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LenderHub

SWBC's LenderHub blog is a one-stop resource for lenders.

 

Recent Posts

How to Successfully Navigate TCPA Cell Phone Consent

Ah, the Telephone Consumer Protection Act (TCPA)...that ole' chestnut. There hasn't been much change to this law, which went into effect back in 1991. Clarifications have been issued—as recently as 2013—however, the core ruling hasn't shifted since inception regarding contacting a debtor using an autodialer or pre-recorded message. If you don't know what the TCPA is and how it impacts the financial services industry, you can read one of our previous blog post that covers the TCPA basics. However, in this article, we'll dive a little deeper into how a financial institution can navigate the particulars of obtaining express consent from borrowers, specifically for the purposes of contacting them on a mobile device.

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What Your Institution Needs to Know About UDAAP

Regulation and compliance is something we all have to contend with in the financial institutions arena. It's not always pleasant, nor is it easy, and it's usually far from fun. However, knowing your role and responsibilities within compliance can keep your institution out of hot water. And, breaking compliance regulations generally means being asked to pony up some serious fine monies. The greater damage is the one done to your financial institution's reputation, something members and potential members won't soon forget.

The best way to stay out of trouble is to be well informed. Let's take a look at the unfair, deceptive, or abusive acts or practices (UDAAP) and why you should take prohibited acts outlined under Dodd-Frank seriously. 

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[Quiz] Test Your Collections Regulation Knowledge

In recent years, the collections industry has seen a surge of new and revised regulations from federal and state legislators seeking to limit the scope and character of outbound call efforts. This has placed a significant burden on financial institutions who must collect on delinquent accounts. From hiring the right personnel and training them, to software and equipment needed to monitor calls, financial institutions are investing significant resources in an effort to meet collections-related regulations.  

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How the American Collectors Association Can Support Your Collection Efforts

Debt collection can be a challenge. Overcoming debt collector stereotypes, and adhering to the many laws and statutes which govern collections practices can be a formidable task, and there are times when you may need information and assistance on things like current legislation, legal support, or industry information.

The American Collectors Association (ACA) contributes to the success of its members and the positive reputation of the credit and collection industry through education, advocacy, and services. Here are some of the most prominent ways ACA supports collectors.

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