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    Collecting Past Due Accounts in 2017: Complying with the CFPB, UDAAP, MLA, SRCA, & More

    $219.00
    *
    When you register for this session, you will receive a Toolkit that includes (but is not limited to) the following items: (1) Strategies to improve your collections skills; (2) Tips to ensure all accounts are handled in a consistent fashion; (3) Important provisions to add to your institution's debt collections policies and procedures NOW! By broadly interpreting the types of collections practices that are considered Unfair, Deceptive, or Abusive Acts and Practices (UDAAP), the Consumer Financial Protection Bureau (CFPB) has redefined the types of practices your FI can employ to collect on debts.

    When you register for this session, you will receive a Toolkit that includes (but is not limited to) the following items: 

    • (1) Strategies to improve your collections skills;
    • (2) Tips to ensure all accounts are handled in a consistent fashion;
    • (3) Important provisions to add to your institution's debt collections policies and procedures NOW!  

    By broadly interpreting the types of collections practices that are considered Unfair, Deceptive, or Abusive Acts and Practices (UDAAP), the Consumer Financial Protection Bureau (CFPB) has redefined the types of practices your FI can employ to collect on debts.  

    Since opening its doors in 2011, the CFPB has relied on its authority to prosecute UDAAP more than any other authority. In fact, half of the enforcement actions the CFPB has made public have alleged UDAAP violations. The Agency has relied on its UDAAP authority for two primary reasons. First, the penalties for conducting an unfair or deceptive collections practice can be steep—up to $1 million per day for knowingly violating the law. 

    Second, and most importantly, the Bureau has taken advantage of the UDAAP provision's broad and vague language. Because the statute provides little guidance as to what constitutes an "unfair" or "deceptive" act, the CFPB is empowered under its UDAAP authority to prosecute conduct it dislikes—even if such conduct is not explicitly in violation of the law.  Despite being urged by Congress to use the Agency's rulemaking power to clarify the scope and meaning of UDAAP, the CFPB has built its UDAAP doctrine on a case-by-case basis. 

    We will likewise discuss another issue of paramount concern: In May 2016, the CFPB proposed a rule that would restrict the use of arbitration clauses in consumer financial contracts, which would have the effect of enabling consumers to lodge class-action lawsuits against FIs should be a critical concern.

    In this session, we will examine the CFPB's broad application of its UDAAP authority. Taken together with an exploration of the CFPB's various informal guidance documents addressing debt collection issues, we will determine what constitutes a potential UDAAP violation according to the Bureau. 

    We will also review the Federal Deposit Insurance Corporation's (FDIC) debt collection recommendations for 1st party collectors, as well as compliance points related to the Fair Credit Reporting Act (FCRA), the Fair and Accurate Credit Transaction Act (FACTA), and the Fair Debt Collection Practices Act (FDCPA). Finally, we will explore the recent verdicts and rulings that affect how you handle slow-paying accounts. 

    Covered Topics

    This webinar will provide concrete steps your bank or credit union can take to identify and mitigate UDAAP risks.

    Additionally, we will highlight collections red flags and offer tips to help you identify loans before they become delinquent. This Webinar will provide you with best practices, examples of collection letters, steps to follow when reporting adverse consumer information, and collection scripts that work!.

    We will discuss the following issues:

     

    Overview of Credit & Collections

    o   Fair Credit Reporting Act (FCRA) / Fair & Accurate Credit Transaction Act (FACTA)

    o   Fair Debt Collection Practices Act: 1st Party & 3rd party collecting guidelines

    o   Consumer Financial Protection Bureau: 1st party collecting, UDAAP, and customer complaints

    o   Military Lending Act

    =       Policy and Procedures

    =       Court Cases that affect you

    =       MLA

    =       7 tips your policy must have to help collect your money

    =       Reviewing the credit application for Red Flags and ID Fraud

    Mail

    =       Notices vs Letters: Design the perfect Collection Letter

    =       FACTA REG V Compliance

    =       Email dos and don’ts

    Calling the Consumer

    =       Motivate the customer to pay in full with one call

    =       Enhancing your negotiation skills and work outs

    =       Learn the real reason they are not paying you

    =       Find overlooked sources of money

    Collection Tools

    =       Using credit reports to uncover facts about consumer

    =       Select the right collection agency or attorney: Are they FDCPA & FACTA Compliant?

    =       Using the WEB as a great skip tracing tool

    =       Reporting the Banks past due customers through Metro2 & E-OSCAR & FCRA/FACTA Compliance

    Conclusion

    =       Putting this knowledge into action

    Who Should Attend?

     

    This informative session is would best suit the following personnel:

     

    • Accounts Receivable
    • Credit and Collections staff
    • Finance Managers
    • Accounting and Financial Reporting Managers
    • Treasury Staff
    • CFOs
    • Cash Flow Managers
    • And, Anyone Interested in Increasing Cash Flow! 

     

    Products specifications
    CE Credits 2.5
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    When you register for this session, you will receive a Toolkit that includes (but is not limited to) the following items: 

    • (1) Strategies to improve your collections skills;
    • (2) Tips to ensure all accounts are handled in a consistent fashion;
    • (3) Important provisions to add to your institution's debt collections policies and procedures NOW!  

    By broadly interpreting the types of collections practices that are considered Unfair, Deceptive, or Abusive Acts and Practices (UDAAP), the Consumer Financial Protection Bureau (CFPB) has redefined the types of practices your FI can employ to collect on debts.  

    Since opening its doors in 2011, the CFPB has relied on its authority to prosecute UDAAP more than any other authority. In fact, half of the enforcement actions the CFPB has made public have alleged UDAAP violations. The Agency has relied on its UDAAP authority for two primary reasons. First, the penalties for conducting an unfair or deceptive collections practice can be steep—up to $1 million per day for knowingly violating the law. 

