Thu.Sep 12, 2024

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Household Income Grows in 2023

Account Recovery

Three reports released by the Census Bureau this week delve into the state of household income, poverty, and health insurance, providing important insights into the state of consumers’ finances. For the first time since 2019, household income improved on a year-over-year basis between 2022 and 2023, growing 4%, while the official poverty rate fell slightly.

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CFPB Sues Horizon Card Services and CEO Robert Kane for Illegally Baiting, Gouging, and Trapping Families in High-Fee Credit Cards

Consumer Finance

The CFPB sued Horizon Card Services and its CEO Robert Kane for tricking consumers into signing up for its expensive membership credit card.

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Daily Digest, September 12. Getting to Know Joey Nichols of CBC; Judge Grants MSJ for Defense in FDCPA, TCPA Case Over Attorney Representation

Account Recovery

Getting to Know Joey Nichols of CBC Judge Grants MSJ for Defense in FDCPA, TCPA Case Over Attorney Representation CFPB Orders TD Bank to Pay $28M For Credit Reporting Issues Household Income Grows in 2023 Regina Slowey Joins Barron & Newburger, P.C. as New President and CEO WORTH NOTING: What you need to know about home energy rebates that are on the way … Habits to help you stay out of credit card debt … Do you have a dime worth $500,000 in your pocket or change jar?

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Charity’s plea to restrict Council tax Debt Collection

UK debt collections

The Charity, National Debtline says action is needed to improve debt collection practices at a effectively-bankrupt authority. Financially-stricken Birmingham City Council sent almost 60,000 debts to bailiffs last year – as a charity warned the tactic risked pushing those who owed cash to despair. The authority said it referred more than 58,500 cases in 2023-24, with the number increasing again following a drop after the pandemic.

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4 Things Great Companies Do to Improve Cash Flow

Speaker: Indy Chakrabarti, Chief Marketing Officer at HighRadius

4 Case Studies to Optimize DSO 26 Days Sales Outstanding. Already better than most. But, should you improve on that? Why would 3 fewer days even matter? It matters because it fundamentally transforms business outcomes. Join this webinar to explore 4 things companies do to reclaim hard dollars - not just soft costs - and go from good to great! What You'll Learn 6 operational KPIs every AR manager should track: Define and track these metrics to enhance performance, drive efficiency, and make infor

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Getting to Know Joey Nichols of CBC

Account Recovery

I am thrilled to announce that the Getting to Know series will be sponsored by TEC Services Group in 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. 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 de

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Judge Grants MSJ for Defense in FDCPA, TCPA Case Over Attorney Representation

Account Recovery

A District Court judge in Nevada has granted a defendant’s motion for summary judgment in a Fair Debt Collection Practices Act and Telephone Consumer Protection Act case that dealt with a new debt being placed with the defendant for collection after the plaintiff had notified the defendant she was being represented by an attorney with respect to other debts the defendant was already trying to collect from her.

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Credit manager to shift “from operation to strategy” amid AI, say 55% of finance professionals 

On Guard

Download the research Despite AI presence in the current work routine, experts seem to agree that the need for technology oversight and maintaining customer relationships in the finance sector makes human involvement always relevant. For example, over half of finance professionals in the Netherlands (55,5%) expect the role of the credit manager to focus more on strategic advice and less on operational tasks in the coming years.

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CFPB Orders TD Bank to Pay $28M For Credit Reporting Issues

Account Recovery

The Consumer Financial Protection Bureau has ordered TD Bank to pay nearly $28 million in redress to consumers and fines as a result of sharing inaccurate, negative information about its customers to credit reporting agencies. This action highlights the CFPB’s continued focus on accurate credit reporting and proper handling of consumer disputes.

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Prepared Remarks of Seth Frotman at the Poverty Law Conference

Consumer Finance

CFPB General Counsel Seth Frotman spoke at the Poverty Law Conference about consumer financial law and low-income families.

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Top 3 Banking Secrets to Stay Relevant with Gen Z Consumers

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.

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Prepared Remarks of CFPB Director Rohit Chopra at the Congressional Black Caucus Foundation's 53rd Annual Legislative Conference

Consumer Finance

Director Chopra delivered remarks on housing, including refinancing, appraisals, and other topics.