Editor’s Note: AccountsRecovery.net is hosting a free webinar on Tuesday, July 26 at 1pm EDT to provide insights and actionable advice to help collection agencies bullet-proof their Compliance Management Systems. A top-notch panel of experts has been assembled and everyone should sign up to learn how to put togther an effective CMS. Register here before it’s too late.
The Daily Digest is sponsored by TCN, a leading provider of cloud-based call center technology for enterprises, contact centers, BPOs, and collection agencies worldwide.
COLLECTION INDUSTRY WEIGHS IN ON TIMING, PROPOSED HEARING AND WHAT THAT MEANS FOR PROPOSED RULE
- Everyone in the collections and debt buying industry has circled July 28 on their calendar as the day the Consumer Financial Protection Bureau will take the next important step in building a proposed rule to regulate debt collections. The only real uncertainty is waiting to see exactly what form the next step will take. AccountsRecovery.net spoke with a panel of industry executives who shared their thoughts on the timing of this next step and what it means for the industry and the proposed rule. Their insights are eye-opening.
TENNESSEE SCHOOL DISTRICT LOOKING AT HIRING COLLECTION AGENCY TO RECOVER $170k IN UNPAID LUNCH FEES
- A school district in Tennessee is considering hiring a collection agency to help recover debts from unpaid school lunches. The bill for unpaid lunches in the Knox County School District has increased to $169,000, up from $9,000 five years ago. The district is also considering withholding high school diplomas from students with unpaid bills.
STATE COLLECTION CHAPTERS CONSOLIDATE TO FORM REGIONAL UNIT
- Three state chapters of ACA International are consolidating into one. The chapters in Illinois, Wisconsin, and Minnesota will combine to form the Great Lakes Credit & Collection Association, ACA International has announced. The move creates a unit with 300 active members. The move was made to be able to attract larger vendors, improve the sharing of ideas and best practices, and improve communications with members and regulators.
HOW POLITICAL CAMPAIGNS MUST NAVIGATE TCPA COMPLIANCE
- Navigating compliance with the Telephone Consumer Protection Act is not just a job for collection industries. At this stage in the election cycle, presidential campaigns, local and state political fundraising efforts, and others looking to raise awareness of specific issues may take to the phone to try and communicate with individuals. With all of these potential problem areas, one published report says it’s interesting to note that the Federal Communications Commission will not likely step in and regulate against any violations. The FCC appears more interested in only getting involved for serious violations of the TCPA, according to the report.
ADVOCACY GROUPS RELEASE SURVEY RESULTS CLAIMING VOTERS WANT MORE FINANCIAL REGULATION AND OVERSIGHT
- The Center for Responsible Lending and Americans for Financial Reform, two consumer advocacy groups, conducted a survey recently, the same survey they have conducted since 2012, the year after the Consumer Financial Protection Bureau was created. The survey, which polled 1,000 likely voters, asks whether more financial regulation is needed. This year, 69% of respondents said that more regulation is needed, and only 12% responded that companies have changed their practices to the point where no further regulation was required. Two-thirds of respondents said that more financial oversight was needed. Of course, to show that the Center for Responsible Lending and Americans for Financial Reform were completely objective, the press release announcing the survey results lauded and congratulated the work of the CFPB, saying that, for the first time, the “debt collection companies that plague 30 million consumers” are under federal supervision.
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The Daily Digest is sponsored by TCN, a leading provider of cloud-based call center technology for enterprises, contact centers, BPOs, and collection agencies worldwide.
