Details
The Debt Collection Compliance Handbook
A user's guide from insideARM.com and Kim Bonn
Published: December 2011
Pages: 85
Format: Immediate delivery as electronic PDF file
Price: $299
If your company isn’t focused on compliance, you’re risking not just your balance sheet due to fines and lawsuits, but your reputation in the marketplace as well.
insideARM.com is proud to present this first of its kind Compliance Handbook for the ARM industry
This Handbook, co-authored by industry compliance expert Kim Bonn, features a full catalog of 30 certifications, rules, and regulatory requirements, complete with ideas on how to comply. Compliance is at once a legal requirement, a reputational risk management strategy, an ethical imperative, and an unavoidable operational expense for debt collection service providers. But successful compliance is also an ongoing and mutable challenge for these companies. ARM performance is no longer only measured in terms of liquidation, dollars collected and right party contacts per hour; overall performance is now inclusive of the compliance and quality practices that your firm maintains.
The Compliance Handbook covers 30 critical topics, including:
- Data Security Rules
- Payment Card Industry Data Security Standard (PCI DSS)
- Gramm-Leach-Bliley Act
- FTC’s Red Flags Rule
- ISO 27002
- HIPAA
- SAS 70
- Encryption
- Social Engineering and Phishing
- Physical Security
- Vendor Approval and Utilization
- Communication
- Escalation Processes
- Inventory Management
- Financial Processes
- Records Retention
- Code of Ethics
- Letter Approval and Utilization
- Mini Miranda and Recording Disclosures
- Account Noting Policy and Procedures
- FDCPA
- FACTA
- TCPA
- FCRA
- Regulation Z ("Truth in Lending Act")
- Credit Card Act of 2009 (CARD Act)
- Regulation P
- State Law Restrictions
- Law and Regulation Updates, Staff Dissemination
- Unfair or Deceptive Acts or Practices (UDAP)
The collections landscape is changing as more consumers and consumer attorneys attempt to exploit legal loopholes and compliance infractions in their favor. Having a handle on compliance and regulatory issues will not just save your company money – it can save your reputation as well. Compliance isn’t going away; and with more attention than ever focused on the collections industry, those collection agencies who exhibit an assured grasp of compliance issues will have a leg up on those who count compliance infractions as just another line-item on the balance sheet. Creditors are feeling compliance pressure, too. You can be sure that, as a means of protecting their own bottom lines, creditors will be in the market for collection agencies who have shown a dependable track record on compliance and regulatory issues. insideARM.com’s Compliance Handbook is the perfect starting place, or a checklist for the more experienced You’ll find, detailed in a quick and easy-to-read format, some of the more pressing compliance and regulatory topics that your agency should be focused on. You’ll also find tips on how to comply, and additional resources to beef up your compliance program.
This information is for your whole team, not just for your compliance manager
This report is perfect for your agency’s Compliance Officer, general counsel, or Chief Operations Officer. It can also be a valuable resource for training collectors as managers and supervisors, IT staff, or anyone new to the industry. The information and resources in the book will go a long way towards helping your agency stay on the cutting-edge of compliance issues in the new year.
