News in the collections industry never stops; it can be tough to wade through what’s relevant, and what’s just noise. Our weekly recap of top stories will give you the news we found most interesting last week and more importantly- why we think it’s relevant. Last week we covered digital considerations for collections attorneys, a recap of 2024 privacy laws, a positive litigation result scored by PRA against Guards Law, and details about the CFPB’s new credit reporting rule.
On Monday, we addressed compliance in digital communications for collections attorneys. Though obviously applicable to collections attorneys, this article can be useful for anyone in the collections industry whose organization forwards accounts to litigation. Understanding the challenges faced by vendors (such as collections attorneys) can help with vendor management, expectations, goal setting, and overall productivity.
On Tuesday, we posted a roundup of 2024 data privacy laws and a breakdown of amendments to New York’s data breach notification requirements from Maurice Wutscher. Data privacy and breach notification requirements are an emerging area of the law. These types of regulations vary from state to state and thus vary in applicability and requirements. Those in the financial services industry, from origination to servicing to collections, to litigation, should be keeping an eye on these laws for applicability.
On Wednesday, we reported on a case where Guards Law agreed to pay PRA $5,000.00 and agreed not to pursue disputes sent which were not sent to PRA through one of PRAs publicly available dispute channels. At the root of the case was a dispute faxed to PRA’s human resources department. This case is a must-read for anyone contending with disputes sent to fax numbers not intended for disputes. It’s also a good read for anyone contending with Guards Law, Credit Saint, or any other law firm or credit repair organization that routinely sends disputes through channels not publicly listed as avenues for disputes.
On Thursday we brought you Troutman Pepper Locke’s breakdown of the CFPB’s finalized rule to remove medical bills from consumer reports. While certainly relevant for those collecting medical debt, everyone in the collections industry should be paying attention to the CFPBs stance and goals here. It’s medical debt today, but could be other debt tomorrow. Even with an upcoming change in the administration, this CFPB continues to be a powerful force.
As always, we thank you for reading the weekly recap to stay on top of this ever-changing industry! For a breakdown of the week of December 9th, click here.
Have a question about how your company should react to the news above? We have a group for that! The weekly peer call hosted by insideARM’s Research Assistant is the perfect place to ask a question and get advice from industry colleagues who are facing the same challenges you are. Not sure if it is for you? Try it on for size with our 1-month free trial. Click here to learn more!
