Editor’s Note: Check out AccountsRecovery.net’s new Events Calendar.
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.
FIELD HEARING ATTENDEES SHARE THEIR THOUGHTS, EXPERIENCES
- So what was it like to be in the conference room on Thursday, hours after the Consumer Financial Protection Bureau had released its debt collection rule proposals? While it certainly gave some in the industry, and some consumer advocates, the chance to get their thoughts off their chest, the common theme from collectors and creditors’ rights attorneys that consumers need to remain responsible for their financial obligations and need to do a better job of communicating may not have been what the CFPB wanted to hear. Meanwhile, because she has been such a great resource for us, here is Joann Needleman from Clark Hill sharing her thoughts on the proposals, with respect to how auto lenders should react.
ORACLE MAKES CASE FOR BANKS TO NOT SEND SOME ACCOUNTS TO COLLECTIONS
- As a means of making its point proving the concept of its new debt collections platform, Oracle Financial Services has a message for creditors: Not all debts are worth sending to third-party agencies for collections. Sending a debt to a third-party agency, which can “barrage” consumers with “bullying” tactics can ruin a relationship between a bank and a customer. Banks should look at the total relationship with their customers before sending an account to collections. What’s that? Oracle’s platform does just that? Well, isn’t that a coincidence.
M&A ACTIVITY PICKS UP IN COLLECTIONS INDUSTRY
- Mergers & acquisitions activity in the outsourced business services category, which includes collection agencies, was 75% higher in the second quarter of 2016, compared to the same period last year, according to data released late last week by Corporate Advisory Solutions. There were 21 deals worth $2.65 billion in the second quarter. The collections industry will grow about 1.5% per year during the next five years, while the size of the healthcare revenue cycle management sector will double, according to CAS.
LARGE NUMBER OF HOUSEHOLDS HAVE NEGATIVE WEALTH: STUDY
- About 14% of all households have negative wealth, according to data released yesterday by the Federal Reserve Board of New York. Households with negative wealth have annual incomes that are more than half what those with non-negative wealth have — $39,077 vs. $86,309. About one-in-five homeowners have negative wealth, while 75% have non-negative wealth, largely due to the value of their homes.
WORTH NOTING: Wells Fargo, Bank of America, and J.P. Morgan are fighting back in the instant payment battle against companies like PayPal and Apple Pay … The city of San Francisco is testing a computer algorithm in setting bail amounts, after claims the old way was bias and unfair toward low-income individuals … Eight signs an employee needs to be fired, which do not show up on performance evaluations … I’m sure there are people who would be interested in this, so how you can visit every national park in one epic road trip … What your physical appearance says about you … Putting the “M” back in MTV … The battle for cargo shorts … Warren Buffett throws down a challenge to Donald Trump … How the world turned against Pokemon Go … The best and worst industries for paid family leave … A company that pays employees to take vacations.
The mindset behind success
I wish we all had to make the “sacrifices” that Donald Trump has made
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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.
