The CFPB’s final rules on debt collection issued in October and December 2020 have left creditors and servicers wondering what to do with them. These rules were the result of a 7-year long process and represent the first major rulemaking under the Fair Debt Collection Practices Act (FDCPA) since the law’s inception over 40 years ago. Even with the rules finalized, as described in greater detail below, incoming CFPB leadership has questioned whether the final rules need to be further refined.
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WOODLAND HILLS, Calif. -- The State of Utah, known as one of the fastest-growing technology centers in the country, selects CSS IMPACT Financial Cloud as its Enterprise Debt Collections Ecosystem Platform. CSS, Inc., the developer of “IMPACT | HD 2.0” is the leading provider of “NextGen” Cloud Financial & Debt Collections Ecosystem platforms with a focus on “Ai” (Artificial Intelligence) machine learning Digital Collections. The HD 2.0 | Ai system, a “Digital First” collections & debtor engagement platform, that allow agencies to deploy agent-less servicing functions to negotiate, settle, make payment arrangements, receive payments & answer common questions passively & positively without changing the debtor behavior by using common IoT channels of communications, such as Google Assistant, Google Ai Voice (phone), Text, Chat, Online portals, as well as legacy channels such as Dialers, Click-to-dial mobile contacts, Text Messaging, IVRs, & emails.
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The accounts receivable management (ARM) industry tends to move slower than most when it comes to adopting new technologies. In large part, this is due to the enormous regulation of the industry. But also, agencies must overcome the hurdle of convincing their third-party clients to adopt the same technology and to trust their agency to utilize it in a compliant and consumer-friendly way. The future of the ARM industry must include meeting customers where they want to be met, and that means adding more communications channels like email, interactive websites, and, yes, two-way texting.
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