September 24, 2019 Newsletter
Big change forecasted – and we don’t mean the weather
In May, we reported that the Consumer Financial Protection Bureau (CFPB) was to release proposed rule-making with regard to debt collection.
They have since released proposed rules including:
- certain disclosures, such as an itemization of the debt and plain-language information about how a consumer may respond to a collection attempt, including by disputing the debt
- methods by which debt collectors may lawfully use newer communication technologies, such as voicemails, emails and text messages
- methods by which collectors may provide required disclosures electronically, for example, by email or text message
- call frequency limits of no more than seven attempts by telephone per week; prohibiting call attempts within 7 days of a telephone conversation
- out-of-statute debt collection, by prohibiting suits and threats of suit on time-barred debts and requiring communication with the consumer before credit reporting
The CFPB opened up a comment period on these proposed rules. With close to 2,000 comments filed, the CFPB had extended the comment period to Sept. 18, 2019 to “further ensure the best possible outcome for the accounts receivable management industry,” said Leah Dempsey, ACA’s vice president and senior counsel of federal advocacy.
We are anxiously waiting for the final rule-making to be released in the coming months and will forward any pertinent information onto our clients.
Swing for Kids Success
On August 16th, the Wausau Breakfast Optimist Club held their 9th annual Swing for Kids Golf Outing in which Account Representative, Ryne Kajewski, participated and Finance System of Green Bay, Inc. was a sponsor of.
The event helps to raise money for expanding community programs, offerings and bringing out the best in kids in Marathon County.
This year, the event had its highest amount of participating teams and brought in $15,810.00 in donations. Finance System of Green Bay, Inc. is always eager to give back to the communities we and our clients serve.
What’s New Here?
Jennifer is back from maternity leave: Hallelujah! Our Customer Service Supervisor, Jennifer, returned early August from maternity leave. We are so thankful to have her back assuming her role assisting our clients!
Collections manager change-up: Our long-standing Collections Manager, Dennis, is fixing to permanently retire by the end of the year. He has been semi-retired as our office searched high and low to find the perfect candidate to assume his role. Turns out the perfect candidate was already one of our own. Account Recovery Specialist, Danielle, has been named to replace Dennis come 12/31/2019. She has been with Finance System of Green Bay, Inc. for almost eight years and is ready for this next challenge.
Adding to our account recovery specialist team: With Danielle slowly transitioning into the collections manager role, we welcomed a new account recovery specialist to round out our team. Bee started with us, this month, learning all their is to know in the collections industry and shadowing staff members. We are excited to have him join us.
Question from our inbox:
“I’ve always sent in new accounts just by sending in a copy of an invoice. Why am I know being asked to complete a listing sheet, in addition to sending the invoice?”
Answer: We have made it an office policy that any new accounts we need to enter in-house must be submitted with a completed listing sheet. By doing this, we have taken the guesswork out of who should be listed as responsible, what the most recent contact information is and what the correct balance due is, because realistically, you’re the expert on your accounts and reading your own invoices.
Upcoming Appearances
2019 Wisconsin Apartment Association Autumn Conference & Trade Show
October 4 – 5 at the Central Wisconsin Convention and Expo Center, Rothschild, WI
*Vice President, Jeffrey Shavlik will be speaking*
Apartment Association of Northeastern Wisconsin Vendor Trade Show
October 9 at the Townline Pub & Grill, Suamico, WI
2019 Apartment Association of Southeastern Wisconsin Trade Show
October 11 at the Potawatomi Hotel and Casino, Milwaukee, WI
Wisconsin Housing Alliance 2019 Annual Conference
November 6 – 7 at the Chula Vista Resort, Wisconsin Dells, WI
Mega Healthcare Conference
January 22 – 24 at the Kalahari Resort and Conference Center, Wisconsin Dells, WI
