Account Recovery
DECEMBER 19, 2024
A District Court judge has denied motions from ACA International for a preliminary injunction and a temporary restraining order seeking to block the enactment of guidance issued by the Consumer Financial Protection Bureau related to how medical debts are collected. ACA and one of its members filed the lawsuit against the CFPB last month in the District Court for the District of Columbia.
Enterprise Recovery
DECEMBER 6, 2024
B2B debt collection requires an understanding of effective strategies to mitigate delinquent accounts. This process involves implementing proactive measures so businesses can avoid issues such as unclear credit policies, inadequate communication, and poor documentation practices. Also, technology and professional debt collection services can enhance the ability to recover outstanding debts and maintain healthy financial operations.
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Consumer Finance
DECEMBER 19, 2024
The Consumer Financial Protection Bureau (CFPB) sued the operator of Zelle and three of the nations largest banks for failing to protect consumers from widespread fraud on Americas most widely available peer-to-peer payment network.
True Accord
DECEMBER 23, 2024
In the financial technology sector, there are many services that individual companies, known as fintechs, can specialize in. For one such fintech, their focus was powering money for people and businesses through electronic funds transfer and international money transfers. As the company grew, so did the challenges associated with managing past due accountsa crucial aspect of maintaining a healthy financial operation.
Speaker: Debra L. Robinson
CPAs know the drill: taxes, compliance, rinse, repeat. But what about the sneaky cash flow that’s quietly messing with your organization’s success? It’s time to step into the spotlight and expose the “dirty little secrets” of cash flow to fuel strategic growth. By upskilling your accounting practices and shifting focus from tax compliance to the strategic movement of money, you can transform your role from reactive accountant to proactive financial strategist.
Jimerson Firm
DECEMBER 13, 2024
On December 3, 2024, ruling by the U.S. District Court for the Eastern District of Texas granted a preliminary injunction that applies nationwide for all beneficial ownership interest (BOI) reports. 1 What initially appeared to be a straightforward implementation of the Corporate Transparency Act (CTA) has transformed into a complex legal and regulatory challenge that demands careful navigation by businesses across the United States.
Creditor Collections Today brings together the best content for creditors and collection professionals from the widest variety of industry thought leaders.
Account Recovery
DECEMBER 18, 2024
A Washington man was sentenced yesterday to nearly two years in federal prison for his role in a multi-year debt consolidation scheme that defrauded consumers across Oregon and Washington. His business partner remains at large as legal proceedings continue. Driving the news: Javier Antonio Banuelas Urueta, 55, of Vancouver, Wash., received a 21-month prison sentence and was ordered to pay $115,750 in restitution for conspiring to commit and committing mail and wire fraud.
Enterprise Recovery
DECEMBER 13, 2024
In B2B sales, a signed contract is of immense sanctity. It serves as the cornerstone for ensuring security and trust between business partners. These contracts provide a clear framework for the business relationship, outlining the rights and obligations of each party involved. This assurance is invaluable in fostering a stable and reliable partnership, as it minimizes the risk of disputes and misunderstandings.
Consumer Finance
DECEMBER 22, 2024
The CFPB sued Rocket Homes to stop providing incentives to real estate brokers and agents in exchange for steering homebuyers to Rocket Mortgage for loans.
True Accord
DECEMBER 11, 2024
Its that time of year againthe season of giving, which has landed nearly half (47%) of consumers in debt thanks to holiday spending in the past. And the struggle continues to be real for consumers with 68% reporting that inflation is stretching their holiday budgets thin and 89% of consumers reporting they feel tempted to spend more than they should.
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.
PDC Flow
DECEMBER 19, 2024
Does your company offer expensive products or services, bill customers after the fact, or provide services on a monthly, or ongoing basis? Its time to evaluate and take advantage of your recurring billing software and set up better recurring payments for your business. Recurring billing is a common payment model companies used to charge customers at regular intervals instead of in a lump sum payment.
Collections Law
DECEMBER 27, 2024
Watching your debtor continue business as usual while they owe you money can be incredibly frustrating. You have a judgment in hand, yet your debtor seems unfazed, conducting transactions and collecting payments without a second thought to what they owe you. Its enough to make any business owner in Massachusetts feel powerless. The good news is that you are not powerless.
Account Recovery
DECEMBER 26, 2024
New York Gov. Kathy Hochul this week signed a sweeping package of bills to enhance consumer data protection in New York into law. While the package tackles various digital safety issues, one law stands out for debt collection professionals: S5703B/A1035B, which bans the use of social media platforms for debt collection. The details: The newly enacted law prohibits debt collectors from using social media platforms to communicate with consumers about unpaid debts.
