Today's News

House Panel Approves Fed Audits, Carves Small Banks Out of Reform Fees

2009-11-20T08:00:00-07:00

The House Financial Services Committee Thursday approved two hotly-contested amendments to the financial services industry reform bill. One would give Congress the right to audit the Federal Reserve while the other exempts small banks and credit unions from paying fees into a fund that will be used in dissolving massive financial institutions.

Both measures were opposed at very high levels.

The committee approved an amendment sponsored by Rep. Brad Sherman (D-Calif.) on a 52-17 vote that limits the firms. Federal regulators can assess to raise money for a fund to cover the costs of dissolving failing banks and financial firms. Only financial firms with at least $50 billion in assets will be assessed to pay for the dissolution fund.

Committee Chairman Barney Frank (D-Mass.) opposed the measure, as did most large Wall Street financial firms. Frank wanted a $10 billion asset threshold and the ability to assess fees based on the risk in a bank’s investment portfolio.

The fee carve out was widely supported by small bank organizations and credit union groups.

The other measure that passed the committee was the highly publicized proposal pushed by Rep. Ron Paul (R-Texas) that would give Congress the authority to audit the Federal Reserve’s monetary policy.

On a 43-26 vote, the committee passed the measure, which will also reveal how much the Fed has lent and will lend to specific banks. The measure would require the Government Accountability Office to complete the Fed audit within 12 months of passage of the underlying bill.

Fed Chairman Ben Bernanke and other key members of the Obama administration, including Treasury Secretary Tim Geithner, had pushed hard against the measure. Frank also opposed the proposal.

Both amendments will be included in a financial system reform bill that is due to be delivered to the full House for consideration in the first week of December.

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Reliance Field Services Completes SAS 70 Certification

2009-11-20T03:00:00-07:00

Reliance Field Services' management has completed the requirements for SAS 70 Certification. Reliance Field Services is a national full-service certified Minority Business Enterprise that supports loss mitigation efforts through Field Calls, Vehicle Condition Reports, Insurance Loss Reports, Property Inspections & Preservations, Appraisals/BPO’s, REO disposition and customized services designed to meet our client's specific portfolio requirements. Since 1995, Reliance Field Services has been committed to providing timely and accurate information to our clients.

Agents can be assigned to visit business address or residence. Assigning field calls will assist internal collection specialists with re-establishing communication, when letters and messages haven't been responded too.

Our contractors will secure, re-key, install coded lock boxes, board-ups, winterization, debris & hazardous waste removal, lawn & pool maintenance, janitorial, handyman repairs, and provide any required specialized services. Implementing a dual vendor strategy will ensure that your organization will receive the best service and your organization’s assets will be protected. We have perfected the processes required to ensure that your properties are returned to the market quickly.

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Executive Change: Collections Heavy Weight Joins Impact Data's Board of Directors

2009-11-20T03:00:00-07:00

Scottsdale, Arizona, Impact Data, a geo-economic modeling company, has appointed a distinguished leader to its board of directors, effective immediately. The new board appointee, John D. Rousseau, has a lengthy background in all areas of risk management. He has accumulated many professional achievements and industry recognitions throughout his esteemed career. ''John Rousseau is truly a pioneer in the field of collections and will bring a wealth of experience and value to the board,'' said Dave McLurg, Chairman and Chief Executive Officer at Impact Data.

Mr. Rousseau received an industry lifetime achievment award in 2005 and was recognized as one of the Top 50 Most Influential People in the collections industry by Collection Advisor Magazine in 2009. Mr. Rousseau is known as a visionary leader in the debt collections and risk management arenas. With his innovative approach, he started the debt buying / debt selling market in 1987 during his tenure at Bank of America. Since then, he has bought, sold or managed over $12 billion in debt purchases. ''I have yet to meet, dispite my numerous industry contacts, John's equal in his areas of expertise,'' said Brian J. O'Hare, former Executive Vice President at Bank of America.

From 2004 to 2007 Mr. Rousseau was Executive Vice President at West Asset Management, one of the nation's top ranked accounts receivable companies. He worked for American Express as a Director from 1996 to 2001 where he was responsible for internal and external collections in 34 foreign markets. He consulted for Goldman Sachs managing a successful $22 billion dollar portfolio purchase. ''John Rousseau is known as one of the most catalytic and innovative thinkers in the credit card risk management and collection agency industries,'' said Tom Oliver, Senior Manager Operations, Hyundai Motor Finance Company. He is constantly sought after by industry leaders for his advice and insights.

Mr. Rousseau currently provides risk management consulting services for CEOs and executives. He resides in Phoenix, Arizona.

About Impact Data
Impact Data is a leading provider of geo-economic analytic solutions that increase the profitability of customer interactions. It assists industry leaders in identifying the most profitable customers, thus enhancing targeting efforts to optimize strategies and touch points throughout the customer life cycle, from early customer management through to the extending, managing and recovery of debt.

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Snowfly and Contact Center Performance Forum Produce Incentives Survey Results

2009-11-20T03:00:00-07:00

Laramie, WY – The results of an extensive survey of contact center incentive programs have just been released. Survey results were presented in a webinar that can be viewed and downloaded.

More than 50 questions were asked such as:

What percent of payroll do you spend on incentives?
What activities do you reward and what has improved?
What are your agent attrition rates at various stages of early tenure?
What prizes do you make available?
Describe your most and least successful contests?

The survey is available in two forms: complete presentation with audio and audience questions or presentation slides only.

