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Whether you’re using your devices for work or just for fun, making sure everything stays secure is more important than ever. It doesn’t take much for cyber-criminals to try and take advantage of us, especially in this digital age. With technology intertwining so deeply with our lives, having a good grasp on cybersecurity is essential. As we browse the internet and travel with our gadgets, being vigilant can save us from lots of headaches, like losing personal data.
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.
Self-service portals are an empowering way to get consumers back on track. In fact, research from McKinsey found that consumers who digitally self-serve resolve their debts at higher rates and are significantly more likely to pay in full. Just take into consideration that surveys have found that four in 10 have used an online portal supplied by a financial institution for bill pay, while only a quarter have paid by phone, mailing a check, or in person.
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.
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?
What happens to balances owed when your non-paying customer dies during the debt collection process? How do you enforce your right to get paid? The answer depends on whether your non-paying customer was an individual, sole proprietor, or closely held business, compared to an officer of a corporation with more than one officer. Here’s why. Individual Liability Generally, an individual is responsible for their debt.
A District Court judge in Washington has denied a defendant’s motion for judgment on the pleadings in a Fair Debt Collection Practices Act class-action case over alleged “junk” fees, ruling that the plaintiffs adequately pleaded plausible claims under the FDCPA and related state consumer protection laws. What makes this case even more interesting is that the Consumer Financial Protection Bureau has filed its own amicus brief in favor of the plaintiffs.
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A District Court judge in Washington has denied a defendant’s motion for judgment on the pleadings in a Fair Debt Collection Practices Act class-action case over alleged “junk” fees, ruling that the plaintiffs adequately pleaded plausible claims under the FDCPA and related state consumer protection laws. What makes this case even more interesting is that the Consumer Financial Protection Bureau has filed its own amicus brief in favor of the plaintiffs.
You may well know what an intercompany loan is… But do you know what can happen if the borrowing company becomes insolvent, or enters liquidation? An intercompany loan can provide a quicker and less expensive way for a business to borrow funds. But there are risks involved for the lending company in particular which could be overlooked and we’ll explore a key one in this guide.
Today, the CFPB sued student lender Climb Credit and 1/0 (“one zero”) for misrepresenting the quality of the programs at their partner schools and making false claims about graduates’ outcomes.
Digitalisation and vulnerability are two sides of the same coin. When we lock our doors leaving the house but skip the 2FA setup to secure our digital assets, it’s time to “act the other way around” on security and start learning from the younger, said Adriaan Kom, Managing Director, Onguard, in an article posted on VCMB (Association of Credit Management Companies).
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
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.
While many financial service institutions can offer basic payment portals, these are often limited when it comes to collecting on delinquent accounts. TrueAccord delivers a robust difference. Self-serve options should be a key part of any collections operation. In fact, research from McKinsey found that consumers who digitally self-serve resolve their debts at higher rates, are significantly more likely to pay in full, and report higher levels of customer satisfaction than consumers who pay via
Depending on whether youre a glass-half-full or glass-half-empty kind of person, plaintiff and defendant both won or both lost when a judge in the Northern District of Illinois recently denied in one fell swoop both the defendants motion for summary judgment and the plaintiffs motion for class certification. Murtoff v.
A Magistrate Court judge in Utah has partially granted a plaintiff’s motion to compel several collection operations to comply with subpoenas in a Fair Debt Collection Practices Act case in which the defendants are attempting to argue they do not meet the statute’s definition of a debt collector. The ruling, delivered by Judge Daphne A. Oberg, found that while most of the plaintiff’s requests were valid and relevant, some limitations were necessary to avoid undue burdens on the non-party co
Your past-due accounts are growing, cash flow is tightening, and the pressure is on. The big question: Do you handle the collections internally or outsource to experts? Both strategies come with advantages and risks - but which one delivers the best impact for your business? In this session we’ll dive deep into the in-house vs. outsourcing debate, examining cost-effectiveness, efficiency, compliance risks, and overall recovery success rates.
Almost all of the creditors of failed crypto company FTX will end up profiting from the money they put into the exchange, a federal bankruptcy judge ruled Monday. Nearly two years after FTX spiraled into bankruptcy, a Delaware judge approved the company’s reorganization plan, which involves paying out more than $14 billion to customers of the collapsed cryptocurrency exchange.
Podcast About Transcript About Welcome and Industry Insights (0:00 – 1:20) The conversation opens with a broad overview of the topics for this episode, including collections, legal issues, tech trends, and industry updates. CFPB’s Proposed Rule on Medical Debt (1:21 – 2:40) A discussion about the CFPB’s proposed rule to limit medical debt’s impact on credit reports.
A bill has been introduced in the House of Representatives that aims to combat fraudulent practices in the credit repair industry. The bill, called the Ending Scam Credit Repair Act (ESCRA) was introduced by Rep. Wiley Nickel [D-N.C.] and Rep. Young Kim [R-Calif.]. The big picture: The bill, H.R. 9991, targets CROs that exploit consumers by charging high fees without delivering on promises to improve credit scores, aiming to ensure transparency and accountability in the industry.
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.
NEW YORK, Oct 28 (Reuters) – The Treasury Department may offer fresh guidance on expected increases in its 2025 debt auctions when it announces its updated refunding plans this week, though uncertainty over the Nov. 5 U.S. elections likely means any details will be minimal. The U.S. government will issue overall borrowing estimates for the coming two quarters on Monday and provide more details on its auction sizes for the next quarter on Wednesday morning.
The Consumer Financial Protection Bureau and the Department of Justice yesterday announced a settlement with Fairway Independent Mortgage Corp. over allegations that the company engaged in redlining by discriminating against minority borrowers in Birmingham, Ala. The settlement, which could total over $9 million, includes both penalties and funds aimed at increasing access to mortgage loans for these historically underserved communities.
A New Jersey Appeals Court has affirmed a lower court’s decision in favor of a debt collector after the consumer appealed rulings denying his attempt to vacate a bank levy and default judgment as well as a motion for reconsideration. The background: The plaintiff filed a complaint against the defendant back in 2018, seeking to recover an outstanding balance of $871.10, plus costs.
In an increasingly complex debt collection landscape, the distinction between good and great collectors has never been more critical. This was the central theme of a recent webinar sponsored by Peak Revenue Learning, where industry veterans shared their perspectives on cultivating excellence in collection operations. The panel, moderated by Harry Strausser, President of Applied Innovation, featured Courtney Helfrich, Chief Personnel Officer at Wilber; Kelly Parsons-O’Brien, President of Pa
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.
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!
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
The Court of Appeals for the Third Circuit has clarified its standard for determining when ordering discovery into whether a suit has been arbitrated by granting a defendant’s appeal in a Fair Credit Reporting Act case that originally went in favor of the plaintiff. The background: The case originated when the plaintiff was denied a mortgage loan due to an erroneous credit report prepared by the defendant, a major credit reporting agency.
The Consumer Financial Protection Bureau yesterday announced it has filed a lawsuit against student lender Climb Credit and its largest shareholder 1/0, accusing them of misleading students into taking out loans for low-quality vocational programs. The CFPB claims Climb Credit misrepresented the value of the educational programs offered by their partner schools, including exaggerated claims about graduate outcomes, job placement rates, and salary increases.
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.
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