Collecting & the CFPB
Managing your bank’s slow pays just got tougher! This webinar will strengthen your collection skills and help you understand and comply with new and existing regulatory guidelines when contacting and negotiating payment.
The CFPB new rule addresses how banks (First Party Collectors) collect their past due accounts. We will discuss the CFPB’s new ruling, including the hurdles you can expect to jump regarding Unfair, Deceptive, Abusive Acts or Practices (UDAAP) and their examples of practices to avoid which closely resembles what third party collectors have to comply with under the Fair Debt Collection Practices Act (FDCPA).
We will also spend time discussing collection skills, being consistent and updating your policy and procedures to handle the changes coming your way. Additionally, we will highlight red flags and offer tips on identifying loans before they become delinquent. This webinar will provide you with best practices, examples of collection letters, reporting your adverse consumer information and scripts that really work when used at the right time in the collection process. One tip or technique picked up from this session can literally save or make you and your bank thousands of dollars.
Overview of Credit & Collections
- Fair Credit Reporting Act (FCRA) / Fair & Accurate Credit Transaction Act (FACTA)
- Fair Debt Collection Practices Act: First & third party collecting guidelines
- Consumer Financial Protection Bureau: First party collecting & UDAAP issues in collecting
Policy and Procedures
- 7 tips your policy must have to help collect your money
- Reviewing the credit application for red flags and ID fraud
- Notices vs. Letters: design the perfect collection letter
- FACTA Reg. V compliance
- Email dos and don’ts
Calling the Consumer
- Motivate the customer to pay in full with one call
- Enhancing your negotiation skills and work outs
- Learn the real reason they are not paying you
- Find overlooked sources of money
- Using credit reports to uncover facts about consumers
- Select the right collection agency or attorney: Are they FDCPA & FACTA compliant?
- Using the Web as a great skip tracing tool
- Reporting the bank’s past due customers through Metro2 and E-OSCAR & FCRA/FACTA compliance
- Putting this knowledge into action
New and seasoned consumer lenders, commercial lenders and collection staff, senior officers, compliance/risk officers, credit analysts, trainers, CSRs and anyone responsible for establishing and maintaining credit and collection policy and procedures.
Greg Souther, President, Greg Souther Consulting & Seminars, provides training and consulting to companies in the following areas: Customer Service & Communication; Credit, Collections, & Compliance; Preventing Fraud & Information Security; and Marketing & Sales. With over 29 years of training and speaking experience, Greg and his associates share practical “how to” advice that everyone can easily understand and use in their daily work environment.
Institute of Certified Bankers: Visit http://www.icbmembers.org/login.aspx for instructions regarding self-reporting. Estimated credits: 2 hours/session
Member price: $265.00 | Non member price $530.00
Member price: $280.00 | Non member price $560.00
Online: Visit the CBA Webinar Catalog
Mail: Click here and mail completed form with check payable to ConferenceEdge to: (Mail at least 10 days prior to event)
1516 Xavier St., Ste 500, Denver, CO 80204
Phone: Call ConferenceEdge at (877) 988-7526 (credit card payments only)
- Preferred Payment Method: Online
- Please register online or by phone when paying with a credit card
- Payment Must Accompany Registration – Invoices are Not Provided
Register online up to day of event. Earlier registration allows time to check your computer for an optimal experience.