Mike Bevel is an Editor for insideARM.com. You can follow him on Twitter: @MikeBevel_iA. You can also email him about Charles Dickens, Shannen Doherty, Angela Lansbury, and "Murder, She Wrote." He lives, laughs, and loves in Rockville, Maryland. He is terrified of whales.
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Compliance professionals, no doubt, are doing a lot of “I Told You So!”s. Their’s is among the toughest jobs in the industry: they’re not a profit-maker and they almost always have a hundred reasons why a collection agency can’t do something that the owner is convinced will make more money. So is the latest from the CFPB enough to get collection agency owners’ and operators’ attention?
We can expect to hear more rhetoric from both sides in the ramp-up to the 2016 presidential elections. Democrats will want to focus the conversation on consumer protections — from reforms in debt collection to reforms in lending (specifically, yesterday’s story about payday lending). Republicans will focus largely on what they see as a regulatory body with no supervision, and will likely frame the conversation in terms of a need for smaller government.
Since it’s clear that change is really the only dependable constant any ARM company can rely on, it makes sense to develop solid solutions to manage those changes. What, specifically, is your company doing to manage change, rather than being managed by change?
TekCollect, the industry’s leading accounts receivable management company, is undergoing its SSAE16 SOC 1 – Type II Audit this year. The SSAE16 SOC 1 – Type II Audit is the authoritative guideline to ensure service organizations demonstrate maximum controls and safeguards and compliance when processing customer data and financials. It is an important means for […]
Data Security and compliance play significant roles in Student Loan Collections Your clients are expecting you to conduct various audits of your processes and procedures. There’s overarching regulations like SSAE 16 and those from the CFPB. Add to those requirements from The Higher Education Act of 1964 and the Department of Education, and collecting on […]
It’s Not Just Regulators Who Expect You To Audit for Compliance Your clients are expecting you to conduct various audits of your processes and procedures. An internal audit program is the firewall between your agency’s operations and potential non-compliant actions. But what exactly is an internal audit? And what are some best practices to consider […]
The New York Superintendent of Financial Services has released a 16-question FAQ to aid debt collectors, including third-party debt collectors and debt buyers, in adhering to 23 NYCRR 1, a regulation that reforms New York’s debt collection practices.
The Compliance Professionals Forum is holding its first of a series of regional in-person meetings in Chapel Hill, North Carolina, on 13 March 2015. The event is from 10.00 a.m. – 3.00 p.m. Eastern, and will be a sales-free way for compliance professionals — and those simply tasked with compliance-related jobs — to meet and […]
“This case…goes beyond anything that the Court has seen. It represents a deliberate and transparent attempt by a sophisticated debtor to entrap a collection company into a technical violation. Even more problematically, plaintiff chose to bring this action even though there is a tape recording showing that the attempt at entrapment utterly failed.” — Judge Brian M. Cogan
The largest challenge to successful collection efforts today is outbound communications compliance. With many rules to follow, and requirements continually evolving, staying on top of the myriad pieces, components, and pitfalls can take an extraordinary amount of time.