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.
While the cost of remaining compliant with these rules may be high, the cost of noncompliance is often far greater. A single misstep could result in crippling reputational and financial consequences. That’s why it is vital for each member of your operation to be informed of the most current regulations and equipped to comply with them. See how your knowledge stacks up by taking our compliance challenge!