In banking and financial services, collections executives face the dual challenge of improving debt recovery and navigating an increasingly complex regulatory environment. Understanding recent advancements in debt recovery, together with the compliance factor shaping these developments, is crucial for professionals in this domain.
The Federal Trade Commission (FTC) has taken decisive action against Global Circulation, Inc. (GCI), a Georgia-based debt collection agency, accusing the company of using unlawful tactics to coerce consumers into paying more than $7.6 million in false debts. According to the FTC, GCI and its owner, Kenneth Redon III, misled consumers by making threats of jail time, harassing their family members, and using various other illegal practices to collect bogus debts.
Federal Trade Commission (FTC) Chair Lina M. Khan has announced a virtual open meeting scheduled for Thursday, November 14, 2024, at 11 a.m. ET. The event will kick off with an opportunity for members of the public to share feedback and address the Commission, with each speaker allotted two minutes to comment on the FTC’s work or raise relevant issues.
Small and medium-sized businesses (SMBs) face challenges when securing credit, especially in an uncertain economy. Embedded lending, which integrates credit options directly into purchase platforms, offers a fast and convenient solution.
It’s no longer good enough for your business to have a reactive approach to consumer privacy – you need a proactive strategy to manage compliance, foster consumer trust, and stay competitive in this modern era. While many businesses might think they have a handle on their privacy obligations, there are five key essentials that often go overlooked.
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