The Consumer Financial Protection Bureau (CFPB) is an independent federal agency responsible for maintaining the safety of customers who interact with financial businesses. Because they create and enforce the regulations that govern the credit and collection industry, debt collection agencies know this organization well. But do you know the best way to handle a CFPB complaint about your business filed …
Dispute Resolution Processes for Debt Collection
What happens if the consumer you speak to doesn’t agree that they owe a bill or debt? What if a consumer leaves your company a bad review on the internet? What policies and procedures does your debt collection agency have in place to ensure compliance and a dispute resolution process? In the past, PDCflow partnered to cover a California Association …
Navigating Federal and State Call Recording Laws for Debt Collectors
Each year, the California Association of Collectors (CAC) provides insight to debt collection professionals through a series of educational courses. They touched on topics ranging from responding to disputes to tips for creating compliant collection letters, to best practices for handling call baiting. PDCflow has partnered with the California Association of Collectors (CAC) in the past to cover many operational …
Expert Tips for Creating Debt Collection Letters
Debt collection letters are a central part of a collection agency’s compliance management system. However, the California Association of Collectors (CAC) 2017 Collection Boot Camp panel, Courtney Reynaud, Shawn Suhr, Kelly Parsons-O’Brien (agency owners) and June Coleman (attorney), recognize the potential liabilities inherent in drafting collection letters. Their combined expertise and Coleman’s legal know-how as the CAC’s MAP attorney provided …
Consent Management for Electronic Communications: Best Practices for Creditors and Collectors
Regulation F and reaching consumers through electronic communications is now a reality. Debt collection agencies have prepared as best they can and have implemented new compliance policies and procedures. But what about creditors? All creditor clients that use a third-party agency should know about Regulation F. Are you (and more importantly, are your clients) ready for data maintenance and handoff …
Use Root Cause Analysis Methods to Improve Policies and Procedures
Courtney Reynaud, President and CEO of Creditors Bureau USA, has found success in her agency with careful attention to policies, procedures, and work instructions. But, she didn’t always have such a strong compliance management system. Before her office focused on these practices, she noticed blame would often be placed on a single employee or a client. Reynaud explained that blaming …
Steps to Create A Compliance Management System
The CFPB expects all debt collection agencies to have a compliance management system (CMS) in place during operation. Courtney Reynaud, President of Credit Bureau USA, and the other California Association of Collectors Collection Boot Camp panelists, understand how overwhelming creating a compliant collection agency can be. “With everything else we have to do to run a successful business, compliance is …
Digital Engagement Technology in Debt Collection: Consent, Compliance and Risk
Spam calls and change in communication preferences from younger generations is making it harder than ever for debt collectors to get consumers on the phone. That’s why digital engagement through email, text and electronic methods of payment are now becoming mainstream in accounts receivable. Mike Frost, partner at Malone, Frost, Martin PLLC., has been watching the compliance landscape since Regulation …
Steps to CFPB Compliance Throughout a Period of Shifting Priorities
Implementing systems and workflows in line with Regulation F was a huge project for debt collectors. But recent remarks, social media posts, bulletins, blogs and CFPB press releases suggest that the focus on CFPB compliance isn’t over for AR professionals. Joann Needleman and Leslie Bender, Attorneys at Clark Hill Law, have monitored CFPB rules and actions for many years and …
Compliance Risk Assessment and Preparing for Digital Communication in AR
The long-awaited Regulation F recently outlined how the CFPB expects debt collection agencies to operate. The Bureau’s intentions with the regulation are to standardize debt collection, protect consumers and create a better customer experience. Now that Regulation F has finally been implemented, industry experts like Mike Frost, partner at Malone, Frost, Martin PLLC, are monitoring its impact and encouraging agencies …
Breaking Down Regulation F’s Debt Validation Notice
Legal professionals for the ARM industry, like Leslie Bender and Joann Needleman of Clark Hill Law, have been addressing Regulation F implementation challenges since the rule was proposed. Since then, they have continued to be a guiding voice for debt collectors throughout the debt collection rulemaking process. Recently, they sat down with PDCflow’s Sales & Marketing Manager Dawn Updike to …
Compliance Roadmap: FDCPA Laws & Regulation F
The implementation date for the CFPB’s Regulation F was November 30, 2021. By now, debt collection agencies should be fully compliant with this long-awaited rule. Despite this, many agencies are still struggling to modernize out of fear of being non-compliant. To help agencies prepare for these compliance challenges, PDCflow and financial services attorneys Joann Needleman and Leslie Bender, presented a …
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