Welcome to the Research Assistant Weekly Newsletter - a subscriber-only resource for insight into emerging compliance challenges, details on peer calls, and links to new Research Assistant reports, documents, tools, and more.
Hot Topics: Call Baiting Tactics with Regulation F, Potential Consumer Harm from What Might Be a New Kind of Third-Party Payments Processing Company, and End-of-Year Thoughts
This week iA’s Research Assistant Peer Group discussed new trigger words and phrases around call baiting and Regulation F. One of our members added new key words to their speech analytics platform including, itemization date and itemization to spot potential new call baiting tactics.
Have you noticed any new call baiting tactics since your implementation of Regulation F? If so, let us know what you are hearing.
Third-party Payment Processing Company Proactively Seeking Payments from Consumers in Debt Collection
In another interesting development this week, a member shared that they were receiving payments from a third-party source, marketing themselves as a one-stop payment portal for a multitude of creditors. The problem is, the payments seem to be arriving up to three weeks after the consumer submits the payments. They have also learned through complaints that this company charges payment processing fees and they are proactively reaching out to consumers once they sign up for this service to notify them of new accounts placed in collection. It’s important to note that there is no relationship between this third-party payment processing company and the collection agency.
iA Research Assistant is seeking information from its members to understand:
- What is the reach of these third-party processing companies? Have you been receiving these types of payments?
- Have you received complaints or disputes regarding fees being charged for these payments, or the timeliness of payment receipt?
- Are you hearing that these companies are reaching out directly to consumers to ask for payment on an account in debt collection?
Please send any feedback you have to research@insidearm.com.
What Did We Learn During Regulation F Implementation – Seeking Additional Feedback
In case you missed the email from December 1st we are requesting everyone’s input on this subject. We want to know what issues does Regulation F present to front line collectors or what did we not think about when we were implementing policies, procedures and controls?
Please send any feedback you have to research@insidearm.com.
End of the Year Message From Sara
As I write up the final iA Research Assistant Newsletter for 2021, I wanted to take a moment to thank you all for welcoming me to Research Assistant back in July! We made some changes including streamlined meetings with focused agendas, this weekly newsletter to update our members on our discussion topics if they missed the weekly call and just created a new resource calendar to drive more valuable content to you on a regular basis in 2022.
As we transition away from all discussions revolving around Regulation F, you can expect more topics related to state law changes, industry litigation impacts, and much more.
I also welcome any ideas or feedback from you regarding what you would like to see new or different in 2022 from your iAResearch Assistant membership.
I have truly enjoyed getting to you all over the last six months!
Happy Holidays!
Sara Woggerman
ARM Compliance Business Solutions, President and iA Research Assistant, Executive Director
Top Reads
Upcoming Webinars/ Other Announcements
- Reminder: Send any topics or questions that you want to discuss to research@insidearm.com by Thursday to ensure it makes it on our agenda!
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