CFPB Announces Consent Order with Third-Party Collector of Medical Debt

On June 8, 2023, the CFPB announced that it had entered into a consent order with Phoenix Financial Services, LLC (Phoenix), a third-party debt collector that collects primarily past-due medical debts and furnishes information to consumer reporting agencies (CRAs), to settle alleged violations by Phoenix of the Fair Credit Reporting Act and its implementing Regulation V, the Fair Debt Collection Practices Act, and the Consumer Financial Protection Act.  In addition to requiring the payment of consumer redress by Phoenix, the consent order requires the company to pay a $1.675 million civil money penalty to the CFPB.

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McGlinchey Adds Two Financial Litigators in New York City

NEW YORK CITY, N.Y. -- McGlinchey Stafford is pleased to announce that the firm’s New York City office has strengthened its prominent Financial Services Litigation and Commercial Litigation practices with the addition of Jason Lipkin, who joined as of counsel, and Melisa Zukic as an associate. Jason and Melisa mark six new hires in McGlinchey’s New York City office in the past six months, following the recent additions of Brittany Adikes and Camille Singh.

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OTDAmericas Selects LiveVox’s Cloud Contact Center Platform to Optimize Customer Engagement and Mitigate Risk

TAMPA, Fla. and SAN FRANCISCO, Calif.-- OTDAmericas, a global business process outsourcing company, and LiveVox (Nasdaq: LVOX), a proven cloud CCaaS platform built to transform contact center performance, today announced that LiveVox has been chosen as OTDAmericas’ global contact center platform provider. OTDAmericas is the nearshore subsidiary for parent company, OneTouch Direct, leveraging more than 9,000 employees throughout Colombia, Mexico, and Latin America, with availability for Asia and Europe as well. OTDAmericas will deploy LiveVox’s platform for use throughout the customer journey for its large customer base that includes many of the largest and most recognized Fortune 500 U.S. and global brands across consumer finance, retail banking, technology, telecom, entertainment and media, payment processors, and internet providers.

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Increase Collections by Knowing Your Customers Better

Organizations in the ARM industry have embraced the use of digital channels to not only communicate with customers, but to also improve the collections process. But that is just the first step. Organizations must also leverage artificial intelligence to identify and contact the highest-potential accounts at the most opportune time by leveraging machine learning algorithms.

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CFPB Warns About Risks of Chatbot Use in Consumer Finance

On June 6 2023, the Consumer Financial Protection Bureau (CFPB) issued a report analyzing the use of chatbots in consumer finance and the impact on customer service. The report notes that financial institutions are increasingly using chatbots to reduce the costs of human customer service agents, and moving away from simple, rules-based chatbots toward more sophisticated technologies, such as large language models and generative chatbots and others marketed as artificial intelligence (AI).

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Women in Consumer Finance Announces Keynote by Sallie Krawcheck, Co-Founder and CEO of Ellevest

POTOMAC, Md. – Women in Consumer Finance (WCF) is proud to announce that the opening keynote session for this year’s leadership summit (December 11-13, 2023 in Palm Springs, CA) will be presented by Sallie Krawcheck, Co-Founder and CEO of Ellevest, an investment and wealth management platform built by women, for women.

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How to Connect with Today’s Digital Consumer

TODAY! June 14, 2023 at 02:00 p.m. ET

Economic difficulties generally create more activity in the ARM industry. Individuals are often less able to pay bills, which results in more charge-offs and higher delinquency rates. With debt on the rise, organizations must prepare to handle the likely surge by getting the right solution in place.

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Featured Resources and Webinars

from insideARM.com

» 7 Steps to Boost Your Collection Performance with Conversational Voice AI

» Customizable or Configurable? Find the Right Collections Solution for Your Business

» Case Central Dispute Management Demo

» Seven “MUST-HAVE” Collection Software Capabilities for 2023

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