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Debt Collection Text Messages Not Protected by Bona Fide Error?

Starting in late 2020, the national media and consumer advocates published panicked warnings about debt collectors flooding consumers with unwanted text messages, emails and messages on social media in attempting to collect debts after implementation of Regulation F:

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High Performance Collection Litigation: ​Five Ways Lenders Can Use Technology To Recover More

For many lenders, the collections litigation process is something of a black box: legal counsel receives pertinent files, and eventually recovered funds are received. That is all changing as lenders are now challenged with a harrowing mixture of recovery inefficiencies and increased regulation. In this new guide from Oliver, you'll learn five powerful ways your organization can use technology to make collections litigation more efficient and substantially increase recoveries, all while reducing your compliance risk. 


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Open to the Public: Debt Collection Advisory Committee Meeting

SACRAMENTO, Calif. -- On April 29, 2021, the Department of Financial Protection and Innovation announced the formal creation of its inaugural debt collection advisory committee, a seven-member board that will provide critical feedback to the Department as it stands up its debt collection licensing program. The committee will advise Commissioner Clothilde V. Hewlett on matters related to the debt collection business, including proposed fee schedules and other requirements.

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CRC Comments on CA DFPI's Proposed Complaints and Inquiries Regulation

On July 5, 2022, the Consumer Relations Consortium (CRC) submitted comments to the California Department of Financial Protection and Innovation (DFPI) regarding its proposed consumer complaint and inquiry regulations.  The proposed regulations seek to establish complaint filing processes for consumers as well as investigation, response, reporting, and tracking procedures for covered entities.

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Credit Eco to Go: What is the Future of the Fintech/Regulator Partnership? [Podcast]

In the last decade, the CFPB has tried to tackle the question of innovation through partnerships and No-Action Letters. First, there was Project Catalyst which resulted in very few collaborations and a small amount of No-Action Letters.

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Susan Richards and Yardley Klinger Strengthen Team at Spring Oaks Capital

CHESAPEAKE, Va. -- Spring Oaks Capital continues to expand its team of industry leaders. Susan Richards recently joined the group, as Director of Business Development, to strengthen our Portfolio Acquisitions team lead by Keith Walch, Chief Acquisitions Officer. Susan has significant industry experience, particularly in sales and operations previously serving as COO for a national debt buyer.

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NY DFS to Focus on Equitable Access to Banking, Innovation

The New York Division of Financial Services (NY DFS) plans to focus on equitable access to banking and on fostering innovation in consumer financial services. That's according to Adrienne A. Harris, the current superintendent of NY DFS, who spoke the recently at Fintech Nexus in New York City.

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How to Automate Legal Processes to Shrink Regulatory Risk & Increase Recoveries

20 July 2022 at 02:00 p.m.

The legal process of collecting on charged off accounts is arduous, risky, and labor intensive for creditors and their legal recoveries networks. Key areas, such as demand letter and affidavit processing, scrubs, and skip-tracing,  can be automated to mitigate creditors’ risks, improve the ability to analyze inventory, and ensure the best employees are free to assist customers with resolving accounts more efficiently.

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