November 27, 2013 Newsletter

First-Party Consumer Financial Companies Under Reign of FDCPA

Recently, The Consumer Financial Protection Bureau (CFPB) issued a guidance bulletin stating it will start to apply many of the Fair Debt Collection Practices Act (FDCPA) provisions to companies that fall within its jurisdiction. These are companies that provide consumer financial products and/or services and collect their own debts.

Normally, these first-party debt collectors would not be subject to the FDCPA’s prohibited practices, but the CFPB determined that many of the prohibited practices under the FDCPA also constitute as unfair, deceptive and abusive acts or practices (UDAAPs) and will use their UDAAP authority to apply the FDCPA regulations.

A non-exclusive list of FDCPA-prohibited practices that will be enforced under the CFPB can be found here.

Companies under the CFPB jurisdiction should review with their legal department and implement policies regarding this matter to avoid litigation in the future.

New and Improved Client Web Link Coming Soon!

This past January, we announced we would be implementing a new version of our Client Web Link called ClientConnect. The new interface will start to be implemented in December and we will be providing tele-seminars to our clients starting in January. So, stay tuned for those dates and information on how to sign-up.

The new interface will allow our clients to manage their web access and accounts more easily. If you are not currently utilizing our Client Web Link and would like to learn more, please reply and let us know!

End of the Year Clean-Up

The end of the year is just around the corner. Now is the time to check your books and clean out those delinquent accounts. Every day those accounts remain on your books, they decrease in value.

So, let Finance System of Green Bay, Inc. take those accounts off your hands and help you get paid. Remember, your computer is not a debt collector and those accounts will never be paid if we can’t attempt to collect on them for you before they become noncollectable due to the statute of limitations.

Upcoming Appearances

HFMA 2014 MEGA Conference
January 28-30, 2014 at the Kalahari Resort – Wisconsin Dells

Wisconsin Credit Union League., Northeastern Chapter
January 23, 2014 at the Little River Country Club – Marinette