Article archive
Every published article, newest first. Page 11 of 12.
Licensing3 Reasons You Need E&O Insurance
Errors & omissions (E&O) insurance is designed to protect a company in the event of a lawsuit stemming from their normal business activities. Also known as professional liability insurance, E&O coverage is especially important in the highly litigious collections industry. Many debtors file lawsuits against collection agencies under the federal Fair Debt Collection Practices Act [...]
Licensing3 Factors to Consider When it Comes to CFPB Compliance
The Consumer Financial Protection Bureau, or CFPB, was launched with a goal of protecting consumers in financial transactions with banks and lending institutions. However, its reach has extended much further. Not all businesses are aware of the necessary requirements in order to comply with CFPB regulations now. And non-compliance can cost businesses enormous penalties, fees, [...]
InsuranceHired Auto Coverage - Are You Covered?
Have you ever purchased a new toy for your kids, an expensive camera for a spouse, or even a new power tool for yourself, only to realize upon opening that you overlooked the "batteries not included" note on the box? Similar oversights with your business insurance can lead to major setbacks, and the fix isn't [...]
Licensing4 Ways to Lower Your Cyber Security Risk
Did you know: 50% of small businesses have been breached in the past 12 months. (According to a report by Keeper Security and the Ponemon Institute) Data breaches are increasing at an alarming rate. Businesses, especially small businesses, continue to misjudge their cybersecurity risk and often obtain insufficient cybersecurity insurance protection (or none at all). [...]
LicensingRule 68 - Dead or Alive?
Can an unaccepted Rule 68 offer of judgment be used to strip a Federal Court of subject matter Jurisdiction? A divided U.S. Supreme Court recently answered the question, no, in Campbell-Ewald Co. v. Gomez, 136 S. Ct. 663 (U.S. 2016). Article III of the US Constitution limits federal court jurisdiction to "cases" and "controversies." If [...]
LicensingHow to Create a Culture of Change Management
From the October 7 issue of AccountsRecovery.net Daily Digest Change management is becoming more important at collection agencies, as they seek to develop processes for efficiently managing an overflow of information that requires updating and adapting systems to comply with an ever-changing patchwork of rules and legal rulings, according to a panel of speakers who [...]
LicensingRansomware on the Rise
Written by: Lara K. Forde, Esq., CIPP/US Matt Peranick, CIPP/US, CIPP/CA Ransomware is now the number one security concern for businesses. Estimates from the FBI put ransomware on pace to be a $1 billion dollar source of income for cyber criminals this year. The ransoms have doubled over the past year as studies show almost [...]
InsuranceThe Difference Between Claims Made and Occurrence Policies
Understanding the wording that is used in your insurance policy can make a big difference for your business. Whether or not your policy covers you depends on this wording and the period of time that your policy covers. An insurance policy can be written on two bases: Claims Made Claims Occurring Claims Made policies provide [...]
LicensingWhy You Should Understand Your Company's Purpose
What's the true purpose of your business? It's not to make money (although let's be real, we all really want that). The purpose is not your mission, values, or even your vision. But it IS a combination of all of these.. plus some. The true purpose of your company should have an outward focus. In [...]
LicensingMontana Division of Banking Requires Consumer Loan License For Collections
The Montana Division of Banking and Financial Institutions has issued the following opinion: "It is the opinion of the Division that the provisions of the Act continue to apply to an entity that acts as a servicer by receiving or accepting payments due pursuant to a Montana Consumer Loan and either keeping those payments or [...]
BondsNMLS - Electronic Surety Bonds
On September 12, 2016, NMLS began receiving and tracking Electronic Surety Bonds (ESB) through the System. Currently, eight states have publicly announced adoption of ESB in 2016, with additional states planning to announce soon. See the ESB Adoption Map and Table for a list of those agencies and the required transition dates. Background - Many [...]
From the Desk of the RegulatorFrom the Desk of the Regulator
Idaho - Major improvements to Collection Agent Filing Process The Idaho Department of Finance and Access Idaho have made MAJOR improvements in the way Idaho Collection Agency Licensees will report their agents that will significantly reduce their efforts in meeting this requirement. Beginning with the September 2016 filing, all agents and RPICs will be listed [...]
