Collection Industry News

JULY 30, 2023

A key pillar of the relationship between consumers and their financial institutions is effective customer service. We consumers expect that the financial institutions we trust to hold our money will provide us with prompt and responsive assistance when we ask for it.

Financial Institution 40

Financial Institution Collections 40

Burr Forman

NOVEMBER 22, 2021

The Financial Crimes Enforcement Network (“FinCEN”) unit of the U.S. Department of the Treasury called this week for the nation’s financial institutions to be on the lookout for money flows indicative of environmental crimes. Earlier in the week, FinCEN convened a virtual exchange on the issue.

Financial Institution 52

Financial Institution 52

Jimerson Firm

DECEMBER 15, 2022

Financial institutions are often required to make tough decisions when they receive the daunting Form 668–A, “Notice of Levy” from the IRS concerning a delinquent taxpayer’s bank account. Financial Institutions Tax Levy Obligations and Liability Exposure. By Austin Calhoun, Esq. and Joseph Luna, Esq. What is a Tax Levy?

Financial Institution 52

Financial Institution Banks Debtor Creditors 52

Troutman Sanders

MAY 5, 2022

One area the CFPB identified as a consumer harm is when financial institutions charge a consumer overdraft fees because the institutions failed to lift the initial automatic holds on the amounts of mobile check deposits after an additional suspicious deposit hold was placed on the account. Prepaid Accounts.

Financial Institution 52

Financial Institution Repossession Debt collector Lender 52

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.

Financial Institution 67

Financial Institution Student loans Student Loans Loans 67

Troutman Sanders

MAY 12, 2022

Presented by Pro Bono Institute (PBI) and its Corporate Pro Bono (CPBO) project, and Troutman Pepper, in conjunction with Financial Institution Pro Bono Day 2022. Register Here Tuesday, May 24 • 12:00 p.m.

Financial Institution 52

Financial Institution Lawyers 52

Troutman Sanders

APRIL 6, 2021

Five federal banking regulatory agencies are gathering information and comments on financial institutions’ use of artificial intelligence (AI), including machine learning. The RFI notes that financial institutions have been and are exploring AI-based applications for a variety of purposes.

Financial Institution 52

Financial Institution Banks Credit Unions Credit Unions 52

Consumer Finance

AUGUST 10, 2021

The Federal Financial Institutions Examination Council (FFIEC), on behalf of its members, today issued guidance that provides financial institutions with examples of effective authentication and access risk management principles and practices for customers, employees, and third parties accessing digital banking services and information systems.

Financial Institution 52

Financial Institution Banks 52

Consumer Finance

MARCH 29, 2021

Five federal financial regulatory agencies are gathering insight on financial institutions’ use of artificial intelligence (AI).

Financial Institution 61

Financial Institution 61

Troutman Sanders

AUGUST 16, 2021

The FFIEC noted two changes over the last decade that prompted this analysis: (1) the current cybersecurity threat landscape, which has necessitated an increased need for effective customer authentication, and (2) the expansion of authentication considerations beyond customers to employees, third parties, and system-to-system communications.

Financial Institution 52

Financial Institution Banks Education Government 52

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

Collection Industry News

MAY 9, 2022

One area the CFPB identified as a consumer harm is when financial institutions charge a consumer overdraft fees because the institutions failed to lift the initial automatic holds on the amounts of mobile check deposits after an additional suspicious deposit hold was placed on the account. Prepaid Accounts.

Financial Institution 40

Financial Institution Repossession Debt collector Student Loans 40

Account Recovery

OCTOBER 23, 2024

The Consumer Financial Protection Bureau yesterday announced the final rule aimed at giving consumers more control over their personal financial data. The rule, part of the CFPB’s broader push toward “open banking,” requires financial institutions to allow consumers to transfer their data to other providers for free.

