Article archive
Every published article, newest first. Page 8 of 12.
LicensingStaying Current in Today's Regulatory Environment
"Elections have consequences." As we close in on another election day this November, very few would disagree with that statement. While the statement implies a winner and a loser, that hasn't been the case in debt collection. We deal with CONSEQUENCES no matter the outcome of the election. Since the 2016 election there has been [...]
LicensingCISA Prepares US Companies for Iranian Cyber Attacks
In early 2020, amid heightened tensions with Iran, the U.S. Department of Homeland Security's Cybersecurity and Infrastructure Security Agency (CISA) issued a warning about possible state-sponsored cyber attacks. The threats include disruptive operations against strategic targets in finance, energy, and telecommunications, plus cyber-enabled espionage and intellectual property theft across many industries.
LicensingInvoice Manipulation: The Coverage Insureds Never Knew They Needed
The newest cyber threat that is challenging corporate America are invoice scams and invoice manipulation. Companies of all sizes are being targeted by cyber "bad actors", commonly known as hackers and cyber thieves. Invoice scams & manipulations are happening at an alarming rate and many of the claims are not being covered because most insurance [...]
LicensingARM Firms Can Reduce Exposure with PCI DSS Scope Reduction
It's no longer news that protecting personal and financial information is paramount to the well-being of any individual or organization - and this is especially relevant within the ARM industry where sensitive information (ie financial, healthcare) lives in abundance. With new threats of ransomware and data breaches emerging every day, the critical task of maintaining [...]
LicensingCollectProtect: A Difference Maker in Malpractice Insurance for Collection Attorneys
Cornerstone is excited to announce the launch of CollectProtect, a new lawyer professional liability/malpractice program created to fit the needs of collection law firms. Some of the coverage features include specified coverage for FDCPA claims and mutual choice of defense counsel to ensure that you have the best representation. Rather than a miscellaneous malpractice policy, [...]
LicensingLinkGen: Opening the Opportunity to Grow Your Business!
In business, having the right conversation with the right person at the right time is one of the biggest challenges for growing a thriving organization. Businesses work hard to build quality products or services that can meet their clients' needs. Great services, however, can go unnoticed and hinder growth unless the solution is visible to [...]
LicensingCornerstone Specialist to Run Her First Marathon
Jennifer Kim, one of Cornerstone's licensing specialists, is training for her first marathon in Savannah, GA on November 2. Jennifer, who graduated from UGA, spent the first part of her career life as an elementary teacher. She left teaching to work in the financial industry before finding her new home here as a licensing specialist [...]
LicensingPost Judgment Interest: How Much Can Collectors Charge?
Disclaimer: The following is not intended to be, nor should it be used as legal advice. Please consult your compliance team before charging post judgment interest. Collecting monetary judgments can be a costly and time-consuming process but in certain situations, the reward for successful recovery may be lucrative. Because the statute of limitations on judgments [...]
LicensingNevada Lifts Citizenship Requirement for Collection Agencies
In Nevada, there is now no requirement to be a citizen of the United States or to be lawfully entitled to remain and work in the United States for collection agency applicants. The requirement was removed on June 14, 2019 when Nevada Governor, Steve Sisolak, signed into law bill AB275. This change which went into [...]
LicensingRhode Island Requires Student Loan Servicers to Register
Rhode Island's "Student Loan Bill of Rights," requires that student loan servicers register with the state. The Bill of Rights calls upon the attorney general and state Department of Business Regulation to examine business practices and enact penalties for violations of the borrower's rights. The law became effective when it was signed by Governor Gina [...]
LicensingStudent Loan Servicer Licensing Laws (What You Should Know)
State-Level Student Loan Servicers Licensing Requirements are on the Rise Over the last 18 months, state-level licensing requirements for student loan servicers have become increasingly in vogue, particularly in blue states with progressive legislatures, governors, and attorneys general. This attempt to intercede in a field already dominated by the federal government (the largest lender, guarantor, [...]
LicensingEmpathy: The Quality Every Debt Collector Needs?
The buzzword is everywhere you look - so what it is the big deal about empathy in customer service, and why does it matter in debt collection? Influencer mogul Gary Vee talks a lot about empathy. He even named one of his companies after it (Empathy Wines.) "It's one of the biggest things to which [...]
LicensingStudent Loan Servicer Regulations for Maine, New Jersey and Maryland
Maine and New Jersey Join States Requiring Student Loan Servicer Licenses; Maryland Adds Designee Requirement On June 20, 2019 Maine Governor Janet Mills signed into law LD995. The law introduces a license among other requirements as part of "the Student Loan Bill of Rights." The law grants a directive for the Superintendent of Credit Protection [...]
