Wed.Nov 08, 2023

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CFPB Proposes Rule to Regulate Tech Payment Companies

Account Recovery

The Consumer Financial Protection Bureau yesterday issued a Notice of Proposed Rulemaking that would give the Bureau the power to regulate tech companies like Apple and Google which are playing a larger role in the payments ecosystem in the United States.

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How Do Credit Card Miles Work?

Credit Corp

Many or all of the products featured here are from our partners who compensate us. This may influence which products we write about and where and how the product appears on a page. However, this does not influence our evaluations. Have you ever wondered how miles work on credit cards and how they can benefit you? Everyone always talks about them, so they must be a good idea , right?

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Daily Digest, November 8. Debt Collection Scammer Who Bilked $2M From Consumers Sentenced to 4.5 Years in Prison; Judge Grants MSJ for Defendants Over Missing File Number

Account Recovery

Debt Collection Scammer Who Bilked $2M From Consumers Sentenced to 4.5 Years in Prison Judge Grants MSJ for Defendants Over Missing File Number CFPB Proposes Rule to Regulate Tech Payment Companies 25 Companies Seeking Collection Talent WORTH NOTING: How was a baby shark born in a Chicago-area zoo without a father?

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Domestication of Foreign Judgments 101

Jimerson Firm

Judgment creditors are often faced with the question of how to collect an out-of-state judgment (also commonly referred to as a foreign judgment) in Florida. Generally, when a creditor obtains a judgment in another state, and the judgment debtor is located in the State of Florida, or assets the judgment creditor wants to obtain are located in Florida, the judgment creditor must “domesticate” the judgment in Florida.

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Solve Your Firms Automation Complexities Once and For All

Speaker: Mark Stovel

When it comes to automating, many firms focus on finding the latest tech, believing that efficiency is something achieved through new tools. Yet true efficiency is achieved by delivering real value to clients, not merely by upgraded systems. Without a clear approach, no level of automation can overcome the complexities of serving every client’s needs.

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DCM Services Names Steve Barker as Senior Vice President of Human Resources

Account Recovery

Minneapolis, MN, November 8, 2023 – DCM Services, Inc. (“DCMS”), the industry leader in estate and specialty account recovery solutions, is pleased to announce the appointment of Steve Barker as Senior Vice President of Human Resources.

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Debt Collection Scammer Who Bilked $2M From Consumers Sentenced to 4.5 Years in Prison

Account Recovery

A North Carolina woman who pleaded guilty three years ago to charges of wire fraud and money laundering as part of a debt collection scam that netted nearly $2 million in payments has been sentenced to 54 months in prison.

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What Is A Contingent Liability?

Hudson Weir

Contingent liabilities are an important – but often complicated – part of business and accounting. In this article, we explain contingent liabilities including when you need to disclose them in your financial statements and their importance in insolvencies. For context, a liability is defined as a debt or a service owed by a company. These are different to expenses, which make up the costs of a company’s operations, referring instead to a company’s debts or obligations – but in that case, what a

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Judge Grants MSJ for Defendants Over Missing File Number

Account Recovery

CLARIFICATION: This article was updated to reflect that the judge granted the motion for summary judgment on the grounds the plaintiff lacked standing to sue in federal court.

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Building A Safe Place for the Miami-Dade Haitian Community at Sant La

Prosperity Now

In September, Prosperity Now launched the second iteration of the VITA Leadership Institute, through generous support from the Wells Fargo Foundation. The VITA Leadership Institute (VLI) aims to train a diverse class of ten emerging VITA leaders to build their capacity to expand and scale free, high-quality, and racially equitable tax preparation services for low-income taxpayers in their communities.

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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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$225,000 Punitive Damages Award Upheld Where Creditor Repeatedly Contacted Customer After Being Notified of Attorney Representation

Troutman Sanders

Earlier this year, a district court for the Middle District of Florida upheld a jury award of $225,000 in punitive damages in a debt collection case finding the defendant’s conduct “reprehensible” based on the physical harm caused to the plaintiff, the defendant’s indifference or reckless disregard of the harm it caused to the plaintiff, the plaintiff’s financial vulnerability, and the defendant’s repeated actions.

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CICM Wrapped 2023

CICM

At this time of year, we like to look back at what the credit community has managed to achieve in 2023 at the Chartered Institute of Credit Management. So without much further ado, let’s explore our year: Qualifications and members 82% of studying members passed the Credit and Collections Qualification in 2023. It’s truly inspiring to witness the remarkable dedication of credit professionals in their pursuit of excellence.

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Undated Model Debt Violation Notice Does Not Violate the FDCPA

Troutman Sanders

Last week, a district court in Nevada held that an undated, model form debt validation notice does not violate the Fair Debt Collection Practices Act (FDCPA). In Bergida v. PlusFour, Inc., the defendant sent a debt validation letter to the plaintiff that followed the model form provided by the Consumer Financial Protection Bureau (CFPB). The letter was not dated.

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Member Spotlight: Endless Opportunities to Grow

NACM

Credit professionals who have been in the industry for decades can fall into a routine of doing what they've always known. NACM's Professional Certification Program gives credit professionals an opportunity to refresh those skills and even learn new ways to complete day-to-day responsibilities.With six levels of certification, Julie Leopard, C.

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How To Optimize Cash Flow: Your Roadmap To Resilience!

Speaker: Genevieve Hancock, CPA

Cash flow isn’t just about balancing numbers - it's about ensuring your organization is positioned for both immediate stability and long-term success. Understanding that cash flow management fuels every decision, every opportunity, and every growth phase is critical. But how can you shift from simply managing cash to strategically optimizing it for resilience?

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Big Tech in the CFPB’s Crosshairs: Bureau Proposes to Supervise Larger Technology Companies Offering Digital Wallets and Payment Apps

Troutman Sanders

On November 7, the Consumer Financial Protection Bureau (CFPB) issued a proposed rule with request for public comment to amend existing regulations defining “larger participants” the CFPB supervises by adding a new section to define larger participants that offer digital wallets, payment applications, and similar services. Specifically, the CFPB seeks to supervise large nonbanks that provide peer-to-peer (P2P) payments, funds transfers, or wallet functionalities through a digital payment applica