CFPB Bites of the Month - March 2024 - Here Comes the Sun and the CFPB

The CFPB continued their busy 2024 with a lot of activity in March. In this article, we'll share some of our top CFPB "bites" of the month so you can stay on top of recent developments.

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Improve Your Digital Contact Strategy with Email Append

Debt collectors added digital communications to their omnichannel outreach strategies as soon as regulators gave the green light on emailing, texting and other forms of digital communication. While each channel has its pros and cons, testing can help you identify which channel may work best for different types of consumers. For example, some people may be more likely to open and respond to emails than a text or letter. Emailing can also be less expensive than sending texts, direct mail or making phone calls. To successfully incorporate email and ensure right-party contact, you need a verified and up-to-date email list. Read more.

5th Circuit Reverses Judgment in FDCPA Case

Recently, the U.S. Court of Appeals for the Fifth Circuit ordered an FDCPA case to be reversed and remanded after the U.S. District Court for the Eastern District of Louisiana granted a motion for summary judgment.

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Kredit Achieves SOC 2 Type 1 Compliance for Superior Data Security

NEW YORK, N.Y. - Kredit, the leading centralized debt resolution platform and network, is thrilled to announce that it has successfully achieved SOC 2 Type 1 compliance. This significant milestone demonstrates the company's commitment to maintaining the highest standards in data security and protection for its customers.

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California Attorney General Sponsors Bill Banning Credit Reporting of Medical Debt

On April 2, the California Senate Judicial Committee passed Senate Bill 1061. The bill seeks to prevent health care providers and contracted collection agencies from providing information about patients’ medical debt to credit reporting agencies. The bill would also prevent credit reporting agencies from accepting, storing, or sharing information related to medical debt.

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insideARM Weekly Recap- Week of April 1, 2024

Last week our editorial team picked out the most relevant news for ARM industry professionals trying to stay on top of the ever-changing debt collection landscape. This included an article warning nonbanks to plan for CFPB oversight, a breakdown of the impacts of the CFPB’s late fee rule, and a notice to compliance professionals regarding consumer complaints. Read on to see a synopsis of everything we highlighted during the week and why our editorial team thinks you should know about it.

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[Video] Unlocking a Consumer's True Capacity to Pay

Did you know that a consumer’s credit score isn’t the most indicative measure of their capacity to pay? Credit scores lag, they don’t provide a full picture, and they can’t be monitored daily. By focusing on capacity to pay instead of a credit score, many in the collections industry are seeing an uptick in their paying accounts. But what is capacity to pay, and why does it matter?

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Help Wanted: Predictive, Collaborative and Intelligent Contact Data

25 April 2024 at 03:00 p.m.

When your contact data isn’t meeting expectations, your organization lags behind. In this webinar by TransUnion, we'll discuss transformative technologies to make your data smarter and more strategic to optimize customer communications.

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