Daily Digest – January 13. Judge Approves $40k Settlement in FDCPA Class Action; New Senate Banking Chair Lays Out Agenda

JUDGE APPROVES $40k SETTLEMENT IN CLASS ACTION

NEW SENATE BANKING CHAIR LAYS OUT AGENDA, PLANS TO RESTORE CFPB TO ‘FULL STRENGTH’

  • The change in control of the Senate means that there will be a new Sherrod in town in charge of the committee that most directly deals with debt collections, and Sen. Sherrod Brown [D-Ohio], the new chairman of the Senate Banking Committee, met with reporters yesterday to outline his agenda for the coming Congressional session. During the virtual press conference, Sen. Brown laid out an ambitious vision for how he wants to regulate and oversee the financial services industry, including accounts receivable management companies.

CALIFORNIA REGULATOR SEEKING COLLECTORS TO JOIN ADVISORY COMMITTEE

  • As many of you know, there is a lot going on in California right now. The state is getting ready to release a new licensing application, one that companies will need to understanding and complete before the state’s new licensing law goes into effect next January. The state is also building its own version of the Consumer Financial Protection Bureau, which will likely impact how debt collection is regulated and the state’s laws and rules are enforced. But as all this new regulation is being developed, the state announced yesterday that it is seeking applications for its new Debt Collection Advisory Committee, which seems to offer the industry a chance to influence some of the many decisions that are likely to be made in the coming months.

RMAI RECEIVABLES MANAGEMENT CERTIFICATION PROGRAM CONTINUES TO EXPAND

  • The Receivables Management Association International (RMAI) is pleased to announce two significant milestones for its Receivables Management Certification Program (Program).

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The Daily Digest is sponsored by Prodigal. Prodigal is bringing the power of AI and machine learning to lenders, creditors and collection agencies. Prodigal’s world class speech recognition software, monitors every call for compliance and collector performance with its AI trained for optimal accuracy and actionable results. Prodigal unlocks hidden value in a collection contact centre’s vast corpus of unstructured audio data by making it searchable and enabling them to improve compliance, increase operational efficiency and win new clients.

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Daily Digest – January 12. How to Eliminate 100% of Postage Costs; Judge Grants MTD in FCRA Case

BEDARD: HOW THE DEBT COLLECTION RULE ‘PAVES THE WAY’ TO ELIMINATE ALMOST 100% OF POSTAGE …

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