MN Bill Proposes to Ban Medical Debt Sales

The Minnesota legislature was busy in February 2024. Though the Minnesota Debt Fairness Act captured recent headlines (a deep dive into the bill can be found here), another bill that proposes to ban the sale of medical debt in the state, could also cause significant disruption to the industry and to Minnesota citizens.

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Is your organization prepared to handle a sudden increase in collection activity?  

U.S. consumers are struggling with debt incurred during the pandemic, leaving a brewing storm of bad debt and delinquencies looming on the horizon. In this new eBook from Finvi, you’ll discover the economic factors leading to rising debt, and how technology can help your organization handle the increase as well as make your strategies more effective.  

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Skit.ai Launches New Multichannel Offerings for the Debt Collections Industry

NEW YORK, NY -- Skit.ai, the leading provider of Conversational AI solutions for the accounts receivables industry, announced today the launch of an innovative suite of multichannel, self-service offerings aimed at enhancing debt collection processes and elevating consumer experiences. The company has introduced a comprehensive range of Generative AI-powered solutions across voice, chat, email, and text communications.

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New Hampshire Enacts Comprehensive Consumer Data Privacy Law

New Hampshire Gov. Chris Sununu on March 6 signed into law Senate Bill 255, making New Hampshire the 14th state to enact a comprehensive consumer data privacy law, following California, Virginia, Colorado, Utah, Connecticut,  Iowa, Indiana, Tennessee, Montana, Texas, Oregon,  Delaware, and New Jersey.  The law will go into effect Jan. 1, 2025.

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Executive Appointment: Phillips & Cohen Announces the Hiring of Kacey Rask to SVP, Growth & Partnerships, North America.

WILMINGTON, Del.-- Phillips & Cohen Associates, Ltd. (PCA), the global leader in deceased account care management and technology solutions, servicing clients in the United States, Canada, United Kingdom, Ireland, Australia, New Zealand, and Germany is pleased to announce the appointment of Kacey Rask as SVP, Growth and Partnerships.

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Jessica Klander Elected Chief Operating Officer of Bassford Remele

MINNEAPOLIS, Minn. -- Jessica Klander, shareholder and co-chair of Bassford Remele’s consumer finance practice group and recruiting committee, has been elected Chief Operating Officer. Jessica will bring a fresh perspective on firm operations that will benefit Bassford Remele and its clients.

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CBA “Checks the Math” on Recent CFPB Credit Card Report Finding Large Bank Issuers Charge Higher Interest Rates Than Smaller Issuers

After targeting credit card late fees in its proposed rule, the CFPB has set its sights on further attacking credit card pricing through interest rates. The CFPB published a blog late last month stating that credit card interest rate margins are at an all-time high, with an average 14.3% margin in 2023 compared to 9.6% margin in 2013, and have fueled the profitability of revolving balances. The CFPB also issued a data spotlight late last month that found that interest rates charged on credit cards issued by large banks are higher than interest rates charged on credit cards issued by smaller banks and credit unions.

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Multi-Channel AI: Improve Contacts & Increase Revenue Compliantly

4 April 2024 at 02:00 p.m.

AI has been a hot conversation topic. Some debt collectors have been early AI adopters; yet, others have chosen to sit on the sidelines and see how the landscape develops. What’s the right path for your organization? Do early adopters have an advantage? Is an organization that sits on the sideline missing out? In this webinar we’ll connect with some early adopters of Voice AI and a compliance professional to help you answer that question for your organization.

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Featured Resources and Webinars

from insideARM.com

» Optimizing your recovery strategy with Collections Triggers℠

» Bad Debt is Rising

» Seizing the Opportunity in Uncertain Times: The Collections Industry in 2023

» Streamline Your Collections Process with Voice AI

» NAVIGATING COLLECTIONS LICENSING: How to Reduce Financial, Legal, and Regulatory Exposure

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