Article archive
Every published article, newest first. Page 8 of 13.
LicensingIs it time to rethink your agency name given the CFPB's Limited Content Voice Message Rules?
Limited Content Messages and Your Company's Name By John Bedard, Jr. Click here to request help with a name change or dba On October 30, 2020, the CFPB published its years-in-the-making amendment to Reg F ("the Rules") to implement the FDCPA. These rules address many topics, including email and text message communications, time, place and [...]
LicensingConsistency and Timeliness are Key
Consistency & Timeliness are Key How accurate is your current licensing information? Licensees must report accurate and current information when filing registrations and licenses. To ensure accurate information, several states require their licenses to be filed through the Nationwide Multi-state Licensing System (NMLS). Within NMLS, company information is gathered based on the requirements of each jurisdiction. Individual information for owners, officers, directors and managers/qualified individ
LicensingThe Final Debt Collection Rule is Here and Focuses on Communication Methods
The Final Debt Collection Rule is Here and Focuses on Communication Methods - Here's What You Need to Know By: Caren D. Enloe On October 30, 2020, the CFPB published its long awaited Final Debt Collection Rule (the "Rule") which is intended to interpret the federal Fair Debt Collection Practices Act (the "FDCPA") and clarify [...]
LicensingDistrict Court Holds that Under Barr v. AAPC it Lacked Subject Matter Jurisdiction Over All TCPA Claims for Calls Made Prior to July 6, 2020
Written by Nadia Adams In Stacy Creasy, et al. v. Charter Communications, Inc., No. CV 20-1199, 2020 WL 5761117 (E.D. La. Sept. 28, 2020) (Creasy), a putative class action, the plaintiffs accused defendant Charter Communications, Inc. of repeatedly violating § 227(b)(1)(A)(iii) of the Telephone Consumer Protection Act ("TCPA") which prohibits almost all telephone calls to cell phones using [...]
LicensingCalifornia to Become the 35th State to Require Licensing for Debt Collection
Update: Newsom Signs Laws impacting Debt Buying and Collecting in California Governor Gavin Newsom has signed two laws changing the landscape of debt collection in California. SB 908 results in a "Debt Collection Licensing Act" that provides for the licensure, regulation, and oversight of debt collectors by the Commissioner of the Department of Financial Protection [...]
LicensingMastering the Art of "Nibbling"
The most common tactic used in negotiation by debt collectors is called "nibbling." Just as a mouse nibbles away at a piece of cheese, one teensy bite at a time until it's gone, nibbling is asking for small items, one at a time, and getting agreement on each until you've gotten a lot. No matter [...]
LicensingDCA Produces NYC's Foreign Languages Services Documentation Requirements
DCA Produces NYC's Foreign Languages Services Documentation Requirements On June 27, 2020 new rules from New York City's Department of Consumer Affairs (DCA) took effect that, among other things, require debt collectors (first and third party) to request and record the language preference of each consumer from whom they collect and inform each consumer [...]
LicensingWhy Debt Collection is Good For the Economy
Debt collection struggles to get good press. News outlets love to promote debt collection horror stories that give a black eye to an industry that otherwise serves a very good purpose for our economy. The bad actions of a few unscrupulous characters have frequently overshadowed the value and importance of an industry that diligently returns [...]
LicensingThe Real ROI of Collection Strategy
The Real ROI of Collection Strategy Almost everyone I talk to in the industry rates innovation as a top priority, especially today. The economy will recover, but your strategies will determine how well you do. Not long ago, in my former role as the leader of collections strategy for a major bank, I led a [...]
LicensingCalifornia's Debt Collection Licensing Act Moving Closer
Insights from ARM Industry Representatives close to California's SB 908 The year 2020 has brought unprecedented days of difficulty on a level that hasn't been seen since the ten plagues swept through the land of Egypt. If you can remember back to life before Covid-19, we started this year with the announcement that California and New [...]
LicensingLessons Learned About Branch Licensing from States' Covid-19 Response
Lessons Learned About Branch Licensing from States' Covid-19 Response One unexpected outcome of the coronavirus pandemic has been a renewed interest in location specific licensing for debt collection. Each state has the right to enact its own set of debt collection laws and requirements. As such, most jurisdictions have very different licensing and registration requirements. Failure to comply with [...]
LicensingAre You Thinking Differently About Who Can Be Your Client?
Are You Thinking Differently About Who Can Be Your Client? I know that many collection agencies are scrambling to keep up with the changing state rules and client decisions about who is considered essential, whether agents can work remotely, and whether/under what circumstances you can engage in proactive outbound collection efforts. I have heard from [...]
Licensing10 Security Tips for Working Remotely
Editors Note: In recent weeks many companies were thrust into a situation where they were forced to work remotely or temporarily close the doors. To learn more about the need to manage privacy and security remotely, we sought out wisdom and best practices from an expert in the field. 10 Security Tips for Working Remotely [...]
LicensingIllinois Issues a Provisional Statement for Collection from Home
Illinois has replied to Cornerstone Support's request for more details on sending the notice to the state: "With regard to Executive Order 10's remote work notice and IDFPR's guidance, if an individual agent is working remotely and the brick and mortar location is not changing, the collection agency should send an e-mail with the employee [...]
ComplianceMassachusetts Joins Nevada in Suspending Debt Collection Activities
Massachusetts Attorney General Maura Healey filed an emergency addendum that prohibited calls from debt collectors for ninety (90) days following the effective date of the regulation or until the State of Emergency Period expires, whichever occurs first. Massachusetts joins Nevada in temporarily suspending debt collection activity.
LicensingUtah Court Weighs in on Debt Buyer Licensing Requirements
The question of whether a debt buyer is required to be licensed as a debt collector has been settled in the state of Utah A court case in Utah has brought centerstage the issues surrounding whether a debt buyer must be licensed the same as a collection agency to conduct business. A passive debt buyer [...]
LicensingTwo of USA's Largest Population States are Closing in on Collection Legislation
California (40 million residents) and New York (20 million residents) have taken steps in 2020 to introduce legislation leading to regulation and licensure of collection agencies. Each state under predominantly Democrat leadership will look to implement strong regulatory controls. In California, Governor Gavin Newsom has been advised by Richard Cordray, the former Director of the [...]
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 [...]