The Bureau of Consumer Financial Protection appears to no longer be what is keeping collection agency executives up at night, according to the results of BillingTree’s sixth annual ARM ‘Operations and Technology’ Survey, which was released this morning.
Concerns about CFPB regulations were the lowest of all compliance issues, including PCI, NACHA, and E-Sign, according to the survey’s results, which included input from 150 different collection agencies.
Another interesting trend noted by the survey was an uptick in the number of agencies adopting convenience fees for debit and credit card payments. That figure had been declining.
Among the areas of business that will impact the growth of collection agencies in 2018 and beyond, cost reduction, new technologies that improve collection effectiveness, and client expansion were far and away the biggest concerns.
And while the CFPB may not be as much of a concern as it once was (and may be again in the future), compliance policy implementation and maintenance was the top operational concern for the survey’s respondents.
A copy of the survey can be obtained by clicking here.
The company will discuss the survey’s results during a webinar on May 24 at 1pm ET.
