October, 2024

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Minnesota’s Debt Fairness Act Now in Effect

Account Recovery

A new medical debt law went into effect in Minnesota this week, and following the lead of that state’s Attorney General, it might be helpful to review the details of the Debt Fairness Act to make sure nobody overlooks anything that they need to be doing. The Debt Fairness Act, which took effect on October 1, introduces significant changes to debt collection practices, particularly regarding medical debt.

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Boost Collections by Training Debt Recovery Skills

Enterprise Recovery

Effective debt recovery is a cornerstone of financial management. Without an efficient approach to collecting outstanding debts, businesses can suffer from cash flow issues, leading to operational challenges and potential financial instability. Skilled debt recovery ensures that the company can maintain its liquidity, meet its financial obligations, and reinvest in growth opportunities.

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CFPB Orders Apple and Goldman Sachs to Pay Over $89 Million for Apple Card Failures

Consumer Finance

The CFPB took action against Apple and Goldman Sachs for customer service breakdowns and misrepresentations that impacted hundreds of thousands of Apple Card users.

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Post-Judgment Remedies: What are your options as a business owner?

Collections Law

Unpaid debts are frustrating for business owners, but they are also a regular part of doing business. Successfully collecting on these commercial debts can directly influence your overall success as a business. Obtaining a judgment is just the beginning of the commercial collections journey. The real challenge lies in enforcing that judgment and getting paid.

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Solve Your Firm's 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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Self Employed Tradespeople chasing debts of £6k on average

UK debt collections

New research by Direct Line has found that the average self-employed tradesperson is chasing £6,000 in late payments. The data has shown that 81 per cent of tradespeople are chasing late payments , with the average tradesperson chasing seven outstanding invoices A fifth (22 per cent) of tradespeople say pursuing late payments is taking time away from work whilst almost one in ten (eight per cent) tradespeople have been forced to write off an invoice of over £10,000 Half of tradespeople say they

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Collector Facing FDCPA Class Action for Filing Lawsuit

Account Recovery

EDITOR’S NOTE: This article is part of a series that is sponsored by WebRecon. WebRecon identifies serial plaintiffs lurking in your database BEFORE you contact them and expose yourself to a likely lawsuit. Protect your company from as many as one in three new consumer lawsuits by scrubbing your consumers through WebRecon first. Want to learn more? Call (855) WEB-RECON or email admin@webrecon.net today!

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Improving Cash Flow for Freelancers and Small Businesses

Enterprise Recovery

Failing to manage accounts receivable can result in delayed payments, hindering the ability to pay bills, meet payroll, and reinvest in your business. For freelancers and small businesses especially, it is imperative to prioritize strategies that will help keep accounts receivable in check and improve cash flow to meet expenses. Boost the financial stability of your freelance or small business by mastering accounts receivable management for a proactive cash flow.

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CFPB Finalizes Personal Financial Data Rights Rule to Boost Competition, Protect Privacy, and Give Families More Choice in Financial Services

Consumer Finance

The CFPB finalized a rule to give consumers greater rights, privacy, and security over their personal financial data by requiring providers to unlock personal financial data for free.

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Good Jobs Lead to Even Better Profits

Prosperity Now

The Good Jobs Community of Practice works to equip small and medium-sized businesses (SMBs) with the tools and information to improve and offer high-quality jobs. The fact of the matter is, there is an economic incentive for businesses to play a positive role in addressing some of the challenges employees and working families face.

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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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Map shows where Bailiffs in London are most used to collect debts

UK debt collections

The London Borough of Croydon sends out the highest number of bailiffs in all of England and Wales to collect debts, according to a new interactive map. It sent out the most bailiffs for debt collection in London between 2022 and 2023, a staggering 86,295 referrals, with 36,122 of these referrals for council tax arrears. Martin Lewis’s charity, The Money and Mental Health Policy Institute, has said councils’ use of bailiffs for debt collection is “grotesque”, and “aggress

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Organizational Management: Tools for Better Productivity

PDC Flow

Organizational management is a challenge for most small business owners. It requires balancing team management and customer satisfaction while working toward company growth. This often means: Handling client contracts Monitoring payment collection efforts Dealing with compliance issues Keeping up with personnel and administrative tasks Managing other day-to-day office operations What is Organizational Management?

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Judge Dismisses FDCPA Case Over Request for Email Communication Only

Account Recovery

A District Court judge in Oklahoma has dismissed yet another “inconvenient” time or place case under the Fair Debt Collection Practices Act in which a plaintiff mails a letter to the defendant requesting or demanding that all future contact between the parties be conducted via email, ruling that both the FDCPA and Regulation F gave the defendant the authority to respond via traditional mail and not via email.

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Effective Email Templates for Overdue Invoice Reminders

Enterprise Recovery

Do you tense up every time you run your business's aging report ? Instead of feeling helpless about delinquent accounts, you can stay calm and take proactive steps to manage the situation. By adopting a strategic approach, you can implement practical solutions to increase your success at recovering outstanding payments. Tired of chasing overdue invoices?

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How Collection Agencies Minimize Effort and Maximize Results with the Right Software

Navigating collections in the dynamic financial landscape presents multifaceted challenges. Organizations face pressures to maintain standards alongside software challenges like regulatory adaptations, data integration, security, workflow optimization, and automation. Finding the right software can save time and money. BEAM offers a comprehensive solution with specialized modules to streamline debt collection effortlessly.

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CFPB Takes Action to Curb Unchecked Worker Surveillance

Consumer Finance

The Consumer Financial Protection Bureau (CFPB) issued guidance to protect workers from unchecked digital tracking and opaque decision-making systems.

