Under CFPB supervision and oversight, collection agencies are now mandated to conduct internal audits of policies and procedures to ensure regulatory compliance. But internal audits aren’t just about an agency’s internal workings: you’d better be prepared to answer for all of your business associates and vendors while you’re at it. Without the right process in […]
DATE: 18 September 2014 TIME: 2.00 p.m. – 3.15 p.m. Eastern REGISTRATION LINK: https://www1.gotomeeting.com/register/378405025 Ontario Systems is hosting a free whitepaper that gives agencies a leg up when it comes to the ins and outs of a world class compliance management system. One doesn’t need an unlimited budget in order to be ahead of the game. […]
Genesys, a leading provider of customer experience and contact center solutions, has been awarded the 2014 North American Frost & Sullivan Company of the Year Award for Cloud Customer Contact Solutions. In less than a year, the company has nearly doubled recurring revenues from the cloud, with recurring revenue now approaching 60 percent of total […]
LAS VEGAS — During the panel discussion on Impacts of Regulations, Greg Nodler, an enforcement attorney for the Consumer Financial Protection Bureau, suggested that those in the debt industry should spend some time making themselves acquainted with three CFPB Bulletins: CFPB Bulletin 2013-08 (Fair Debt Collection Practices Act and the Dodd-Frank Act) Date: July 10, […]
At a collection conference in Las Vegas, regulators shared some insight into how they view out-of-statute debt. They called for fuller disclosures to consumers, both on legal action (agencies can’t take any) and responsibility to pay (the consumer, in an out-of-stat-debt situation, has none). Will the insight make it into the Policies and Procedures of collection agencies, though?
According to a recent insideARM.com poll, 62 percent of collectors say that the main purpose of their call monitoring program is to make sure collectors say the right things in phone conversations with consumers. But in the real world, your call monitoring program has to cover much more of your call center’s operations. Here’s how […]
If you think developing a compliance management system is too costly — try getting sued. A growing trend in CFPB compliance for small- and medium-sized collection agencies and debt buyers is to retain a third party with the experience, skills and infrastructure to help them develop, support and drive their in house compliance management system. […]
Available free for download, SunGard’s AvantGard, provider of statistical scoring models and corporate liquidity solutions, has a new whitepaper: How Statistical Models Can Help Navigate the Future of Medical Debt Collections.
Call centers manually monitor only two percent of their calls on average, according to a new report from Genesys. And because of the massive volume of calls being handled daily, quality analysts are only capable of reviewing up to five percent of the calls in their contact center. Register Now: Genesys’s free September 4 speech […]
Our highly-regulated industry is replete with acronyms and regulations. Over the past year, many organizations have been setting up a Compliance Management System (“CMS”) to meet client requirements and to prevent costly lawsuits and fines. But are agencies focusing on the right thing? Or are they spinning their wheels and wasting money?