Since the Consumer Financial Protection Bureau was formed in 2011, there has been a near continuous discussion as to their potential impact on the accounts receivable management industry. Over the past several months the CFPB’s presence has been steadily increasing through onsite audits and multiple publications for the general public(prohibited debt collection practices and setting strict guidelines on how debt collectors may reference a consumer’s credit report). Focusing on the largest organizations within the industry first, one could say while the CFPB is the acting sheriff, they’ve indirectly made the creditors their deputies. Read More
Surefire University: New Compliance Training Learning Management System for Accounts Receivable Management (ARM) Professionals. We are excited to announce the launch of Surefire University, a comprehensive compliance training curriculum designed exclusively for the ARM industry. With Surefire University, our clients are able to implement a full service, customized, role-based solution that educates their team and protects their organization.
Over the past 3 years Surefire has been working on enhancing our Compliance Management platform which already offers applications for managing complaints, call audits and vendor audit processes. SurefireUniversity aligns with the direction of our application development focus and we are thrilled to have this partnership with OnCourse Learning. Read More
Increasing Scrutiny for SCRA Compliance Violations
Financial services providers across the country are scrambling to avoid being caught in the fallout over the crackdown on violations of the Servicemembers Civil Relief Act (SCRA). Recent fines levied against several credit issuers are an early sign of the increased scrutiny now being focused on everyone from lenders and loan service providers to debt collectors and affiliated agencies.
The SCRA is designed, in part, to reduce interest rates on credit and services and provide protection for members of the military who on active duty. The Consumer Financial Protection Bureau (CFPB), Department of Justice (DOJ) and Federal Deposit Insurance Corporation (FDIC) and other agencies continue to unearth thousands of violations and issue severe and costly penalties against companies found to be in violation of the Act. Just this month, there was a report indicating certain retailers have filed debt collection suits against active duty servicemembers who are unable to defend themselves while serving on active duty. As a result, Senators are now calling on the CFPB to investigate ‘Aggressive Debt Collection’actions against military servicemembers. Read More
