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A Digital Transformation Means Thinking Differently

We’re witnessing a digital shift in the ARM industry. So, how might you need to staff differently to make sure you can keep up? Jim Beck, COO of MRS BPO, discusses that and more with Erin Kerr.

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How to Prepare for the Reg F Deadline QUICKLY

The deadline for Reg F implementation is just days away. If you are not quite ready - or especially if you are not remotely ready - you need to assess the rule, prioritize, and make a plan - fast. Do all three with How to Implement Reg F in a (Very) Short Timeframe - a Roadmap for Agencies, Law Firms, & Creditors, a new, comprehensive last-minute guide to Reg F implementation. Get the insight you need to plan an effective implementation quickly and meet the implementation deadline. Learn more.
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15 Days Until Reg F is Here! 3 Things You Can Do to Prepare for the Reg F Effective Date NOW

Regulation F (Reg F) is the most significant change to the ARM industry in over 40 years and the Reg F effective date is coming up in just 15 days. In addition to the regulatory issues created by Reg F, you can also expect that consumer attorneys will file a landslide of lawsuits to test Reg F’s limits.

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CA DFPI Issues Fourth Modifications to Proposed Regulations to Implement 2018 Law Requiring Consumer-Like Disclosures for Commercial Financing

The California Department of Financial Protection and Innovation has published a fourth round of modifications to implement SB 1235, the bill signed into law on September 30, 2018 that requires consumer-like disclosures to be made for certain commercial financing products, including small business loans and merchant cash advances.  The law contains exemptions and carve-outs for, among other things, depository institutions, financings of more than $500,000, closed-end loans with a principal amount of less than $5,000, and transactions secured by real property.  Compliance with the new disclosure requirements is not required until the DFPI’s final regulations become effective.

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Collections Industry Increases Hiring and Technology Investments While Preparing for the “Next Normal”

CHICAGO, Ill. --  A new report by TransUnion (NYSE: TRU) and Aite-Novarica Group found that the collections industry is boosting hiring and technology investments as it transitions into a “next normal” stage. Approximately seven in 10 collections professionals (69%) said technology solution spending will modestly or significantly increase in the next two years. About two-thirds of collections professionals (67%) said employee compensation will increase in the same time period.

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Think Differently: How to Prepare for Debt Sales

Bob Deter, VP of Business Development at Crown Asset Management, has been in the industry for a long time. Check out our Think Differently interview with him, where he discusses how best to find a partner for debt sale, plus:

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CFPB Issues Report on Credit Report Disputes

The CFPB recently published a new report, “Disputes on Consumer Credit Reports.”  Using data on auto loan, student loan, general purpose credit card, and retail card accounts opened between 2012 and 2019, the report looks at the demographic characteristics of disputers and the outcomes for accounts with dispute flags.  The report is yet another signal of a likely CFPB focus on potential violations of anti-discrimination laws not only by servicers of mortgage loans, but also by servicers of all types of consumer credit accounts.

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Beyond Compliance: Outreach Strategies & Intelligent Contact Data For a Reg F World

2 December 2021 at 02:00 p.m.

The Consumer Financial Protection Bureau’s new Regulation F is set to transform traditional collections practices. Now more than ever, every call and email must count.

Unique behavioral intelligence on phones and emails enables organizations to optimize outreach attempts, maintain RPC rates, and meet CFPB regulations. Learn how MRS has partnered with Neustar to harness the power of behavioral data to increase reach and maximize efficiency using the best phone/email and the best time-of-day to contact each consumer, to increase effectiveness while adhering to Reg F guidelines.

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