Debt Collection in 2017: Trends and Compliance Issues Under CFPB, UDAAP & Related Rulings
With the Consumer Financial Protection Bureau (CFPB)’s heightened focus on monitoring debt collections practices, it is important that companies stay up-to-date with the ever-changing rules, regulations and case law. Noncompliance may result to complaints, litigation and regulatory penalties that can negatively affect the ability to collect delinquent loans.
In a two-hour LIVE Webcast, a panel of thought leaders and practitioners assembled by The Knowledge Group will provide the audience with the knowledge needed to ensure full compliance with the CFPB. They will discuss recent regulatory and enforcement actions under the CFPB and explain how unfair, deceptive, or abusive acts or practices (UDAAP) impact unprepared financial institutions. The speakers will also offer cutting-edge strategies to make sure that your compliance practice goes above and beyond the requirements of a CFPB examination.
Key topics include:
- Overview of Credit & Collections
- Fair Debt Collection Practices Act
- Consumer Financial Protection Bureau
- Important CFPB Collections Actions
- UDAAP Dos and Don’ts
- Conducting a Risk-Based Collections Audit
- CFPB Compliance Tips and Strategies
Patrick G. Broderick, Shareholder
Greenberg Traurig, P.A.
- Expansion of Debt Collection Industry
- Figuring out whether or not the FDCPA applies
- “Consumer Debts”
- Not All Obligations to Pay Are Debts Under FDCPA
- Employer-Employee Transactions Not Found “Consensual”
- Violations of Regulations, Ordinances or Other Government Requirements Are Not “Transactions” but:
- Recent Decisions Have Expanded Scope of “Transactions”
- Internet Based Charges Are Transactions Under FDCPA
- Proving What Goods and Services Underlie the Transaction May Not Be Enough
- Problems Unique to Identity Theft Cases
Mark T. Dabertin, Special Counsel
Pepper Hamilton LLP
- Requirements for First-Party Collectors ― Current Rules and Potential Changes
- Review of Recent Debt Collections Cases
- Review of Agency Enforcement Actions
- Proposed Regulation F ― What You Should Know
Joel Gerson, Senior Consultant
- The future of collections will be different than it is today due to regulatory pressures, technology changes, and customer expectation shifts
- These pressures are leading to two significant industry trends:
- Automating processes to become more efficient and have compliance “built into” the workflow
- Adjusting contact/offer strategies to be based on customer’s unique value propositions — taking a view that collections is a “specialized form of marketing”
- These trends are both short term and long term - are also leading to larger-scale transformations that organizations will be undertaking over the course of the next decade
Who Should Attend:
- Collection Attorneys
- In-House Counsel
- Bank and Financial Institution Executives
- Lending/Loan Officers
- Financial Officers
- Collections Managers and Staff
- Compliance Professionals
- Other Interested/Related Individuals
Patrick G. Broderick focuses his practice on litigation related to claims arising out of federal consumer protection statutes, including the Real Estate Settlement Procedures Act, Truth in Lending Act, Fair Debt Collections Practices Act, Fair Credit Reporting Act, and Telephone Consumer Protection Act as well as various state consumer protection statutes. He is experienced defending companies against class action lawsuits asserting violation of consumer protection statutes, and overseeing company responses to government investigations initiated by state attorneys general and federal regulatory agencies relating to mortgage servicing practices.
Patrick G. Broderick focuses his practice on litigation related to claims arising out of federal consumer protection statutes, including the …
Mark T. Dabertin is special counsel in the Financial Services Practice Group of Pepper Hamilton LLP, resident in the Berwyn office. Mr. Dabertin has over 25 years of broad-based experience in financial services law and consumer and regulatory compliance.
Mr. Dabertin’s career includes extensive experience in consumer lending, safety and soundness, and anti-money laundering. His work in consumer and regulatory compliance at large financial institutions has been marked by innovations that resulted in fundamental structural changes to existing firm-wide compliance activities, including with respect to regulatory change management, risk assessments, and vendor management.
Mark T. Dabertin is special counsel in the Financial Services Practice Group of Pepper Hamilton LLP, resident in the Berwyn …
Bridgeforce is a multi-national consulting firm established in 2001 specializing in Credit, Technology, and Operations – ranging from underwriting to debt collections. Since joining Bridgeforce in 2012, Joel has supported numerous clients ranging from top 10 banks to niche regional players in the debt collections industry, including development/enhancement of compliance/control functions, deployment of new technology platforms, organizational re-design, and strategy design/implementation to improve performance. Joel has also been on the forefront of industry research for Bridgeforce, including the recent publication of papers titled “The Future of Collections” and “Implementing Periodic Statements for Mortgage Loans in Bankruptcy.”
Joel holds a BS in Economics and a Minor in Business Administration from the University of Delaware.
Bridgeforce is a multi-national consulting firm established in 2001 specializing in Credit, Technology, and Operations – ranging from underwriting to …
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About Greenberg Traurig, P.A.
Greenberg Traurig is a law firm of approximately 2000 lawyers in 38 locations that's focused on helping businesses navigate change. Greenberg Traurig’s Financial Services Litigation Group has wide-ranging experience assisting national clients and local businesses in a variety of matters affecting the financial services industry. From handling individual claims to managing nationwide class actions, our national team of experienced litigators regularly advises and defends banks, mortgage lenders and brokers, credit card companies, debt collectors, payday lenders, consumer finance companies and other financial institutions in a variety of disputes in state and federal courts and in arbitration, as well as before governmental agencies.
About Pepper Hamilton LLP
Formed in 1890, Pepper Hamilton LLP is a multi-practice law firm with more than 500 lawyers nationally. The firm provides corporate, litigation and regulatory legal services to leading businesses, governmental entities, nonprofit organizations and individuals throughout the nation and the world.
The financial services industry is changing rapidly. The expansion of financial institutions into new areas – securities, mutual funds, hedge funds and insurance – requires a group that has the breadth and depth to handle all these needs, needs met by the lawyers in Pepper’s Financial Services group.
Representing lenders in transactions is a significant part of our work. We also represent corporate clients in their borrowings; represent clients in asset sales and securitization transactions, representing issuers of public and private debt securities, beneficial holders of such securities and trustees; counsel our bank clients in hostile takeover attempts, auction processes for possible sales, and other corporate governance matters.
The list of federal agencies, laws and regulations that govern banks and other financial institutions seems endless and ever-growing. Add the overlay of state regulation on many institutions, and the picture gets even more complex. We also help commercial banks, bank holding companies, foreign banks, mortgage finance companies, and savings and loans to comply with all regulatory requirements.
Bridgeforce, a specialized multi-national consulting firm, has been solving complex problems for companies involved in consumer and/or small business lending and payments for nearly 15 years. Over 75% of Bridgeforce consultants come directly from client-side leadership positions across multiple parts of the credit lifecycle. Combined with subject matter expertise in operations, technology, strategy and regulatory issues, Bridgeforce has the knowledge and experience to make the hard choices in developing and implementing best-fit solutions that are both achievable and lower the risks of execution. The Bridgeforce success can be attributed to a culture fostering innovation and evolving best practices recognized within the industry.