Hudson Weir
DECEMBER 10, 2024
Cash flow is key to the running of business operations, so unpaid customer invoices can create significant challenges There are several ways to recover the debt and with that in mind, you may be wondering what is a charging order and can it help? According to a survey from Capital on Tap reported by On The Tools , businesses in the UK are due 7.4bn in overdue invoices.
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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.
Consumer Finance
DECEMBER 22, 2024
Today, the CFPB sued Walmart and Branch Messenger for forcing delivery drivers to use costly deposit accounts to get paid and for deceiving workers last mile drivers in Walmarts Spark Driver programabout how they could access their earnings.
On Guard
DECEMBER 5, 2024
While fewer than 20% of strategic decisions currently leverage AI in the Dutch finance sector, this figure is projected to surge to nearly 50% within the next five years. This is according to the latest Deloitte CFO Survey , based on a sample of over 130 Dutch CFOs from various sectors. The popularity of AI has surged with tools like ChatGPT, highlighting its ability to streamline work processes for some time now.
FFGN COLLECT NY
DECEMBER 2, 2024
What happens if a client who kept insurance funds proceeds later files for bankruptcy? Will a bankruptcy court allow the debtor to keep monies intended for you? According to a recent New York court case, the answer is no. The bankruptcy court refused to grant a discharge to a debtor who failed to turn over insurance checks to the provider. Medical and restoration services are often provided without payment upfront.
Collections Law
DECEMBER 18, 2024
In the business world, extending credit is often necessary to build relationships and expand your customer base. But without the right protections, it can also lead to unpaid debts and financial headaches. Fortunately, a credit application contract is a powerful tool that sets the stage for successful transactions and protects your business interests.
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.
Account Recovery
DECEMBER 31, 2024
A state appeals court in Washington has affirmed an attorney’s fee award for the plaintiff in a debt collection case, agreeing with the lower court that counterclaims brought by the defendant, a collection operation, were frivolous. The background: The case originated from allegations that the defendant, a licensed debt collection agency, attempted to collect an amount of interest exceeding what was permitted by a previous judgment.
TCPA
DECEMBER 20, 2024
A recent decision from the U.S. District Court for the Southern District of Indiana demonstrates how a defendant may successfully challenge personal jurisdiction when the facts fail to show vicarious liability through a principal-agent relationship. In Roehrman v. McAfee, LLC, No. 23-2146, 2024 WL 5008043, at *2 (S.D. Ind. Dec.
Consumer Finance
DECEMBER 8, 2024
The CFPB launched a rulemaking to address the harmful effects of inaccurate credit reporting affecting survivors of domestic violence, elder abuse, and other forms of financial abuse.
JMA
DECEMBER 14, 2024
Running a small business has never been easy, but in todays fast-paced, unpredictable, and struggling economy, the challenges are more pressing than ever. Rising costs, tighter budgets, and increasing competition mean that maintaining a healthy cash flow is critical to survival. Unfortunately, unpaid invoices and overdue debts can quickly disrupt even the best-managed businesses, leading.
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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.
FFGN COLLECT NY
DECEMBER 15, 2024
Doing business with a delinquent customer? Applying current customer payments toward overdue accounts could cost you. Our client continued to sell to their customer, even though the customer was in arrears. However, the client changed the terms, requiring payment within a few days of shipment. The payments made were meant for the “newer” transactions.
Collections Law
DECEMBER 2, 2024
If you run any sort of business, it is almost inevitable that someday, you will have to attempt to collect on an unpaid debt. Unpaid debts present numerous challenges for creditors. One such challenge is when a debtor claims not to have the funds to pay their unpaid debts. At the Law Offices of Alan M. Cohen & Associates LLC, our commercial collections attorneys have more than 50 years of combined experience helping our commercial clients in Massachusetts collect on their unpaid debts.
Account Recovery
DECEMBER 27, 2024
A District Court judge in Michigan has denied a defendant’s motion to dismiss and stayed a case in which the defendant is accused of violating the Fair Debt Collection Practices Act and state law in Michigan while a state court determines whether or not the underlying debt is for personal or business reasons. The background: Back in 2021, the plaintiff attempted to purchase an automobile.
On Guard
DECEMBER 5, 2024
While fewer than 20% of strategic decisions currently leverage AI in the Dutch finance sector, this figure is projected to surge to nearly 50% within the next five years. This is according to the latest Deloitte CFO Survey , based on a sample of over 130 Dutch CFOs from various sectors. The popularity of AI has surged with tools like ChatGPT, highlighting its ability to streamline work processes for some time now.
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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.
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