Account Recovery

NOVEMBER 13, 2024

A Magistrate Court judge in North Carolina has granted a plaintiff’s motion compelling the defendant in a Fair Debt Collection Practices Act case to provide unredacted copies of its compliance and procedure manuals and details of communications between the defendant and its clients, but did deny the plaintiff’s motion for attorney’s fees and costs.

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Fair Debt Collection Collection Agencies Collections Agency Collections 130

Consumer Finance

NOVEMBER 13, 2024

The CFPB took action against Global Tel Link Corporation and its subsidiaries for taking millions of dollars from consumer accounts and blocking money transfers to consumers who are incarcerated.

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Account Recovery

NOVEMBER 13, 2024

The Consumer Financial Protection Bureau yesterday released a report examining the current state of privacy protections for consumers’ financial data, focusing on federal and state regulations. The findings reveal significant gaps in consumer privacy, especially for financial information. Why it matters: The CFPB’s report draws attention to how existing federal privacy protections, primarily governed by the Gramm-Leach-Bliley Act (GLBA) and the Fair Credit Reporting Act (FCRA), have

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Financial Institution Government Banks Collections 130

Collections Law

NOVEMBER 13, 2024

You’ve gone through the trouble of obtaining a judgment against a debtor, yet here you are, now facing the frustration of having to find money to collect. The debtor seems to have vanished, taking their assets with them. Sound familiar? It’s a predicament many business owners in Massachusetts encounter. But fear not, the supplementary process in Massachusetts can be your saving grace.

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Judgment Commercial Collection Debtor Creditors 52

Speaker: Anna Tiomina, MBA

AI is reshaping industries, yet finance remains one of the slowest adopters. Concerns over compliance, legacy systems, and data silos have made finance teams hesitant to embrace AI-driven transformation. But delaying adoption isn’t just about efficiency—it’s about staying competitive in a rapidly evolving landscape. How can finance leaders overcome these challenges and start leveraging AI effectively?

Account Recovery

NOVEMBER 13, 2024

Despite some initial concerns about an AI bubble, businesses are continuing to invest heavily in generative AI, with significant implications for the credit and collection industry. Here’s a roundup of the latest reports on AI’s impact. Why It Matters: AI remains the fastest-growing area of business software spending, with startups in the space seeing a surge in adoption and investment.

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Collection Industry News

NOVEMBER 13, 2024

Collectively, Americans now owe a record $1.17 trillion on their credit cards, according to a new report on household debt from the Federal Reserve Bank of New York. Credit card balances rose by $24 billion in the third quarter of 2024 and are 8.1% higher than a year ago. Despite that increase, credit card delinquency rates improved — with 8.8% of balances transitioning to delinquency over the last year, compared with 9.1% in the previous quarter, the New York Fed found.

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Credit Card Debt Banks Collections Bankruptcy 40

Account Recovery

NOVEMBER 13, 2024

Judge Orders Defendant to Provide Unredacted Manuals in FDCPA Case CFPB Report Highlights Gaps in Financial Data Privacy Protections Tech Roundup: Focus on AI 24 Companies Seeking Collection Talent WORTH NOTING: There are a trio of new inductees into the Toy Hall of Fame … Something I admit I have never done, but may be in a growing minority — choose a vacation destination based on how much I like that location’s airport … Is there anyone anywhere who needs a cookware set

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True Accord

NOVEMBER 13, 2024

With its growing popularity, one Buy Now, Pay Later (BNPL) faced challenges with the complexity of managing late-stage collection—a hurdle many start-ups face since the majority of a scaling company’s resources are dedicated to bottom-line business goals rather than debt collection. So as the BNPL continued to expand, accounts overdue by 90 days or more accumulated without a scalable strategy for resolution, making the BNPL vulnerable to revenue loss.

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Debt Recovery Collections 73

Account Recovery

NOVEMBER 13, 2024

During this, The Great Resignation Era, I thought it would be helpful to start a regular posting of different jobs within the accounts receivable management industry that I have found online. Please make sure to do your own due diligence before applying for a position included here or accepting any offers. This is merely meant to be a service to aggregate industry job opportunities into one convenient location.

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Accounts Receivables Management Collections 130

Speaker: Melissa Hurrington

Finance isn’t just about the numbers. It’s about the people behind them. In a world of constant disruption, resilient finance teams aren’t just operationally efficient. They are adaptable, engaged, and deeply connected to a strong organizational culture. Success lies at the intersection of people, culture, adaptability, and resilience. Finance leaders who master this balance will build teams that thrive through uncertainty and drive long-term business impact.