Account Recovery

APRIL 19, 2021

A bill has been introduced in the Senate that seeks to prohibit financial institutions from denying services to law-abiding businesses, such as companies in the accounts receivable management industry, as a means of ensuring crackdowns like Operation Choke Point never happen again. The legislation, S. 1088, was introduced by Sen.

Financial Institution 217

Financial Institution Accounts Receivables Management 217

Account Recovery

APRIL 8, 2022

A group of 18 state attorneys general sent letters to four of the largest financial institutions in the country this week, urging them to stop charging overdraft fees on consumers by this summer, and while the states did not make any threats in the letter about what would happen if the banks chose not to … The post AGs Call on Big Banks to End (..)

Banks 246

Banks Financial Institution 246

Account Recovery

OCTOBER 12, 2021

The Financial Institution Division (FID) of Nevada’s Department of Business and Industry will be holding a virtual workshop on Tuesday, October 26 at 1pm ET to solicit comments from interested persons about regulations related to SB248, a new medical debt collection law that went into effect earlier this year.

Collections 246

Collections Financial Institution Healthcare 246

Account Recovery

OCTOBER 27, 2022

In a joint appearance yesterday, President Joe Biden and Rohit Chopra, the Director of the Consumer Financial Protection Bureau announced new guidance that deems a pair of fees charged by financial institutions to “likely” be unfair and unlawful under existing law.

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Financial Institution Government 246

Account Recovery

NOVEMBER 4, 2021

The largest bank in Denmark — also one of the largest financial institutions in Europe — announced yesterday that it has suspended all of its debt collection activities and has earmarked $8 million in compensation and restitution for nearly 8,000 customers from whom it overcollected for years.

Banks 246

Banks Collections Financial Institution 246

Account Recovery

MAY 5, 2022

The Consumer Financial Protection Bureau yesterday announced an enforcement action against Bank of America, in which the nation’s second-largest financial institution will pay a fine of $10 million after it was accused of unlawfully garnishing $592,000 from its customers’ bank accounts.

Garnishment 246

Garnishment Financial Institution Banks 246

Account Recovery

AUGUST 13, 2021

Credit card lenders and financial institutions are apparently a little leery of the state of the economy and consumer’s ability to meet their financial obligations and are keeping balance limits largely stationary for the time being, except for one group of consumers — and it’s probably not the group you would guess — according (..)

Financial Institution 246

Financial Institution Lender 246

Account Recovery

JULY 27, 2022

A California Appeals Court has upheld a lower court’s summary judgment ruling in favor of a financial institution that was sued for not separately itemizing a bonus paid to its call center workers for fluently speaking languages other than English, ruling that the bank did not violate state law in how it compensated employees with … The (..)

Banks 245

Banks Financial Institution Judgment 245

Account Recovery

MARCH 11, 2022

March 10 2022 — FedChex, a leader in providing Depository, Treasury, and Risk Management solutions for business and financial institutions, has partnered with CollaborationRoom.ai for its Work-From-Home Agents appeared first on AccountsRecovery.net.

Financial Institution 244

Financial Institution 244

Account Recovery

JUNE 13, 2022

The Court of Appeals for the Ninth Circuit has affirmed a lower court’s ruling that an individual’s text messages sent to a financial institution constitute providing expressed consent to be contacted on a mobile phone via an automated telephone dialing system under the Telephone Consumer Protection Act, but that the lower court abused (..)

Financial Institution 243

Financial Institution Banks 243

Account Recovery

DECEMBER 14, 2022

If you are an agency that is still trying to figure out how to be able to accept payments via PayPal or Venmo, you are now two steps behind, because a new instant payment technology for financial institutions has expanded into the United States after a successful launch in Brazil. first appeared on AccountsRecovery.net.

Financial Institution 246

Financial Institution 246

Account Recovery

DECEMBER 15, 2022

More than one-third of respondents to a survey conducted by the education arm of a financial institution are carrying medical debt, and 82% of those people are having problems paying it off, according to a report highlighting the survey’s findings.

Financial Institution 245

Financial Institution Education Healthcare Collections 245

Account Recovery

JUNE 28, 2021

But, thanks to some questions submitted to the Financial Institutions Division of the Nevada Department of Business and Industry, … The post Daily Digest – June 28.

Financial Institution 246

Financial Institution Collections 246

Account Recovery

FEBRUARY 1, 2022

A District Court judge in Arizona has certified a class in a Telephone Consumer Protection Act case that alleged a financial institution made collection calls using an artificial or prerecorded voice to more than 1 million non-customers on their cell phones without first obtaining consent.

Financial Institution 235

Financial Institution Collections 235

Account Recovery

MAY 14, 2021

A day after it was reported that more consumers are paying off their credit balances than at any point this century, a number of financial institutions are planning on sharing data to help consumers without credit scores gain access to credit cards and other types of loans, according to a published report.

Banks 230

Banks Financial Institution Loans 230

Troutman Sanders

MARCH 7, 2024

They focus on the implications for financial institutions and other companies, particularly those targeted by the SEC for documents potentially restricting whistleblowers from reporting violations of securities laws. Transcript: Navigating the SEC’s Whistleblower Enforcement Wave: A Guide for Financial Institutions (PDF)

Financial Institution 52

Financial Institution 52

Account Recovery

JANUARY 27, 2021

the chairwoman of the House Financial Services Committee, yesterday announced the representatives who will chair the committee’s six subcommittees. Of most interest to the accounts receivable management industry is likely the Subcommittee on Consumer Protection and Financial Institutions. Maxine Waters [D-Calif.],

Financial Institution 162

Financial Institution Accounts Receivables Management Financial services 162

Consumer Finance

MARCH 16, 2021

On March 17, 2021, Consumer Financial Protection Bureau Acting Director Dave Uejio issued a statement regarding consumers’ access to Economic Impact Payment funds distributed through the American Rescue Plan.