LicensingColorado Student Loan Servicers Act Takes Effect
S.B. 19-002 (the Colorado Student Loan Servicers Act) was signed into law on May 13, 2019 and took effect on August 2, 2019. Among other things the law generally requires servicers of student loans owed by Colorado residents to be licensed by Colorado's Uniform Consumer Credit Code (UCCC) Administrator. Colorado now joins California, Connecticut, District of [...]
InsuranceCyber Liability Insurance- What Does it Cover?
Understanding Cyber Liability Insurance Coverage By now, you've heard the reports and fallout from the recent breach of millions of consumer records from a medical billing agency. Suddenly, those seemingly distant stories of hackers and cyber-crime have hit much closer to home in the ARM industry. Whether the incident is a record breach or a [...]
LicensingA License Game Board
The licensing process for collection agencies is an intricate and complex process - so much so, you can create an entire board game about it! Luckily for you, Cornerstone support is here to help you win the game. Our collection licensing services are comprehensive, as we facilitate the entire licensing process from designing a licensing [...]
LicensingPA Court Case Emphasizes the Necessity of Licensing for Debt Buyers
Ruling Upholds the Necessity of Licensing Prior to Collection on Purchased Debt An interesting case has developed in Pennsylvania between a debt buyer and a borrower owing a deficiency balance on a repossessed automobile. The case, Wyche v. Tsarouhis, is one where the borrower doesn't challenge owing the debt or the accuracy of the debt. [...]
LicensingHow Would Sanders and Ocasio-Cortez's Legislation Impact the ARM Industry?
How Would Capping Credit Card Interest Rates Affect the ARM Industry? On May 9, 2019, Senator Bernie Sanders (I-VT) and freshman Representative Alexandria Ocasio-Cortez (D-NY) introduced legislation that would levy restrictions on the interest rate credit card grantors could charge consumers. Specifically, the bill would establish a blanket limit on credit card interest rates at [...]
LicensingTop 10 Reasons Licenses Get Rejected
Top 10 Reasons Debt Collection Licenses Get Rejected If you think a "do-it-yourself" process of licensing a collection agency is a walk in the park, then I have some terrible news for you. The application process can be extremely daunting, requiring the coordinated participation of every owner, officer, and manager of the agency. The process [...]
LicensingFailure to Renew a Background Check for Every Collector Will Risk Loss of Minnesota License
Cornerstone Support launches 'Collector Check' in anticipation of Minnesota's Collector Background Screening Requirements When renewing a collection license in Minnesota an agency must legally attest to completing the Minnesota collector background screening requirements under penalty of law. Cornerstone Support offers a Criminal Background Screening Service which will allow you to rest assured that you have [...]
LicensingD.C. to Begin Implementation of Annual Report Requirement for Student Loan Servicers
On April 29, 2019 the Department of Insurance, Securities and Banking (DISB) of the Government of the District of Columbia issued Bulletin 19-BB-02-04/29 which applies to licensed student loan servicers servicing student education loans in D.C. After a series of revisions to the original Student Loan Ombudsman Establishment and Servicing Regulation Amendment Act of 2016, [...]
LicensingSpring is Here and a Proposed Debt Collection Rule is Imminent
More than five years after it issued its Advanced Notice of Proposed Rulemaking, the Consumer Financial Protection Bureau (CFPB) appears poised to issue its proposed debt collection rules. The first hint that this was imminent came in the fall of 2018 when the CFPB announced it anticipated issuing a Notice of Public Rule Making in [...]
LicensingNew York Passes Litigation Impacting Student Loan Servicers
Update: New York Releases the Student Loan Servicer License Application On August 1, 2019 New York State's Department of Financial Services announced, "Student loan servicers must submit their licensing applications through the Nationwide Multistate Licensing System (NMLS), a secure, web-based, nationwide licensing system." The Banking Law Article 14-A becomes effective October 9, 2019. Contact Cornerstone [...]
LicensingCollection Automation Technology to Improve Efficiency While Prioritizing Compliance
How to Modernize and Automate Your Collections Practice With Advanced Fintech Running a successful collections or receivables business by only sending letters and making manual phone calls is becoming increasingly difficult. While many businesses have automated some collections practices by implementing auto-dialers and mail solutions, fast improvements in technology require adopting new tech to remain [...]