The Daily Digest is sponsored by Beam Software. A Microsoft Gold Certified Partner, Beam is a thought leader in portfolio management and collection software. They offer both cloud-based and on-premise solutions to accommodate the entire collection continuum. For more information, please visit www.beamsoftware.com or call (800) 212-2326.
POLICIES & PROCEDURES ARE GREAT, BUT KEY IS GETTING EMPLOYEES TO FOLLOW THEM
- Compliance in the area of taking payments and payment processing is a patchwork of state and federal rules, regulations, and laws, coupled with legal precedents and requirements from clients that can make even the most experienced executive run for the hills. And even when a collection agency has designed a comprehensive set of policies and procedures, making sure that those rules are being followed is an entirely different ballgame, said a panel of lawyers and agency executives last week, who spoke during a webinar on payment processing compliance. The webinar was sponsored by PDCflow.
JUDGE RULES PHONE NUMBER DOES NOT CONFUSE INDIVIDUAL REGARDING HOW TO DISPUTE DEBT IN VALIDATION NOTICE
- Including other means of contacting a debt collector, such as a phone number or website address, in a validation notice, is not enough to confuse the least sophisticated debtor when it comes to requiring that a dispute must be filed in writing, a federal judge in New Jersey has ruled. The case, Riccio v. Sentry Credit, was first written about by Reiss F. Wilks and Ethan G. Ostroff at Troutman Sanders. The judge granted a motion to dismiss made by the defendant.
JPMORGAN REACHES $2.25 MILLION SETTLEMENT IN TCPA CASE
- A proposed settlement has been reached in a Telephone Consumer Protection Act class-action lawsuit against JPMorgan Chase after the financial services company was accused of continuing to make robocalls to collect on mortgages and home equity lines of credit after individuals had orally revoked consent. Under the terms of the settlement, JPMorgan would pay $2.25 million to a class that is estimated to exceed 242,000 people.
ANOTHER BILL INTRODUCED IN HOUSE TO EXCLUDE LAWYERS FROM FDCPA’S DEBT COLLECTOR DEFINITION
- Rep. Alex Mooney [R-W.V.] introduced a bill on Friday that would amend the Fair Debt Collection Practices Act to exclude lawyers and law firms engaged in collection-related work from the definition of debt collector in the FDCPA. The House is already considering a similar bill, H.R. 4550, the Practice of Law Technical Clarification Act of 2017. That bill was supposed to be voted on by the House Financial Services Committee last month, but was postponed due to administrative reasons.
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A floating tent that lets you sleep on water
The Daily Digest is sponsored by Beam Software. A Microsoft Gold Certified Partner, Beam is a thought leader in portfolio management and collection software. They offer both cloud-based and on-premise solutions to accommodate the entire collection continuum. For more information, please visit www.beamsoftware.com or call (800) 212-2326.
