BEDARD ANALYZES THE INS AND OUTS OF THE DEBT COLLECTION RULE’S OPT-OUT PROVISIONS
- While it may seem straightforward, the fact that the Consumer Financial Protection Bureau did not explicitly state how collectors should communicate that consumers can opt out of receiving electronic communications like emails and text messages does leave that open to some interpretation. The CFPB call for the opt-out messages to be “clear and conspicuous” and that opting out of receiving such messages needs to be “reasonable and simple” so enter John Bedard of Bedard Law Group to walk through what that means and how collectors need to approach this important provision of the debt collection rule in the latest episode of “You Wanted a Rule, You Got a Rule.”
COLLECTOR AGREES NOT TO APPLY FOR LICENSE TO COLLECT IN MINNESOTA FOR 5 YEARS AS PART OF CONSENT ORDER
- A debt collector has agreed to not apply for a license to collect in Minnesota for five years and will cease and desist from performing any collection activity in the state while also voiding or waiving collection fees it is owed by consumers dating back to July 2019 as part of a settlement with the state’s Department of Commerce.
CLASS-ACTION COMPLAINT FILED AGAINST BROKER, DEBT BUYER OVER TRIBAL LOANS
- A class-action lawsuit has been filed in Pennsylvania against a debt buyer, accusing it of violating the Fair Debt Collection Practices Act by attempting to collect on a payday loan it acquired that had an interest rate that was illegally high. The debt buyer, as well as the broker that originated the sale of the accounts, are also accused of violating the Racketeer Influenced and Corrupt Organizations (RICO) Act by conspiring with the payday lender that originated the loan in what is known as a “tribal lending” scheme.
ARM INDUSTRY VETERAN PROMOTED TO PRESIDENT OF APPLIED INNOVATION
- An ARM industry leader in technologies, geared to making companies more profitable and successful, Applied Innovation, enthusiastically announces the promotion of Harry A. Strausser III to President.
GUEST POST: SHORE UP YOUR COLLECTION STRATEGY FOR THE POST-PANDEMIC ECONOMY
- Charge-off rates on nearly all consumer loan products ended 2020 at historical lows as Americans adjusted their spending habits taking advantage of stimulus payments and overall new-found liquidity. Creditors have benefitted from higher payer rates, therefore reducing roll rates and overall delinquencies. Therefore, there may be a tendency for creditors to lose sight of the importance of a robust recovery strategy over the longer term.
WORTH NOTING: Photos from the winter storm that pummeled us here in the Northeast yesterday … The Internal Revenue Service has released data showing who benefitted most from the first round of stimulus checks … Leadership best practices to empower your workforce … The best Valentine’s Day gifts to get … Now you can get your own pair of Bernie mittens … It will be a long time before American jobs return to pre-pandemic levels … The best portable chargers … New research about the impact of raising the minimum wage … What it’s like to host a Super Bowl during a pandemic.
How to set up a Fire Stick
Is this the best way to peel garlic?
The Daily Digest is sponsored by Prodigal. Prodigal is bringing the power of AI and machine learning to lenders, creditors and collection agencies. Prodigal’s world class speech recognition software, monitors every call for compliance and collector performance with its AI trained for optimal accuracy and actionable results. Prodigal unlocks hidden value in a collection contact centre’s vast corpus of unstructured audio data by making it searchable and enabling them to improve compliance, increase operational efficiency and win new clients.
BEDARD ANALYZES THE INS AND OUTS OF THE DEBT COLLECTION RULE’S OPT-OUT PROVISIONS
- While it may seem straightforward, the fact that the Consumer Financial Protection Bureau did not explicitly state how collectors should communicate that consumers can opt out of receiving electronic communications like emails and text messages does leave that open to some interpretation. The CFPB call for the opt-out messages to be “clear and conspicuous” and that opting out of receiving such messages needs to be “reasonable and simple” so enter John Bedard of Bedard Law Group to walk through what that means and how collectors need to approach this important provision of the debt collection rule in the latest episode of “You Wanted a Rule, You Got a Rule.”
COLLECTOR AGREES NOT TO APPLY FOR LICENSE TO COLLECT IN MINNESOTA FOR 5 YEARS AS PART OF CONSENT ORDER
- A debt collector has agreed to not apply for a license to collect in Minnesota for five years and will cease and desist from performing any collection activity in the state while also voiding or waiving collection fees it is owed by consumers dating back to July 2019 as part of a settlement with the state’s Department of Commerce.
CLASS-ACTION COMPLAINT FILED AGAINST BROKER, DEBT BUYER OVER TRIBAL LOANS
- A class-action lawsuit has been filed in Pennsylvania against a debt buyer, accusing it of violating the Fair Debt Collection Practices Act by attempting to collect on a payday loan it acquired that had an interest rate that was illegally high. The debt buyer, as well as the broker that originated the sale of the accounts, are also accused of violating the Racketeer Influenced and Corrupt Organizations (RICO) Act by conspiring with the payday lender that originated the loan in what is known as a “tribal lending” scheme.
ARM INDUSTRY VETERAN PROMOTED TO PRESIDENT OF APPLIED INNOVATION
- An ARM industry leader in technologies, geared to making companies more profitable and successful, Applied Innovation, enthusiastically announces the promotion of Harry A. Strausser III to President.
GUEST POST: SHORE UP YOUR COLLECTION STRATEGY FOR THE POST-PANDEMIC ECONOMY
- Charge-off rates on nearly all consumer loan products ended 2020 at historical lows as Americans adjusted their spending habits taking advantage of stimulus payments and overall new-found liquidity. Creditors have benefitted from higher payer rates, therefore reducing roll rates and overall delinquencies. Therefore, there may be a tendency for creditors to lose sight of the importance of a robust recovery strategy over the longer term.
WORTH NOTING: Photos from the winter storm that pummeled us here in the Northeast yesterday … The Internal Revenue Service has released data showing who benefitted most from the first round of stimulus checks … Leadership best practices to empower your workforce … The best Valentine’s Day gifts to get … Now you can get your own pair of Bernie mittens … It will be a long time before American jobs return to pre-pandemic levels … The best portable chargers … New research about the impact of raising the minimum wage … What it’s like to host a Super Bowl during a pandemic.
How to set up a Fire Stick
Is this the best way to peel garlic?
The Daily Digest is sponsored by Prodigal. Prodigal is bringing the power of AI and machine learning to lenders, creditors and collection agencies. Prodigal’s world class speech recognition software, monitors every call for compliance and collector performance with its AI trained for optimal accuracy and actionable results. Prodigal unlocks hidden value in a collection contact centre’s vast corpus of unstructured audio data by making it searchable and enabling them to improve compliance, increase operational efficiency and win new clients.
