100% Committed to Bank and Credit Union Collection and Recovery

Collections and Recovery Blog

Leveling the Collection Compliance Playing Field with Technology

By: Rob Daley | October 2, 2017

A constant and growing compliance burden for banks and credit unions adds to escalating costs and puts a heavier burden on vigorous collection systems to maintain order and help ensure profitability. Debt gathering is a billion-dollar industry with swelling and multifaceted legal concerns for financial institutions across departments but especially when gathering fees owed. This […]

Improving Lending with Bank Debt Collections Technology With or Without Dodd-Frank Reform

By: Rob Daley | August 1, 2017

Loan impact on the bank debt collections process from Dodd-Frank reform requirements and other legislative changes is currently unclear.  One certain situation is that bank collection software needs to help lenders adapt to regulatory changes via a number of robust and flexible capabilities. Amount of loan volume, as well as changes to investor, guarantor, and […]

Banks and Credit Unions Are Increasing Loan Volume With Modern Collection Systems

By: Rob Daley | May 30, 2017

Loan volume growth is a top priority for community financial institutions. Money availability pressure on bankers has prompted a number of steps to make give borrowers more access to cash. Lender professionals have lowered interest rates. Credit standards have been relaxed to induce borrowing.  Amount of application fees have been waived. This situation of fast […]

Reducing Collection Compliance Risk for Community Banks and Credit Unions

By: Rob Daley | March 28, 2017

Is your collection department in compliance? Are your representatives up-to-date on state, and federal applicable regulations? Is your collection automation technology up to date, and capable of enforcing adherence to your institutions legal obligations? Are agents representing your community bank or credit union in an honest and ethical way? Debt gathering is a billion-dollar industry […]

Open Source and Cloud Help Make Collections Affordable

By: Rob Daley | December 23, 2016

Open-source software and cloud architecture helps provide cost-effective and flexible collections systems. It also moves bank debt recovery toward digital frameworks and business models. A cloud computing platform − a network of servers hosted internally, through a third-party provider or via a hybrid of both – allows banks and credit unions to move technology to […]

Debt Collection Among Top Consumer Complaints in 2016

By: Rob Daley | December 8, 2016

The Consumer Financial Protection Bureau released a monthly snapshot highlighting consumer complaints about financial services. The report revealed problems with debt settlement companies and a great opportunity for financial institutions using robust debt collection services. When consumers submit a complaint that falls outside one of the bureau’s major complaint categories, their complaint falls under the […]

Reliable Collection Systems Reduce Bank Collections

By: Rob Daley | November 7, 2016

Debt recovery systems that financial institutions use must be compliant and reliable now more than ever.  Debts owed by business or consumer clients represent great value to any bank or credit union.  Collecting payments on outstanding debt ensures that banks and credit unions don’t incur the expense of writing off bad debts. Money owed to […]

Ten Debt Collection Strategies for Banks That Make Collections More Efficient

By: Rob Daley | October 21, 2016

Debt collection strategies are vital for helping banks to conduct efficient and compliant collections efforts.    Information such as the debt collection strategies for banks outlined below will help guide your bank or credit union toward conducting a significantly more efficient collection process. Effective business strategies that financial institutions can use for efficient debt collection […]

More Collection Regulations Coming Amid Growing Complaints

By: Rob Daley | October 15, 2016

Debt recovery business practices by financial institutions must be consistently compliant under increasing regulation and consumer scrutiny.  Information and complaints from consumers regarding questionable debt collection activity and compliance failures is increasingly reported in the news and social media. Money and debts are top of mind with consumers. Consumer Financial Protection Bureau (CFPB) director Richard […]