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Credit Reporting Issues and False Threats from Debt Collectors—Featured Topics in CFPB's Supervisory Highlights

Last week, the Consumer Financial Protection Bureau (CFPB) released the summer edition of its Supervisory Highlights, and it sounds like one debt collector got hit particularly hard for practices related to credit reporting. Overall, the Highlights discussed the CFPB's observations from September 2019 through December 2019 and also made mention of the CFPB's activity related to COVID-19 and its fallout. Read on for a summary.

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Navigating the “PayFac” Era: Rules, Regulations, and Electronic Payment Processing Requirements

Sep 16, 2020 1:00 PM Eastern

For collection agencies, the ability to process electronic consumer payments is key to maximizing revenue recovery and competing effectively in today’s marketplace. Paper checks are relics of days long gone, post-dated checks are riddled with risk, and bank transfers make consumers nervous. In the modern digital age, card payments reign supreme.

Knowing how to set up same-day, single-future and recurring preauthorized card payments is the hallmark of a successful collection agency and an outstanding consumer experience.

In this webinar, Ontario System's Rozanne Andersen will walk you through:

  • Visa/Mastercard rules governing collection payments

  • The distinct roles merchants, payment facilitators (“PayFacs”), and processors play in the payment process

  • The rules and regulations controlling convenience fees, surcharges, and service charges

Register now »



Former Students With Defaulted Federal Loans Are Missing Out on a Key Cares Act Benefit

The US Department of Education (ED) in implementing the President’s executive order of August 21, 2020, has clarified the rehabilitation benefits for former student borrowers who have defaulted on a federal student loan.  Essentially, ED has extended the CARES Act benefits through December 31st.

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Women in Consumer & Commercial Finance Conference 2020

8 December 2020 at 12:30 p.m.

Sharpen your leadership skills, expand your professional network and help improve your workplace culture when you attend Women in Consumer & Commercial Finance Digital – a virtual conference and networking experience for ALL women in consumer & commercial finance.

Event Details »

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