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
CFPB Proposes New Rules for Data Brokers Under Fair Credit Reporting Act
The Consumer Financial Protection Bureau (CFPB) has issued a proposed rule to amend Regulation V, which implements the Fair Credit Reporting Act (FCRA). This proposal aims to redefine critical terms such as “consumer report” and “consumer reporting agency” while addressing the conditions under which consumer reporting agencies may share or users may obtain consumer reports. At its core, the proposed rule seeks to enhance the FCRA’s protections for sensitive consumer