically for debt collection, and what best practices your business should follow to protect consumers’ data. Ready to collect more, faster from happier customers?

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Burt and Associates

OCTOBER 31, 2024

In healthcare, partnerships between non-profit hospitals and financial institutions have sparked concerns about profit motives overshadowing charitable missions. Services like rent payment processing and tenant screening algorithms may help landlords, but they can also create financial and bureaucratic hurdles for tenants.

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Nexa Collect

JANUARY 14, 2023

The US government has thrown a slew of laws on collection agencies, making bad-debt recovery harder and costlier. Extra costs to comply with these laws would be passed on to businesses /creditors, who are already unwilling to pay the current costs associated with hiring a professional debt collector. New Regulations.

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Better Credit Blog

FEBRUARY 18, 2021

You may start getting calls from a debt collector. Failing to pay your bills will cause the debt to move to collections. This means that your original creditor has officially handed the account over to a collection agency that will hound you for payments. About FirstPoint Collections. government agencies.

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Fico Collections

SEPTEMBER 19, 2022

Debt Collections on Tenterhooks with Six and Sevens following CFPB’s Reg F. Consumer Financial Protection Bureau (CFPB) announced the final rules interpreting the Fair Debt Collections Practices Act (FDCPA) on July 30, which went into effect on November 30, 2021. Reg F isn't a hurdle to adjust to and live with.

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Burt and Associates

OCTOBER 31, 2024

In healthcare, partnerships between non-profit hospitals and financial institutions have sparked concerns about profit motives overshadowing charitable missions. Services like rent payment processing and tenant screening algorithms may help landlords, but they can also create financial and bureaucratic hurdles for tenants.

Healthcare 52

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Troutman Sanders

JANUARY 6, 2023

15, 2022, the Federal Financial Institutions Examination Council’s (FFIEC) Task Force on Consumer Compliance adopted revised examination procedures for the Fair Debt Collection Practices Act (FDCPA) and its implementing regulation, Regulation F. OCC examiners will rely on this new interagency guidance instead.

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Collection Industry News

JUNE 14, 2023

There are several key consumer laws that collectors should be concerned with when engaging in debt collection practices. Here are some important consumer laws that collectors should be familiar with: 1. Fair Debt Collection Practices Act (FDCPA): The FDCPA sets standards for debt collection practices in the United States.

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Burr Forman

MAY 20, 2021

2547 (the “Comprehensive Debt Collection Improvement Act” or “CDCIA”). Originally introduced by House Financial Services Chairwoman Maxine Waters, the CDCIA’s primary purpose is to provide additional financial protections for consumers and place restrictions on debt collection activities by amending several consumer finance statutes.

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Burr Forman

DECEMBER 4, 2020

Financial institutions, servicers, lenders, and debt collectors must stay up-to-date on evolving federal and state laws stemming from the COVID-19 pandemic, as such laws impact all facets of consumer loan servicing and debt collection.

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True Accord

MAY 19, 2021

Ohad Samet, CEO and cofounder of TrueAccord Group, has been named to the inaugural debt collection advisory committee of the California Department of Financial Protection and Innovation (DFPI). The committee has scheduled its first meeting for July 28, 2021 and is expected to meet twice per year or as needed.

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Consumer Financial Services Law

MAY 10, 2017

A recent decision from a Louisiana district court should provide some comfort to banks and other financial institutions who acquire other entities by merger – at least in the Fifth Circuit, they are not debt collectors. As most know, Bank of America (BoA) acquired Countrywide Bank FSB and its mortgage portfolio in 2008.

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Better Credit Blog

NOVEMBER 3, 2020

Have you been receiving threatening calls and letters from a company called Advanced Collection Services? You likely have an old debt hanging over your head that they are trying to collect payment on. The problem is that sometimes they get information wrong and try to collect the wrong amount or from the wrong person.

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FDCPA Defense

SEPTEMBER 26, 2017

Can a bank be sued for acting as a “debt collector” under the California Rosenthal Act? You are probably tempted to answer “yes” it can, because you know the Act defines a “debt collector” to include an entity that is collecting on behalf of itself or on behalf of third parties. Code § 1788.2(c) Probably not.

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True Accord

JULY 13, 2020

Debt collection is a highly regulated industry and as such, is notoriously slow to change. TrueAccord’s recent report, Consumer Debt in the Age of COVID-19 , found that during times of economic uncertainty, this gap can grow even wider. A consumer’s relationship with a debt collector begins well before any payment activities.

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PDC Flow

OCTOBER 12, 2021

On November 30, 2021, debt collectors are expected to be fully ready to comply with this long-awaited rule. We have wanted a road map of what a regulator would feel is appropriate conduct for us, to communicate to consumers and collect debt. ”. The implementation date for the CFPB’s Regulation F is coming.

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National Service Bureau

APRIL 29, 2015

Have you been contacted by a debt collector recently, and not sure what to do? Your options are to dispute the debt, restrict the activities of the collection agency, or to pay the debt. Option 1: Dispute the debt. You don’t owe this debt. Send me more information about this debt.

