3 Key Ways to Prepare for Tax Season Now

Consumers may be financially healthy right now, but savings rates are dropping, household debt is soaring and, depending who you ask, a recession either looms or is already here. Getting your 2023 tax season collections strategy set now may give you the best opportunity to collect on past-due accounts in the next 12-24 months.

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Superlative RM Hires John Curry as Vice President of Business Development

PHOENIX, Ariz. -- Superlative RM announced today that John Curry has joined the team as the Vice President of Business Development. Curry has over thirty-six years of experience in the ARM industry, having experience in sales and marketing and debt purchasing. This announcement comes as Superlative looks to expand and compete in new markets.

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CFPB Expands Consumer Complaint Access to Local Governments

In a recent blog post, the CFPB announced that it has started sharing consumer complaint data with local governments through its Government Portal.  The Government Portal gives local, state, and federal government agencies access to more granular information about consumers’ complaints and companies’ responses than the public is able to view through the CFPB’s public-facing Consumer Complaint Database.  The CFPB indicated that this initiative is intended to “increase the impact of our complaint data” by giving cities and counties information that will allow them to “increase their efforts to protect consumers at the local level.”  The initiative is consistent with statements made by Director Chopra regarding increased CFPB collaboration with other enforcement authorities.

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Ninth Circuit Affirms Award of Attorneys’ Fees in FDCPA Matter

In Hanrahan v. Statewide Collection, Inc., No. 21-16187 (9th Cir. Sep. 1, 2022), the Ninth Circuit affirmed an award of attorneys’ fees in favor of the plaintiff in an action brought under the Fair Debt Collections Practices Act (FDCPA). The case makes clear that, although the amount is discretionary, attorney fee awards to prevailing plaintiffs are mandatory under the FDCPA.

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CFPB on Schedule with Consumer Data Privacy Rights Rulemaking Process

On Oct. 25, 2022, the Director of the Consumer Financial Protection Bureau (CFPB), Rohit Chopra, announced at a fintech conference that the CFPB “will launch the process to activate a dormant authority under Section 1033 of the Consumer Financial Protection Act . . . [to] provide for personal financial data rights for Americans . . .”

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Breaking Down the CFPB's Opinion on Convenience Fees [Sponsored]

When the CFPB released their advisory opinion on “pay-to-pay fees” in debt collection, it caused confusion in the debt collection industry. The opinion emphasized the existing provision in the FDCPA that says debt collectors may not collect fees that are “incidental” to the principal amount of the debt unless expressly permitted by law or within the consumer’s agreement with the creditor.

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Featured Resources and Webinars

from insideARM.com

» How to Launch an Omnichannel Collection Strategy

» 10 Steps to Drive More Profitable Collections Operations

» Breaking Down the CFPB's Opinion on Convenience Fees

» 2022 Survey Report: Explore and Understand the Modern Consumer’s Expectations

» Case Study: How Credit Service Company Used Business Intelligence to Increase Revenue without Increasing Effort

» How an Empathy-First Strategy Can Improve Your KPIs

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