New York City Delays Debt Collector Rules—What You Need to Know 

The New York City Department of Consumer and Worker Protection (DCWP) has once again responded to industry feedback by pushing back the effective date for its new rules affecting debt collectors. This delay follows ongoing requests from the accounts receivable management industry and aims to give everyone more time to adjust to the changes.  On Wednesday, the DCWP announced through the New York City Record that the effective date for […]

Call Monitoring – the Crown Jewel for Monitoring Collector Compliance 

Have you ever woken up and thought, “I hope I get a call from a Collector today”?  It’s unlikely anyone has, but that doesn’t diminish the importance of those conversations. Every call from a collector holds a critical opportunity to understand the customer’s situation and balance two essential goals: customer satisfaction and dollars collected. Third-party collectors represent more than just themselves—they are an extension of the creditor. Yet, in many […]

Beyond the Pitch: Why Reference Checks Are Key When Hiring Vendors

Everywhere you look, people are talking about the rising delinquencies.  Having been around the collection industry for a while, I anticipate the next step will be hiring additional vendors – whether it’s collection agencies, or collection attorneys or repossession forwarders or agents.  Due diligence is time-consuming and can be draining – particularly when you spend efforts to evaluate a prospective vendor and then decide against that company.  Bringing on a […]

From NFL Apps to Repossession Compliance: The Importance of Staying Informed 

Since the Detroit Lions are officially out of the Super Bowl hunt, my husband has made a bold move: deleting all his NFL apps. His mission? To escape the endless negativity from the talking heads until Training Camp kicks off. By then, he plans to reinstall them and dive back into the action. Until then, I’ve stepped up as his primary source for coaching updates and off-season news—a role I’ve […]

Insights into the Auto Finance Market and Repossession Trends 

The auto finance market represents a significant component of consumer credit in the United States, with outstanding auto loan balances exceeding $1.64 trillion through the third quarter of 2024. This accounts for more than 100 million active auto finance accounts and $63 billion in new monthly originations as of April 2024. Despite its size, detailed data on the auto finance market remains limited.  To address this gap, the Consumer Financial […]

Setting Expectations for Collectors

My husband and I had the opportunity to meet Wayne Fontes, when he was still coaching the Detroit Lions. As you might imagine, many football fans lined up for the opportunity—probably 100 deep. When it was finally my husband’s turn, he didn’t go with the typical “nice to meet you” or “I’m a big fan” approach. Instead, he looked Fontes squarely in the eyes and said, “If the Detroit Lions […]

Everything You Need to Know About Managing a Team of Collectors Can Be Learned by Watching Football 

Managing a team of collectors can sometimes feel like herding cats. Team members often seem more focused on what their peers are doing (or not doing) than on their own tasks. As someone who loves football, I’ve found that the sport offers many valuable lessons for managing a team. In fact, most of my insights come from watching the Detroit Lions. Football teams, like teams of collectors, have rookies, veterans, […]

Debt Collection Trends in 2024: Rising Volumes and Evolving Strategies 

A recent report by TransUnion (NYSE: TRU) sheds light on the evolving landscape of the debt collection industry. Over half (52%) of debt collection companies have experienced a rise in accounts placed or acquired in the last 12 months. Additionally, 62% of these companies anticipate being in a stronger financial position next year. However, this growth comes with challenges, such as declining collectability and increasing concerns over data security and […]

CFPB Orders Block to Refund Consumers and Improve Cash App Practices 

The Consumer Financial Protection Bureau (CFPB) has ordered Block, Inc., the operator of the peer-to-peer payments platform Cash App, to provide up to $120 million in refunds and other redress to consumers and pay a $55 million penalty to the CFPB’s victims relief fund. This enforcement action comes in response to the company’s inadequate security measures and failure to properly investigate unauthorized transactions, leaving many users at risk of financial […]

CFPB Proposes New Rule to Protect Consumer Rights in Financial Contracts 

The Consumer Financial Protection Bureau (CFPB) has proposed new regulations aimed at curbing unfair contractual terms in agreements for consumer financial products and services. The proposal seeks to prohibit certain provisions that waive essential consumer legal rights, limit free expression, and grant financial companies the power to unilaterally amend contract terms. This initiative is part of the CFPB’s broader effort to ensure that consumers are not unfairly burdened by coercive […]