Article archive
Every published article, newest first. Page 12 of 13.
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 [...]
LicensingThe Collector Hero
Remember your childhood hero that you always looked up to? Maybe it was Superman, an athlete or even a rock star. The debt collection industry can be a tough one, but just like your childhood hero, this industry has heroes. In most offices, you'll find a Collector Hero. The Collector Hero is someone that you [...]
LicensingChoosing the Right Vendor for your Business
Does it seem like every time you turn around there are more vendors to choose from when it comes to your business? It's a job in itself to choose your next vendor partner. However, having the RIGHT vendor is critical to the success of your business. Vendors can be a great help when it comes [...]
Licensing5 Steps to Business Success
What's the definition of business success? The answer: there is no right answer. Success is defined and determined by you. What's important to your business? Is it profitability or revenue growth? What about customer satisfaction and loyalty? You generally must first determine your goals. That is how you define what it means to your business to [...]
LicensingMonthly Debt Collection Complaints Decline
WebRecon reports an increase in year-to-date consumer litigation cases, but the Telephone Consumer Protection Act continues to produce low numbers. Complaints to the Consumer Financial Protection Bureau filed against debt collectors declined 10 percent from July to August, according to the latest debt collection litigation and complaint statistics report from WebRecon. However, WebRecon CEO Jack [...]
LicensingRegulatory Updates In Massachusetts
Cornerstone received a note from the Chief Director for Mortgage Examinations this week, including regulatory updates for Massachusetts. The information received contained the following message: One of the key objectives for the Division of Banks is to complete a comprehensive review of all Regulatory Bulletins to determine opportunities to reduce unnecessary regulatory burden by streamlining, [...]
LicensingCourt Upholds Decision on Authority of FTC in Data Security Cases
The following article was originally posted on acainternational.org The Federal Trade Commission enforcement holds companies accountable for protecting consumers' privacy and data security under the FTC Act. The U.S. Court of Appeals for the Third Circuit reaffirmed a federal district court ruling that preserves the Federal Trade Commission's authority to take action against companies that [...]
LicensingChanges of Control: Cornerstone Series #2
Cornerstone Support has partnered with The National List of Attorneys to do a blog series on licensing. Cornerstone Support is a licensing service provider to the collection industry. You can learn more about The National List of Attorneys and view our blog series by visiting their website. Below is the second article in the series. [...]