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Editorial News

When attempting to collect an overdue balance from a client who has not made payment, it is crucial to approach the situation professionally, assertively, and within the boundaries of the law. 

Here is a recommended method for collecting an overdue balance: 1. Send a polite reminder: Start by sending a friendly and professional reminder to the client, stating that their payment is overdue. Include specific details about the outstanding balance, the…
Government News

The CFPB’s 2022 Fair Lending Annual Report to Congress

Today, the CFPB released its Fair Lending Annual Report to Congress , describing our fair lending activities in enforcement and supervision; guidance and rulemaking; interagency coordination; and outreach and education for calendar year 2022. In 2022, the CFPB’s fair lending work centered…
Editorial News

When facing a lien on their bank account, defendants have a few potential options to defend against it

Here are some common ways defendants may choose to challenge a lien on their bank account: 1. Procedural errors: Defendants may scrutinize the procedures followed by the party seeking the lien. They can challenge the legality of the process, such…
Editorial News

Americans have almost $990 billion in credit card debt

Americans have a record amount of credit card debt right now — close to $990 billion, according to recent Fed data. It makes sense that people borrowed more in recent months, with prices going up at a quick clip and wages growing less briskly. But now with…
Editorial News

Here are some relevant laws and regulations that apply to commercial collectors

When it comes to commercial debt collection, the regulatory framework differs from consumer debt collection. While there is no specific federal law like the Fair Debt Collection Practices Act (FDCPA) that governs commercial debt collection practices, there are still legal…
Editorial News

There are several key consumer laws that collectors should be concerned with when engaging in debt collection practices. 

There are several key consumer laws that collectors should be concerned with when engaging in debt collection practices. These laws aim to protect consumers from unfair, deceptive, or abusive practices. Here are some important consumer laws that collectors should be…
Bankruptcy News

23 biggest U.S. banks pass annual Fed stress test

The nation’s 23 largest banks passed the Federal Reserve’s so-called stress tests this year, a sign that the nation’s banking system remains resilient despite the recent banking crisis that led to the failure of Silicon Valley Bank, Signature Bank and First…
Editorial News

Collection agencies can employ various strategies to acquire clients and grow their business.

Here are some effective ways to attract clients as a collection agency: 1. Networking and referrals: Build a strong professional network within the industry. Establish connections with individuals and businesses that can refer clients to your agency, such as attorneys,…
Editorial News

To prevent a company from being sued for FDCPA violations, it is important to adhere to the following key facts

The Fair Debt Collection Practices Act (FDCPA) is a federal law in the United States that regulates the behavior of debt collectors when collecting consumer debts. To prevent a company from being sued for FDCPA violations, it is important to…
Legal News

Here’s what a new Supreme Court case could mean for federal wealth tax proposals

The Supreme Court will soon hear a case that could affect broad swaths of the U.S. tax code, corporate revenue and federal wealth tax proposals. The case, Moore v. United States, is slated for the next court term and challenges a levy enacted…