Real-time payments are no longer a future prospect or an experimental innovation; they are the present reality and a fundamental expectation.
As demand reaches unprecedented levels, financial institutions (FIs) across the spectrum are facing a critical juncture: embrace instant payments or risk being left behind.
When the home audio company Sonos released a disastrous update to its app last year, one of the agents fielding angry calls from customers was an multi-modal chatbot from the AI startup Sierra. Sonos is one of many companies that are using AI for customer service, taking advantage of the technology’s growing ability to successfully navigate unpredictable conversations with human beings.
On May 15, the Consumer Financial Protection Bureau (CFPB or Bureau) officially rescinded its May 2022 interpretive rule concerning the scope of state enforcement authority under § 1042 of the Consumer Financial Protection Act of 2010 (CFPA). According to the CFPB, this decision restores statutory limits on states’ authority and aligns enforcement actions with the original legislative intent of the CFPA. By restoring statutory limits and promoting joint actions, the Bureau seeks to streamline enforcement processes and ensure that both federal and state authorities operate within their designated boundaries.
Despite massive attempted layoffs and cancellation of third-party vendor contracts, the Trump Administration did not and does not intend to shut down the CFPB, a Justice Department attorney told a federal appeals court on May16 in connection with oral arguments on the government’s appeal of the preliminary injunction issued by the District Court, which essentially required the government to maintain the status quo pending the outcome of the litigation.
Being a Collector is not an easy job — it comes with its own set of challenges and emotional tolls. In every interaction with a customer, a Collector must be the adult in the room. Regardless of what the customer says, threatens, or insinuates, the Collector is responsible for staying calm, professional, and focused on managing the relationship.
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