The CFPB Completes Debt Collection Rulemaking

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

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

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 …

Thriving in Third Party Debt Collection: An Interview With Lauren Valenzuela

Thriving in Third Party: An Interview With Lauren Valenzuela

In accounts receivable, it’s important to stay informed about upcoming legislation and other changes that will impact business (especially during major disruption, like the events happening this year). Lauren Valenzuela has been watching the trends and staying up-to-date with the latest in AR compliance as part of her job as Corporate Counsel, Performant Financial Corp. We had the pleasure of …

Increase Debt Recovery with the ‘Goldilocks Zone of Connection’

Increase Debt Recovery with the ‘Goldilocks Zone of Connection’

Are your collectors stuck in the friend zone with consumers? In other words, are your collectors sympathetic to consumers to the point where they feel bad asking for payment and don’t collect any money or only a small amount? Or, maybe it’s the opposite problem. Are your collectors so aggressive on collection calls that their words and behavior land them …

Thriving In Third Party Debt Collection: An Interview with John Bedard

Thriving in Third Party Debt Collection: An Interview with John Bedard

This year has seen vast, unexpected change for the credit and collection industry. As many professionals work to navigate this new world of remote work and prepare for the months to come, attorney John Bedard has been a dominant voice, guiding collectors through the struggle. We recently spoke to Bedard about his journey in the industry, his observations on doing …

Positive Language: The Secret To Collecting More On Delinquent Accounts

Positive Language: The Secret To Collecting More On Delinquent Accounts

Speaking to consumers about their delinquent accounts can stir up many (oftentimes negative) emotions. This can have a big impact on your debt collection calls. Retraining yourself and staff to replace negative or neutral phrases with positive language can produce the best call outcome possible.  To optimize your consumer interactions through positivity, first focus on tone, intentional language and breaking …

The Pending Debt Collection Rule and the Supreme Court Seila Decision

The Pending Debt Collection Rule and the Supreme Court Seila Decision

What will the Selia 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 …

Build Your Consumer Connection Pyramid: One Word at a Time

Build Your Consumer Connection Pyramid - One Word at a Time

Share this ArticleToday’s post is a guest blog written by Mary Shores, agency owner of Midstate Collection Solutions. The coronavirus has touched every one of us in some way and caused a great amount of fear and uncertainty. At the same time, it has required us to isolate ourselves, which means the need for true human connection has never been …

Good Communication Skills: The Future of the Collections Industry

Good Communication Skills: the Future of the Collections Industry

Share this ArticleAt this time of economic uncertainty, good communication skills have become a popular topic for experts in the debt collection industry. The role of communication now and in the future of debt collection was discussed at length during last month’s special Home Edition of Collector.Live! Several presenters took advantage of their time during the day-long virtual presentation to …