The complete presentation with audio includes audience questions such as how to keep management from cutting your incentive budget and at what point is additional money spent on incentives no longer effective. http://www.contactcenterperformanceforum.com/Webinar_Downloads.html

Presentation slides only: http://www.snowfly.com/pdf/Call_Center_Incentive_Survey_Results_November2009.pdf

The survey and webinar were jointly developed and administered by the Contact Center Performance Forum and Snowfly.

About Snowfly:
Snowfly is the leading provider of Internet based employee incentive and loyalty programs. Snowfly's incentive system allows contact centers to harness the enormous motivational power of immediate positive reinforcement to focus employee behavior on company objectives. Customers include multiple Blue Cross/Blue Shield providers, Avis/Budget, Hyatt Hotels, financial institutions, utility companies, insurance companies, cable/satellite providers, various BPO companies (business process outsourcers), and collection agencies. Snowfly’s web site: www.Snowfly.com

About the Contact Center Performance Forum:
The Contact Center Performance Forum (CCPF), an online business network, has evolved into a premiere educational forum for customer contact and customer experience professionals. The goal of CCPF is to disseminate customer contact knowledge and insights to members around the world. CCPF website: www.contactcenterperformanceforum.com

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TASC: FTC Proposal Would Hurt Finance Industry

2009-11-20T07:00:00-07:00

MADISON, Wis.—The Federal Trade Commission’s proposed changes to the Telemarketing Sales Rule (TSR) would not only adversely affect consumers in debt but creditors as well, The Association of Settlement Companies (TASC) announced today.

The FTC is seeking to create an amendment banning advanced fees that TASC believes could effectively eliminate debt settlement as a viable option for consumers struggling with unsecured debt as well as for creditors (e.g. banks) that need to repay the federal government. The ban would make settlement companies in essence work for free for the better part of what is normally a three-year program. Last year, the debt settlement industry settled $2.2 billion worth of debt.

“Without the debt settlement industry, many consumers who lack the courage to admit an overloaded debt condition and the willingness to do something about it will lose their conduit to a better tomorrow,” Carmine Dorio, Senior Vice President of Progressive Financial, said. “These consumers will then simply dissipate into credit’s black hole commonly referred to as bad debt.”

This bad debt would stem from consumers who cannot afford credit counseling or have to file for bankruptcy, the so-called alternatives to debt settlement if the industry was eliminated. According to a study conducted by consumer advocacy group Credit Karma, credit card debt increased 14 percent nationally from September to October, so the need for a viable option such as debt settlement also is increasing, TASC noted.

At the same time, debt settlement has grown as an increasingly useful financial tool for creditors. The publication insideARM reported recently that “accounts receivable management companies are shifting their collection strategies to include more settlement offers … as debtors struggle through a recession that shows little sign of letting up.”

“Debt settlement provides a useful medium for consumers in debt and their creditors,” Dave Leuthold, Executive Director of TASC, said. “During this tough economic climate, debt settlement is even more valuable for more consumers and creditors and should not be eliminated by the FTC.”

About The Association of Settlement Companies
The Association of Settlement Companies (TASC) promotes fair business practices, consumer protection and industry standards for the debt settlement industry. TASC, founded in 2005, serves to protect consumers through an organization seal that represents best practices and standards of reputable companies. The organization also protects its member companies through lobbying efforts at the state and national levels, as well as awareness initiatives to educate consumers on debt settlement as a financial solution. All TASC member companies pledge compliance to strict association bylaws governing business practices and ethics. For more information, visit www.tascsite.org.

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Vertex Named as #1 Utilities BPO Provider

2009-11-20T08:00:00-07:00

PRESCOT, England -- Vertex, a leading global provider of Business Process Outsourcing (BPO), Customer Management and IT solutions, has been ranked as the number one Utilities BPO provider globally by the respected The Black Book of Outsourcing (a division of Datamonitor).

The Black Book of Outsourcing industry survey investigated over 140 contracts held by 1,200 utility companies and agencies globally, and ranked 81 vendors against a range of key performance indicators (KPIs). Along with the overall number one ranking, Vertex also ranked first in 11 of the 18 KPIs. Vertex also achieved "top vendor" honours in three of the four "operational excellence" categories, including contact centre BPO, billing and payment transaction BPO and field service operations BPO.

Dan Sullivan, Managing Director for Utilities at Vertex, commented, "We're absolutely delighted to be recognised as the global number one BPO provider in the Utilities industry. Our acquisition of Alliance Data's Utility Services division last year clearly strengthened our commitment to the industry and our ability to effectively fulfil our clients' BPO needs to help them take advantage of opportunities in our new 'smart world'. This number one ranking validates the strong partnerships we have established with our clients in this rapidly changing industry."

"Vertex has earned the distinction of being one of the most customer-respected BPO companies in the world," said Doug Brown, co-author of The Black Book of Outsourcing. "Vertex has earned top honours due to its ability to deploy consistently across the full spectrum of criteria that clients look for in their BPO provider. In addition, Vertex was overwhelmingly praised by clients in the four most important attributes clients look for in an outsourcing partner: vertical expertise, innovation, customisation and reliability."

Paul Sweeny, Chief Executive Officer of Vertex, concluded, "While Vertex today supports many industries globally, we got our start in the Utilities industry well over a decade ago. Therefore, this number one ranking has special significance for our 8,000 Vertex associates worldwide. Utilities are undergoing rapid transformation, so we are pleased that our expertise and strengths have enabled us to be the BPO provider of choice in this exciting and dynamic industry."

For more information, visit http://www.vertexgroup.com