What ’s the big deal?
Increased scrutiny on debt collection practices, fueled by the Consumer Financial Protection Bureau (CFPB) and its stringent demands on debt collection agencies, has required financial institutions not only to get a sense of how new rules and regulations might impact their business, but also to consider the implementation of policies and procedures aimed at protecting their members.
State, federal and industry legislation, regulations, and laws including the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank), the Telephone Consumer Protection Act (TCPA), the Fair Debt Collection Practices Act (FDCPA), the Federal Trade Commission Act (FTCA) and Unfair, Deceptive, or Abusive Acts or Practices (UDAAP), place an increasing burden of accountability and documentation requirements on all lenders and all debt collection activities.
As a result there has been a significant increase in the cost of compliance in all collection efforts and an undeniable exposure in areas that are not in full compliance with regulatory standards. Businesses have had to produce official records and endure greater restrictions on how they communicate with consumers.
As a trusted industry advisor, we’re poised and ready to help institutions be successful and efficient in this new erea of regulation. Our accounts receivable management services simplify and streamline the recovery of debt amidst the CFPB’s new requirements while simultaneously protecting the reputation of our Clients and becoming an extension of their brand. By being proactive and ensuring that any documentation and processes necessary to comply with the overwhelming volume of regulations are in place, we help our Clients avoid escalating punitive charges, expensive back-peddling and potential litigation.
Why compliance matters
Compliance is a critical component in debt management and collections systems. As an entrusted third-party collections agency, we help our Clients navigate the dynamic changes in the industry while reducing their risks and acting as a trusted partner to whom they can outsource their receivables management needs. ConServe takes a mult-faceted approach to industry compliance training, including core curriculum seminars led by ConServe’s VP of Privacy and Compliance Officer, an experts and thought leaders in the industry.