PDC Flow

NOVEMBER 7, 2023

Most modern debt collection agencies are starting to use email for collection, or have it on the roadmap to implement soon. Consumers like the convenience of email and companies prefer advantages like: The cost savings of using email compared to traditional mail The possibility to reach consumers you otherwise wouldn’t Faster collection on accounts Even with the positive aspects of email for debt collection, one point of hesitation remains – sending validation notices.

Collections 69

Collections Collection Agencies Collections Agency Original Creditor 69

Account Recovery

NOVEMBER 10, 2023

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?

264

264

Enterprise Recovery

NOVEMBER 10, 2023

Debt collections between businesses (B2B) is the recovery of overdue payments for goods or services provided to another company. Understanding the intricacies of B2B debt collections is essential for businesses to manage their cash flow effectively and maintain healthy financial relationships with their clients. Businesses of all sizes often face delayed payments, invoice disputes, and communication difficulties.

Collections 211

Collections 211

Consumer Finance

NOVEMBER 6, 2023

The Consumer Financial Protection Bureau (CFPB) is proposing to supervise larger nonbank companies that offer services like digital wallets and payment apps.

Financial services 138

Financial services 138

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.

Prosperity Now

NOVEMBER 7, 2023

The Community Reinvestment Act (CRA), enacted in 1977, is a key piece of legislation meant to ensure that underserved communities get equitable access to credit. In late October, the Federal Reserve Board, the Federal Deposit Insurance Corporation, and the Office of the Comptroller of the Currency issued a final rule updating the regulations governing the CRA—the first such reform in over 25 years.

Banks 116

Banks Government 116

Qualco

NOVEMBER 7, 2023

Managing loan portfolios becomes a labyrinth for financial institutions in a financial ecosystem marked by unrelenting complexity and constant change. The latter grapple with this formidable challenge amidst evolving regulatory norms and economic instability. Last year, discussions around the standardisation of insolvency laws across the European Union garnered substantial attention.

Financial Institution 105

Financial Institution Debtor Loans Collateral 105

Consumer Finance

NOVEMBER 7, 2023

Citi singled out for discrimination applicants for certain credit card products whom it suspected of being of Armenian descent.

Financial services 145

Financial services 145

Credit Corp

NOVEMBER 8, 2023

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?

Creditworthiness 98

Creditworthiness Retail Banks 98

Account Recovery

NOVEMBER 7, 2023

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?

246

246

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.

Banks

UK debt collections

NOVEMBER 9, 2023

Small business owners have revealed that cash flow is the biggest challenge for nearly half of the respondents. Almost half (48%) of small to medium enterprises cited cash flow as the largest single challenge their business was facing, according to research by Millbrook Business Finance. This was followed by the cost-of-living crisis (32%) and energy prices (30%).

Government 88

Government Debtor Loans Collections 88

Consumer Finance

NOVEMBER 7, 2023

The CFPB took action against Citi, one of the globe’s largest banks, for intentionally and systematically discriminating against Americans of Armenian descent.

Banks 77

Banks Financial services 77

Jimerson Firm

NOVEMBER 8, 2023

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.

Judgment 59

Judgment Debtor Garnishment Creditors 59

Account Recovery

NOVEMBER 10, 2023

FDCPA Suit Filed Over ‘Settlement’ Offer Made on Time-Barred Debt Judge Grants MTD in FDCPA Case Over Letter with ‘Minimum Payment’ and ‘Balance’ PRA Group Swings to Loss in 3Q, But Points to Strong Consumer Performance Going Forward Citi Fined $26M for Intentionally Denying Credit Applications from Armenian Americans WORTH NOTING: It’s satire, but it’s […]

147

147

Advertisement

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.

Collection Agencies

UK debt collections

NOVEMBER 7, 2023

Yorkshire based Doubled Glazing giant Safestyle is facing liquidation. Only last week, the company, which has its HQ in Bradford, announced administrators had been appointed. Around 680 of its workers were made redundant as a result of the firm going into administration. The company failed after facing a series of pressures, including runaway inflation and poor consumer confidence, administrators said.

Trade 59

Trade 59

Collections Law

NOVEMBER 10, 2023

You would think that winning a judgment in your debt collection case would be the end of your legal ordeal. But it’s usually not. Just because a court has decided that your debtor does indeed owe you money, does not always mean that your debtor is actually going to pay the money they owe you. In fact, if they haven’t paid you yet, you most likely will have other battles to fight before you see any of your money.

Judgment 52

Judgment Debtor Collections Lawyers 52

FFGN COLLECT NY

NOVEMBER 9, 2023

Thinking about domesticating your out-of-state judgment in New York? If the out-of-state judgment was obtained on default, you may be concerned that moving to domesticate the judgment will lead the debtor to attempt to claim affirmative defenses. Can a previously defaulting defendant interpose an answer in a debt collection action that seeks to domesticate an out-of-state default judgment?

Judgment 52

Judgment Debtor Judgment Enforcement Collections 52

Account Recovery

NOVEMBER 9, 2023

There are two types of text messages — SMS and MMS. SMS messages are traditional text messages in that they only contain text. MMS messages are similar to SMS, but they can contain multimedia, like video.

147

147

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.

Prosperity Now

NOVEMBER 8, 2023

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.

52

52

Troutman Sanders

NOVEMBER 9, 2023

Join Troutman Pepper Partner Chris Willis for a solo episode where he discusses a recent joint statement from the Consumer Financial Protection Bureau and the Department of Justice regarding the consideration of immigration status in credit underwriting — an issue that has plagued creditors for years. Chris provides listeners with important background on this matter, the history and impact of litigation on credit underwriting and immigration status, the content of the joint statement, and what s

Creditors 52

Creditors 52

Sawin & Shea

NOVEMBER 8, 2023

No one would argue that we have been living through some turbulent economic times in the past several years. Factors like inflation, high interest rates, and economic uncertainty have found more and more Americans relying on credit cards to get by. In fact, Americans are at an all-time high when it comes to credit debt to the tune of $1 Trillion. On average, Americans individually carry about $7,951 in credit card debt.

Credit Card Debt 52

Credit Card Debt Chapter 13 bankruptcy Chapter 7 bankruptcy Bankruptcy 52

Account Recovery

NOVEMBER 9, 2023

Getting to Know Gary Adams of First Collection Services Videos Sent via Text Not a Prerecorded Message Under TCPA, Judge Rules New Medical Debt Screening Law Now in Effect in Minnesota Plaintiff’s Attorneys Seeking $29k in Fees on FDCPA Case that Settled for $10k DCM Services Names Steve Barker as Senior Vice President of Human […]

Collections 147

Collections 147

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?

Financial services

Hudson Weir

NOVEMBER 8, 2023

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

Construction 52

Construction Creditors Loans 52

Consumer Finance

NOVEMBER 7, 2023

The CFPB notes that there are a few things that routinely come up, especially related to ensuring that startups and new businesses can emerge, bring their services to market, and challenge incumbents.

Startups 52

Startups 52

Troutman Sanders

NOVEMBER 8, 2023

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.

Creditors 52

Creditors Chapter 7 bankruptcy Unsecured Creditor Debt collector 52

Account Recovery

NOVEMBER 8, 2023

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.

147

147

Advertisement

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.

Collections