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Debt RR

AUGUST 3, 2020

Sometimes, that debt gets out of hand and businesses find themselves on the receiving end of calls from commercial debt collection agencies. Calls from a commercial debt collector can create an enormous amount of stress for many business owners. What Do Commercial Debt Collection Agencies Do?

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Collection Industry News

JULY 20, 2020

Yet the language the financial and collections industry uses is a touch disturbing. Given the hardships that many are undergoing, knowing some debt collector is coming after you isn’t exactly what you need. He told me: “Growing up, my family had very negative experiences with debt collectors.

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Consumer Finance Watch

SEPTEMBER 16, 2022

Wayne Streibich, Diana M. Eng, and Andrea M.

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Debt Collection Answers

MAY 18, 2023

Dealing with debt collection agencies can be unpleasant, and CCS Offices are no different. It’s common for debt collectors to purchase and sell debts, resulting in the possibility of multiple collection accounts from the same debt appearing on your credit report. Who are CCS Offices?

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Katabat

NOVEMBER 20, 2019

12, 2019 — Katabat, a leading global supplier of debt management software solutions, has launched Easy Collect, a powerful, yet easy to deploy, mobile payment portal for lenders and debt collection agencies. Easy Collect is PCI-compliant and does not require IT support for deployment. WILMINGTON, Del.,

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Collection Industry News

SEPTEMBER 29, 2020

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 debt collectors and emerging financial technology products.

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Consumer Finance Watch

MAY 10, 2019

Financial institutions and debt collectors should take note of, and provide comments on, the CFPB’s recent Notice of Proposed Rulemaking, which attempts to provide consumers with “clear protections against harassment by debt collectors and straightforward options to address or dispute debts.” .

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Collection Industry News

JULY 22, 2020

From the onset of COVID-19, debt collectors swiftly worked to assist the millions of Americans experiencing financial hardships caused by the pandemic through voluntary forbearance of collection activity and adjustments in response to changes in applicable law and regulations, and creditor customer requirements.

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Collection Industry News

MAY 16, 2022

The bureau has model disclosures, including the debt collection model validation notice, available to help regulated entities provide materials to Spanish-speaking consumers. The Consumer Financial Protection Bureau has issued an updated list of disclosures in Spanish, including the debt collection model validation notice.

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Consumer Finance Watch

AUGUST 19, 2022

Wayne Streibich, Diana M.

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Consumer Financial Services Law

MARCH 30, 2020

In a related move, the Department of Insurance invoked statutory powers which require collection agencies and others licensed and regulated by the Department of Insurance to offer their customers the option to defer debt payments. The Order additionally only allows certain specified essential businesses to remain physically open.

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Troutman Sanders

JUNE 13, 2022

On June 8, Office of the Comptroller of the Currency (OCC) proposed adding cannabis and digital currency activities to the list of business data it collects from banks in an attempt to better identify areas of risk in the financial system. For more information, click here. For more information, click here. dollar-backed stablecoins.

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National Service Bureau

OCTOBER 13, 2015

More importantly, Congress decided that it was critical for military members to focus exclusively on their mission rather than dealing with potential financial distractions. How does the Servicemembers Civil Relief Act affect debt collections? What complaints about debt collection were made to the CFPB?

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Better Credit Blog

AUGUST 31, 2020

If you have started hearing from a company called Convergent Outsourcing, it means that you are being pursued for a debt. Besides being annoying and aggressive, debt collectors like Convergent Outsourcing can have a major impact on your credit score. Validate the Debt. What is Convergent Outsourcing? Know Your Rights.

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Troutman Sanders

OCTOBER 19, 2021

On October 15, the Department of Education announced that it has awarded contracts to six different companies that will be responsible for servicing and collecting federal student loans. These FAQs are a Compliance Aid designed to help collection agencies comply with Reg F, which goes into effect on November 30, 2021.

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Better Credit Blog

SEPTEMBER 18, 2020

This means that they have either been hired by your old creditor or have acquired the debt from them to profit on your payments. Either way, CACH LLC will need to open a collections account on your credit report in order to legally pursue payment. Collection accounts are a black mark on your credit report. What is CACH LLC?

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Troutman Sanders

OCTOBER 30, 2023

The FTC’s Safeguards Rule requires nonbanking financial institutions, such as mortgage brokers, motor vehicle dealers, and payday lenders, to develop, implement, and maintain a comprehensive security program to keep their customers’ information safe. financial institutions. For more information, click here.

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Better Credit Blog

AUGUST 31, 2020

ConServe is a debt collection agency that may contact you regarding unpaid debts. They are a third-party debt collector, which means that they may be hired by your original creditor, or they may purchase your old debt on the chance that you pay them instead. Validate the Debt. Negotiate a Settlement.

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Troutman Sanders

OCTOBER 4, 2021

On September 22, the Internal Revenue Service announced that it awarded new contracts to three private sector collection agencies to collect overdue tax debts. 424 would, among other provisions, place new documentation requirements on any collection activity concerning student loans for private lenders. and ConServe.

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