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?
As collection agencies reassess third-party relationships, they must find ways to calibrate oversight to the delegated activity. Layering new requirements into contracts has proved challenging, and in many instances, the new oversight requirements have eroded the economic case for outsourcing.
Credit and its need to be collected has been part of humankind’s challenges for a very long time. Educating all players on the importance of improving the credit markets – from a creditor and consumer perspective – would go a long way toward returning to a level playing field.
A new series of interactive events titled “Payment & Technology Spotlight Series – Technology and Innovation for the Digital Age,” sponsored by BillingTree, was announced today. The series, including monthly webinars, conferences and speaking engagements, allows participants to learn from actual experiences by those who have successfully implemented specific payment and collection technologies or innovations, […]
Should the Consumer Financial Protection Bureau issue guidance about what it considers appropriate attorney oversight when filing debt collection lawsuits? According to a recent insideARM.com home page poll, readers are split on the issue. According to the poll, 64 percent of poll participants generally believe that the CFPB should provide guidance on attorney oversight. But […]
Larger participants in the debt industry need to prepare for CFPB supervision, and an essential part of that preparation will be to establish a formal compliance management system.
On July 14, 2014, the Consumer Financial Protection Bureau (“CFPB”), a Federal regulatory body created by the Dodd Frank Act of 2010 mounted a frontal attack on this bedrock of separation of powers principle by filing suit in the United States District Court against a prominent consumer collection law firm, Frederick J. Hanna and Associates, P.C. of Atlanta Georgia.
Historically, collection agencies have viewed compliance as a reactionary, standalone department. Now, there’s an active shift to view compliance as a proactive process that requires full participation and collaboration across all agency branches. Because of this, a collection agency’s compliance management system is not a product. It’s a mindset. What now? As Rozanne Andersen, Chief […]
If information is the new world currency, then debt collectors probably want to collect as much information as they do cash from consumers. But the data security sphere comes with its own expansive – and evolving – set of compliance standards, especially when a third-party vendor deals with consumer information. Unfortunately, there are vendors out […]
New guidance from the Office of the Comptroller of the Currency and the Federal Reserve makes it clear that supervised institutions must be vigilant throughout every stage of the relationship with a third party.