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Q3 Industry Insights: Inflation and Interest Rates Drop, Christmas Comes Early

True Accord

The big inflation situation plaguing the U.S. for the past three years seems to be coming to an end, and it could be that American consumers are partially to thank. Tired of paying higher prices, consumers increasingly turned to cheaper alternatives, bargain hunted or simply avoided items they found too expensive, pressuring retailers to accommodate them or lose their business.

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Small Business Bad debt increases by 127%

UK debt collections

The value of bad debt suffered by small businesses has surged by a staggering 127 per cent in the last six months, according to a report by SME funder, Bibby Financial Services (BFS). According to the latest SME Confidence Tracker from Bibby, businesses have written-off an average of nearly £40,000 in unpaid invoices in the last 12 months, up from an average of £17,500 in the spring.

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New York’s Highest Court Will Finally Address the Foreclosure Abuse Prevention Act

Consumer Finance Watch

The Foreclosure Abuse Prevention Act (“FAPA”) has been heavily litigated since its enactment in December 2022. New York courts have issued conflicting decisions interpreting FAPA, including whether the statute applies retroactively to conduct that occurred prior to its enactment and whether retroactive application is unconstitutional. Lenders, mortgage servicers, and other financial institutions should take note that the Second Circuit has certified the question of FAPA’s retroactive application

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From Complexity to Clarity: Strategies for Effective Compliance and Security Measures

Speaker: Erika R. Bales, Esq.

When we talk about “compliance and security," most companies want to ensure that steps are being taken to protect what they value most – people, data, real or personal property, intellectual property, digital assets, or any other number of other things - and it’s more important than ever that safeguards are in place. Let’s step back and focus on the idea that no matter how complicated the compliance and security regime, it should be able to be distilled down to a checklist.

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More Than 40% of Consumers Regularly Have Less than $50 Bank: Survey

Account Recovery

A new study from Achieve highlights the fragile state of many household finances in the U.S. It reveals that 42% of consumers see their primary bank account dip below $50 at least once a month, while 30% have no financial safety net for a $5,000 emergency, underscoring the challenges facing millions of Americans. Why It Matters: With 56% of respondents reporting a major financial hardship in the past year, ranging from job loss to medical expenses, the report demonstrates how unplanned expenses

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Shareholder Agreement Clauses And Company Insolvency

Hudson Weir

This guide focuses on why a shareholder agreement is relevant in the event of insolvency and the roles it plays to safeguard the interest of shareholders. But first – what is a shareholder agreement exactly? A shareholders agreement is a document which outlines their status and rights in a company. It has a significant function of formulating the framework structures by defining the shareholders’ responsibilities of a company, its processes of decision making and control of disputes.

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CFPB and Justice Department Take Action Against Fairway for Redlining Black Neighborhoods in Birmingham, Alabama

Consumer Finance

The CFPB and DOJ took action to end Fairway Mortgage Corporation’s illegal mortgage lending redlining against majority-Black neighborhoods in the greater Birmingham, Alabama area.

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Streamline Operations with Document Workflow Management

PDC Flow

Digital communications are a huge part of business and customers expect you to use modern channels like email and text — even when it comes to sending and signing paperwork, or taking a payment. Your company’s communication and esignature software should come with flexible workflow management tools that do everything you need them to, all in one place.

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When It Comes to Collections Software, “Good Enough” Isn’t Good Enough

Are you finding some snags in your collections process? With delinquencies, and the number of consumers looking for payment assistance on the rise, it may be time to consider an efficient cloud-based software to support your team. Learn how MeridianLink® Collect has helped financial institutions like yours streamline collections processes.

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Law firm ‘disappears’ owing £37.5m to Creditors

UK debt collections

The administrators of a collapsed Liverpool law firm have admitted they do not know if creditors will receive a return, amid ongoing uncertainty over exactly how the business came to grief. Joint administrators from Quantuma handling the affairs of McDermott Smith gave an update this month on progress, but said it could be another two years for the business to be liquidated.

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The Low Friction Way For Consumers to Repay: Self-Serve Options for Debt Collection

True Accord

After months of inflation woes, both economists and consumers are starting to see a glimpse of optimism.In the first interest rate cut since the early days of the Covid pandemic, the Federal Reserve announced in September 2024 that it is slicing half a percentage point off benchmark rates. So it’s not surprising that Americans are getting more confident that inflation is cooling off, but optimism for the U.S. economy doesn’t extend to personal finances—consumer expectations for going delinquent

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Oklahoma District Court Judge Dismisses Class-Action Component of FDCPA Suit

Account Recovery

A District Court judge in Oklahoma has dismissed the class-action component of a Fair Debt Collection Practices Act lawsuit, while also dismissing some of the claims, after the defendant was accused of not sending a collection lawsuit summons to the plaintiff’s correct address, which it allegedly had. The background: The case started when the defendant, a collection law firm, filed a lawsuit against the plaintiff to collect an alleged debt.

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CFPB Annual Report on FDCPA Activities (2024)

Burt and Associates

The Financialization of Debt: A Growing Concern in Medical and Rental Markets In a world increasingly shaped by the integration of finance into everyday life, the Consumer Financial Protection Bureau (CFPB) recently released a report that sheds light on two critical sectors affected by this trend: medical and rental debt. These areas, essential to basic human well-being, are becoming fertile ground for financial products and services that may not always prioritize consumer welfare.

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10 Ways to Improve Payment Collections with Salesforce

For finance teams using Salesforce’s powerful CRM technology, automation can transform accounts receivable processes, driving efficiency and delivering measurable results like cost savings, reduced customer churn, and lower DSO.