Financial Institution 96

Financial Institution Debt collector Banks 96

Account Recovery

APRIL 7, 2021

CHICAGO — April 6 — CMS Services, a leading provider of compliance management services to the Accounts Receivable Management industry, is excited to announce the launch of its Bank Terms & Conditions portal, providing copies of the terms and conditions issued by hundreds of credit grantors and financial institutions nationwide from (..)

Creditors 195

Creditors Accounts Receivables Management Financial Institution Banks 195

True Accord

JULY 13, 2023

Updates to the Gramm-Leach-Bliley Act (GLBA), the Safeguards Rule , provide financial institutions, including those in the accounts receivable management industry, with requirements on how to safeguard customer information, went into effect on June 9.

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Financial Institution Student loans Student Loans Loans 66

Account Recovery

DECEMBER 16, 2022

One of the nation’s largest financial institutions has been ordered by a state court judge in California to pay $2 million after it was accused of violating the Rosenthal Fair Debt Collection Practices Act and the Fair Debt Collection Practices Act by making “harassing and annoying” debt collection calls to its customers.

Fair Debt Collection 189

Fair Debt Collection Collections Financial Institution 189

Account Recovery

DECEMBER 3, 2024

The background: The case began when the plaintiff received a letter from the defendant that attempted to collect on a retail credit card debt for which the credit card was issued by a financial institution. The plaintiff defaulted on his payments to the institution, which subsequently referred the debt to the defendant for collection.

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Financial Institution Credit Card Debt Fair Debt Collection Retail 130

Account Recovery

SEPTEMBER 30, 2024

But, as economic challenges mount, consumers are increasingly seeking financial advice from various sources, according to a published report. Many are turning to both traditional financial institutions and newer, technology-driven solutions like AI and social media.

Financial Institution 130

Financial Institution Banks 130

Consumer Finance

JANUARY 16, 2024

The CFPB today proposed a rule to rein in excessive overdraft fees charged by the nation’s biggest financial institutions.

Financial Institution 145

Financial Institution Banks Financial services 145

Account Recovery

SEPTEMBER 6, 2024

Sedric AI, a fast-growing player in the AI-driven compliance space for financial institutions, has raised $18.5 By integrating the industry’s first compliance-dedicated large language model (LLM), Sedric enables financial institutions to identify compliance issues in real-time, automatically correct them, and simplify audits.

Financial Institution 130

Financial Institution Financial services 130

Consumer Finance

JANUARY 23, 2024

The Consumer Financial Protection Bureau proposed to block financial institutions from one potential source of new junk fee revenue – fees on instantaneously declined transactions.

Financial Institution 139

Financial Institution Banks Financial services 139

Nexa Collect

NOVEMBER 26, 2022

As per FTC, starting June 9, 2023 all collection agencies will be treated as financial institutions. When consumers turn to a financial institution for services, they want to know that their private information is being kept safe and sound. None of us want our information shared with companies we do not approve of.

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Collection Agencies Collections Agency Financial Institution Collections 130

Account Recovery

NOVEMBER 13, 2024

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 limitations in safeguarding consumer financial data.

Financial Institution 130

Financial Institution Government Banks Collections 130

Account Recovery

MARCH 8, 2023

I have said it on numerous occasions that hearings before the House and Senate committees are little more than theater, especially when the director of the Consumer Financial Protection Bureau is in the house, but tomorrow, the House Financial Services Subcommittee on Financial Institutions and Monetary Policy will talk about the CFPB without inviting (..)

Financial Institution 130

Financial Institution Financial services 130

Consumer Finance

OCTOBER 12, 2022

Some financial institutions and colleges may be steering students to more expensive financial products.

Financial Institution 144

Financial Institution Banks 144

Account Recovery

DECEMBER 19, 2023

Turner introduced a bill in the House of Representatives that would require financial institutions give customers the option to receive paper statements and prohibit financial institutions from […] Mike Turner [R-Ohio] is trying to preserve that opportunity for you. Last week, Rep.

Financial Institution 130

Financial Institution Banks 130

Account Recovery

OCTOBER 12, 2023

The Consumer Financial Protection Bureau yesterday released guidance reminding financial institutions that they are not allowed to charge consumers for “basic information” about their accounts. A copy of the advisory opinion is […]

Financial Institution 147

Financial Institution Banks 147

Account Recovery

DECEMBER 16, 2024

Proposed amendments to New York Citys rules governing debt collection have drawn significant scrutiny from trade groups outside the collection industry, most notably the American Financial Services Association (AFSA), which submitted a comment letter last week regarding the proposed amendments.

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Debt collector Collections Financial Institution Creditors 130

Account Recovery

JUNE 28, 2021

But, thanks to some questions submitted to the Financial Institutions Division of the Nevada Department of Business and Industry, there are some answers to help companies in the accounts … The post Nevada Regulator Answers Questions About New Medical Debt Collection Law appeared first on AccountsRecovery.net.

Collections 147

Collections Financial Institution Healthcare 147

Account Recovery

JUNE 10, 2021

A month before the federal Child Tax Credit payments start landing in the bank accounts of individuals across the country, the Attorney General of California issued a warning to financial institutions, creditors, and debt collectors that it is illegal to seize those funds to pay individual debts under a state executive order.

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Garnishment Financial Institution Debt collector Creditors 147