Daily Digest – October 7. How To Create A Culture of Change Management; Glitch in DOD Website Causing Problems Checking Military Status

The Daily Digest is sponsored by TCN, a leading provider of cloud-based call center technology for enterprises, contact centers, BPOs, and collection agencies worldwide. 

WEBINAR RECORDING: HOW TO CREATE A CULTURE OF CHANGE MANAGEMENT AT YOUR COLLECTION AGENCY

• 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 participated in a webinar hosted by AccountsRecovery.net yesterday.

GLITCH IN DOD WEBSITE CAUSING FALSE NEGATIVES TO BE REPORTED ON ACTIVE DUTY MILITARY MEMBERS

• A bug in the database that lenders and repossession agents can use to determine whether an individual is an active duty member of the military has not been working for a week, according to a notice posted by the Department of Defense on the website used to check military status. The notice said a patch may fix the problem last night, but the federal agency in charge of the site was not able to fix the problem. No updated timeline to fix the problem was provided.

REPORT HIGHLIGHTS CFPB MANAGEMENT CHALLENGES

• A review of the Consumer Financial Protection Bureau has identified four major management challenges that, if not corrected, will “hamper the CFPB’s accomplishment of its strategic objectives.” In order of significance, the challenges are: Ensuring an effective information security program, Ensuring comprehensive policies & procedures are in place and followed, Maturing the human capital program, and manage and acquiring sufficient workspace to support CFPB activities.

COLLECTION AGENCY GETS $250K LOAN TO EXPAND

• National Recovery Solutions, a collection agency based in Lockport, N.Y., has received a $250,000 loan from the Niagara Economic Development Fund, which is funded by the New York Power Authority. The money will help the agency add 24 more jobs and help it fund a $1.1 million expansion project. Nearly $4 million of the original $5 million investment is still available to be loaned to eligible businesses.

OVERALL BANKRUPTCY FILINGS DECREASE

• The total number of bankruptcy filings decreased 4% in September compared with the same month a year ago and are down 6% for the first nine months of the year, according to data published by the American Bankruptcy Institute. Commercial filings continue to increase — they were 26% higher in September this year — while personal filings continue to fall.

OVERALL DELINQUENCY RATE DECLINES in 2Q, BUT RATE IN 8 of 11 CATEGORIES INCREASES

• Consumers have more money in their wallets and are feeling more confident which is leading delinquency rates to continue to decline, according to data released yesterday by the American Bankers Association. While the overall composite rate of loans tracked by the ABA fell — the ABA tracks loans in 11 different categories — the delinquency rate in eight of the 11 categories increased in the second quarter, compared with the same period last year.

WORTH NOTING: Senators calling on Justice Department to open up criminal investigation into Wells Fargo’s bonus account scandal … Why the easy sale is not always the best sale, because it can undermine your business … Snapchat is reportedly planning a $25 billion IPO. Don’t know what Snapchat is? Your kids do … It’s going to take a while to figure out the economic impact of Hurricane Matthew, which is lashing the Southeast U.S. right now, but the preliminary estimates top $200 billion … The average worker would take an 8% pay cut to work from home … The president of Colombia won the Nobel Peace Prize … How to make your phone battery last longer … Three common storytelling mistakes … Donald Trump said 70% of federal regulations ‘can go’ … ‘Double Dare’ is coming back … Why being a member of Amazon Prime is getting better.

How to make better decisions

What Hurricane Matthew looked like as it hit Florida

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The Daily Digest is sponsored by TCN, a leading provider of cloud-based call center technology for enterprises, contact centers, BPOs, and collection agencies worldwide.