The recent Hunstein decision has been a big talking point for debt collection since the ruling was made. Agencies are scrambling to understand the implications of this case, which found transmitting data from a debt collector to a letter vendor is a violation of third party disclosure, even as new suits are being filed. To get a handle on this …
The CFPB Completes Debt Collection Rulemaking
This article was written by Joann Needleman, Ann E. Lemmo, and Leslie C. Bender. It was originally published by Clark Hill Law and is republished here with permission. On Dec. 18, the Consumer Financial Protection Bureau (“CFPB” or “Bureau”) completed its seven-year rulemaking process for debt collection. In 2013, the CFPB embarked on an ambitious journey to write regulations to interpret the 40-year-old Fair Debt …
The CFPB Issues Regulation F, but the Debt Collection Rules Are Far From Final
This article was written by Joann Needleman, Leslie C. Bender and Ann E. Lemmo. It was originally published by Clark Hill Law and is republished here with permission. The long-awaited Final Rule (Regulation F) for the Fair Debt Collection Practices Act (FDCPA) was issued Friday afternoon, concluding a seven-year rulemaking process. In its official press release, the Consumer Financial Protection Bureau’s (CFPB or Bureau) Director, …
A Debt Collection Compliance Minefield: Call Baiting
Adapting live conferences to a digital format has created many challenges for events coordinators this year. However, trade organizations – like the California Association of Collectors (CAC) – remain dedicated to providing resources and networking opportunities for members, just as in years past. During one session, Amanda Griffith, partner with Berman, Berman, Berman, Schneider & Lowary, LLP, discussed debt collection …
The Pending Debt Collection Rule and the Supreme Court Seila Decision
What will the Seila decision mean for the ARM industry and the pending debt collection rule? The only concrete takeaway from last month’s Supreme Court decision in the case of the Consumer Financial Protection Bureau (CFPB or Bureau) v. Seila was that the CFPB remains a federal independent agency whose director will now answer to the President. What is still …
Tips to Run a Compliance Management Program In a Small to Mid-Sized Collection Agency
This article was written with help from Tim Collins, leading attorney in the ARM space. Nearly half of ACA member organizations are small-scale collection agencies. These offices run with small crews and service fewer accounts but must still focus on compliance management. How do small and mid-sized agencies do this without the resources of a large organization? It’s all about …
Consumer Rights in Debt Collection Under the CCPA
Share this ArticleThe next step in protecting consumer privacy has been taken through the new California Consumer Privacy Act (CCPA). The law, which becomes operative January 1 of 2020, is the first of its kind in the U.S. In a recent webinar hosted by the California Association of Collectors, Lauren Valenzuela, Compliance Counsel at Performant Recovery, Inc. gave an overview …
Compliance and Risk Management is the Secret to a Successful Debt Collection Agency
Share this ArticleSome companies think that revenue is the most important, and compliance is a cost. “Actually, if your compliance program is working, it should be saving you money,” says Laura Knights, Gulf Coast Collection Bureau. She recently discussed the important role compliance management plays in collection in a webinar on the future of compliance management. Hosted by Accounts Recovery, …
Safe Harbors for Email and Text Messages Under the NPR
The CFPB Notice of Proposed Rulemaking (NPR) has been covered extensively in articles and webinars over the past few months. The prospect of using text and email messages is exciting for an industry that has been all but left out of using the latest technology. The question is, how will you use digital communication safely? Here are a few common …
How Will Limited Content Messages Fit Into Your Collection Strategy?
As Joann Needleman, attorney at Clark Hill, explained in a recent webinar, the CFPB’s Notice of Proposed Rulemaking (NPR) is intended to make debt collection practices uniform. If everyone operates the same way, though, how will you stand out? This is where a customer service strategy for your collection agency can make a difference. To differentiate yourself, prepare now to …
Call Blocking and Right Party Contact in Debt Collection
This blog post is based on information discussed in a recent California Association of Collectors (CAC) webinar and was co-authored by Neustar. Spam tagging and call blocking are causing a huge problem in debt collections. In the last two years, collection agencies have seen a drastic increase in their legitimate calls being blocked or mislabeled with Spam overlays. Shawn Suhr, …
CFPB Proposed New Rule: Debt Collector Do’s and Don’ts
Share this ArticleFor debt collectors, the CFPB’s notice of proposed rule (NPR) is becoming the embodiment of the phrase “hurry up and wait.” The Bureau’s proposed rule released in early May. Once it became public, the reaction from many experts was appreciation for the level of detail in the 500+ page document. Weeks after the release of the rules, though, …
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