InsuranceRansomware - Putting Your Company, Your Clients and You at Risk
Columbia Ultimate (now part of the Ontario Systems family) posted an interesting article on its blog in April about "ransomware" and how it can affect your agency and your clients. What is ransomware? Just what it sounds like. "Ransomware is an access denial type of malicious software that can come from just about anywhere a [...]
LicensingHow to Engage Your Employees
A recent study revealed that in the past year, only 32% of employees felt engaged at work. This means a large majority of employees simply show up to work, finish their tasks, and leave without gaining anything personally. If you're a business leader and have found employee engagement lacking, it may be time to make [...]
Debt Collection & BuyingCFPB's recent Outline of Proposed Rules - Initial Reaction from Industry Experts
On July 28, the Consumer Financial Protection Bureau (CFPB) released its long anticipated Outline of Proposed Debt Collection Rules at a Field Hearing on Debt Collections. InsideARM polled 15 leading experts in the ARM industry to sample their initial reactions. What did they find as encouraging developments? Areas of increased concern? Check out their insights here.
Debt Collection & BuyingThe Future of Debt Buying?
Are you wondering what the future of debt buying will look like and what you need to do to prepare? Mike Gibb, Administrator of AccountsRecovery.net, wrote a compelling and provocative article on July 26: How Debt Buying Will Change in the Next Five Years. The debt buying segment of the ARM industry has faced the [...]
Debt Collection & BuyingMinimize Your Risk of Cyber Attack
As cybercrime becomes an even greater issue, collection companies are coming under increased scrutiny by their clients. Creditors are forwarding sensitive personally identifiable information (PII) to their collection partners, entrusting them with safeguarding this sensitive data about their customers. And, in the case of hospitals and other healthcare providers, highly confidential information about their patients' [...]
Debt Collection & BuyingFirst Time Attendance at the HFMA ANI Conference
Last week I wrote about one of the two major conferences we recently attended, the 2016 ACA International Convention & Expo. At the end of June I also attended the HFMA ANI Conference in Las Vegas. While Cornerstone Support has been a consistent attendee and exhibitor at the ACA Convention for nearly 20 years, this [...]
Debt Collection & BuyingObservations from the 2016 ACA International Convention & Expo
In the last month, I have attended two major conferences - the 2016 ACA International Convention & Expo and HFMA's ANI 2016 Convention. Cornerstone Support has been a consistent attendee and exhibitor at the ACA Convention for nearly 20 years. Denver was in the midst of a heat wave with high temperatures hovering around [...]
ComplianceCollecting Without a License? Penalties Can Be Painful!
Last November, the Federal Trade Commission and other law enforcement authorities around the country announced Operation Collection Protection - the first coordinated federal-state initiative to target deceptive and abusive debt collection practices. This concerted and cooperative effort has focused more attention on licensing requirements for collection companies. As a part of this announcement, the FTC [...]
ComplianceHow to Ensure Your Collection Notices are Safe and Compliant
Collection notices communicate important information to your customers about their debt. It's a basic and standard tool in the credit and collection industry, but comes with a few challenges. It's critical that collection agencies make sure they are communicating properly with consumers, and watch out for letters that may not be compliant with the Fair [...]
LicensingHandling a Change in Ownership
Changes to the ownership structure of a licensed collection agency can occur for a variety of reasons and are a regular part of the corporate life cycle. Unfortunately, the statutory regulations for the majority of jurisdictions prohibit the transfer of debt collection licenses. On top of that, the inflexible language of the provisions in almost [...]
Licensing"You're Fired!"
"What?? How did this happen?!" You've worked your tail off for this client. You've always been first or second in batch track performance, and you get along great with the recovery manager. OK, so you seem to be getting sued more often and you're spending more time answering complaints. But that comes with the territory, [...]
LicensingStumbling Blocks or Stepping Stones?
The landscape we face as professionals in the collections and recovery industry reminds me of growing up in New Hampshire. One of the lasting impressions for visitors to the state is the number of stone walls that line many fields and roadways in the countryside. Most of the rocks for these walls were removed from [...]