    Second, and most importantly, the Bureau has taken advantage of the UDAAP provision's broad and vague language. Because the statute provides little guidance as to what constitutes an "unfair" or "deceptive" act, the CFPB is empowered under its UDAAP authority to prosecute conduct it dislikes—even if such conduct is not explicitly in violation of the law.  Despite being urged by Congress to use the Agency's rulemaking power to clarify the scope and meaning of UDAAP, the CFPB has built its UDAAP doctrine on a case-by-case basis. 

    We will likewise discuss another issue of paramount concern: In May 2016, the CFPB proposed a rule that would restrict the use of arbitration clauses in consumer financial contracts, which would have the effect of enabling consumers to lodge class-action lawsuits against FIs should be a critical concern.

    In this session, we will examine the CFPB's broad application of its UDAAP authority. Taken together with an exploration of the CFPB's various informal guidance documents addressing debt collection issues, we will determine what constitutes a potential UDAAP violation according to the Bureau. 

    We will also review the Federal Deposit Insurance Corporation's (FDIC) debt collection recommendations for 1st party collectors, as well as compliance points related to the Fair Credit Reporting Act (FCRA), the Fair and Accurate Credit Transaction Act (FACTA), and the Fair Debt Collection Practices Act (FDCPA). Finally, we will explore the recent verdicts and rulings that affect how you handle slow-paying accounts. 

    Covered Topics

    This webinar will provide concrete steps your bank or credit union can take to identify and mitigate UDAAP risks.

    Additionally, we will highlight collections red flags and offer tips to help you identify loans before they become delinquent. This Webinar will provide you with best practices, examples of collection letters, steps to follow when reporting adverse consumer information, and collection scripts that work!.

    We will discuss the following issues:

     

    Overview of Credit & Collections

    o   Fair Credit Reporting Act (FCRA) / Fair & Accurate Credit Transaction Act (FACTA)

    o   Fair Debt Collection Practices Act: 1st Party & 3rd party collecting guidelines

    o   Consumer Financial Protection Bureau: 1st party collecting, UDAAP, and customer complaints

    o   Military Lending Act

    =       Policy and Procedures

    =       Court Cases that affect you

    =       MLA

    =       7 tips your policy must have to help collect your money

    =       Reviewing the credit application for Red Flags and ID Fraud

    Mail

    =       Notices vs Letters: Design the perfect Collection Letter

    =       FACTA REG V Compliance

    =       Email dos and don’ts

    Calling the Consumer

    =       Motivate the customer to pay in full with one call

    =       Enhancing your negotiation skills and work outs

    =       Learn the real reason they are not paying you

    =       Find overlooked sources of money

    Collection Tools

    =       Using credit reports to uncover facts about consumer

    =       Select the right collection agency or attorney: Are they FDCPA & FACTA Compliant?

    =       Using the WEB as a great skip tracing tool

    =       Reporting the Banks past due customers through Metro2 & E-OSCAR & FCRA/FACTA Compliance

    Conclusion

    =       Putting this knowledge into action

    Who Should Attend?

     

    This informative session is would best suit the following personnel:

     

    • Accounts Receivable
    • Credit and Collections staff
    • Finance Managers
    • Accounting and Financial Reporting Managers
    • Treasury Staff
    • CFOs
    • Cash Flow Managers
    • And, Anyone Interested in Increasing Cash Flow! 

     

    Products specifications
    CE Credits 2.5
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    Do Not Pass Go: Why Chapter 7 Bankruptcies Are Good Things For Creditors

    $219.00
    Bankruptcy isn’t anything a creditor should fear! Bankruptcies have for a long time been the bane of both creditors and debtors, but there’s no reason that should be. A Chapter 7 bankruptcy can actually be beneficial to a creditor, both during and after the bankruptcy, and as respects current and future obligations or transactions with the filing debtor. This session is a cost-effective way to minimize the negative impact bankruptcies can have on your business, while providing potential ways to actually turn a chapter 7 into a profitable event for your institution, and arm you with the knowledge it will take to navigate this complex area of law either yourself or with minimal legal help – helping you avoid costly legal fees and harmful write-downs of loans and obligations.
    Presenters:

    Greg Souther

    Greg was Co-Owner and Manager of The Credit Bureaus of Southeast Georgia, the parent company for six Credit Reporting and Collection Agencies based in Brunswick, Georgia. Other Management, Marketing, and Human Resource experience includes Credifax, formerly the Credit Bureau of Jacksonville, the Credit Bureau of Valdosta, and the Credit Bureau of Athens.

    ,

    Carly Souther

    Carly Souther is General Counsel and COO at Greg Souther Bank Webinars. She is a researcher for the International Center for Animal Law and Policy and an adjunct professor in the Master's of Animal Law and Society program at the Universitat Autónoma de Barcelona. Ms. Souther formerly served as Chief of U.S. Regulation at ECigIntelligence and was the Assistant General Counsel at Florida’s Agency for Health Care Administration. She was a research fellow at the Center for Innovative Collaboration in Medicine and the Law of the Florida State University College of Medicine, and second-chair of the Juvenile Justice course at the Florida State University College of Law.

    Ms. Souther co-authored two chapters in environmental law textbooks, and has published on a wide range of issues in both legal and medical journals, including the Georgetown Journal on Poverty Law & Policy and the University of Iowa’s Transnational Law & Contemporary Problems. She is co-founder, pro bono chair, and past president of Petagon International, Inc., and is a member of the Florida bar. She holds a Master's in Animal Law and Society from the Universitat Autónoma de Barcelona, a J.D. from the Florida State University College of Law, a B.A. in Political Science with a concentration in American Politics and a minor in Women & Gender Studies from Mercer University.