Banks 130

Banks Financial Institution Credit Unions Credit Unions 130

Troutman Sanders

OCTOBER 18, 2022

million student checking and credit card accounts that are governed by partnerships between institutions of higher education and financial services providers, and it highlighted market trends and possible risks. The report reviewed agreements and data covering the over 1.2

Financial Institution 52

Financial Institution Education Financial services Credit Unions 52

Fico Collections

MARCH 23, 2021

With the impact of COVID-19, banks and financial institutions are forced to accelerate the development and deployment of their digital capabilities as access to remote channels moved from choice to necessity. With that, the speed of continuous adoption is being seen not as an exception but rather the habit.

Financial Institution 52

Financial Institution Banks 52

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

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

Account Recovery

OCTOBER 30, 2024

10036, The Civil Investigative Demand Reform Act of 2024 would require the CFPB to explicitly reference any alleged violations in CIDs, providing more clarity to financial institutions about the specific conduct under investigation. I’m proud to join Congressman Barr and introduce the Civil Investigative Demand Reform Act of 2024.

Financial Institution 130

Financial Institution Financial services Loans 130

Consumer Finance

JUNE 29, 2021

The Federal Financial Institutions Examination Council (FFIEC) today issued a new booklet in the FFIEC Information Technology Examination Handbook series, titled “Architecture, Infrastructure, and Operations.”.

Financial Institution 40

Financial Institution 40

Account Recovery

FEBRUARY 28, 2024

The California Department of Financial Protection & Innovation has fined a fintech company $2.5 million for not responding to consumer complaints in a timely manner that constitutes a violation of California’s Consumer Financial Protection Law, the DFPI said.

Financial Institution 264

Financial Institution Retail 264

Account Recovery

JANUARY 18, 2023

If you are curious what the priorities of the House Financial Services Committee will be under new Chair Rep. look no further than the decision to change the Subcommittee on Consumers Protections and Financial Institutions to the Subcommittee on Financial Institutions and Monetary Policy. Patrick McHenry [R-N.C.],

Financial services 246

Financial services Financial Institution 246

Account Recovery

DECEMBER 19, 2022

The Office of the Comptroller of the Currency, in conjunction with the Federal Financial Institutions Examination Council, on Thursday released revised procedures for how its examiners will examine financial institutions for their compliance with the Fair Debt Collection Practices Act, incorporating the changes from Regulation F into their review.

Banks 244

Banks Financial Institution Fair Debt Collection Collections 244

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

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

JUNE 20, 2024

These digital assistants are set to revolutionize customer service and internal operations within financial institutions. Artificial intelligence (AI) chatbots are transforming the banking sector, offering significant cost savings, improved efficiency, and enhanced customer satisfaction, according to a published report.

Financial services 130

Financial services Financial Institution Banks 130

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 87

Financial Institution Debt collector Banks 87

Account Recovery

JUNE 10, 2024

The Court of Appeals for the Fourth Circuit has affirmed the dismissal of a case filed by a contact center against a collection operation and its owner for allegedly concealing criminal activity by the owner that led the contact center to lose a contract with one of the nation’s largest financial institutions.

Financial Institution 130

Financial Institution Collections 130

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.

Collection Agencies 130

Collection Agencies Collections Agency Financial Institution Collections 130

Account Recovery

NOVEMBER 6, 2024

Why It Matters: The CFPB, as a regulator of financial institutions, handles sensitive consumer data, making it a prime target for cyber threats. Effective cybersecurity measures are essential to protect this data from breaches and misuse.

Financial Institution 130

Financial Institution 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

Account Recovery

APRIL 18, 2024

The Attorney General of New York yesterday announced that a financial institution will pay $700,000 in fines and penalties for illegally freezing customer accounts and sending debt collectors tens of thousands of dollars that should have been protected or exempt from garnishment.

Debt collector 130

Debt collector Banks Garnishment Financial Institution 130

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.

Financial Institution 246

Financial Institution Government 246

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

FEBRUARY 14, 2024

There is yet another new startup in the industry that is using the power of artificial intelligence to help collect debts — Cambio, which is backed by Y Combinator, is leveraging AI to offer innovative solutions for both consumers and financial institutions.

Startups 130

Startups Financial Institution Banks Collections 130