Collecting Past Due Accounts Under New CFPB Requirements: Are You Ready?
Calling and collecting your bank’s slow pays is getting 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’s Regs address how financial institutions (First Party Collectors) contact consumers to collect past due accounts. This webinar will review the CFPB’s new guidelines, including the hurdles you can expect to jump, consumer complaints and practices to avoid in order to maintain Unfair, Deceptive or Abusive Acts or Practices (UDAAP) compliance.
The program also focuses on improving collection skills for beginners and advanced personnel. We will identify red flags and offer practical advice on identifying loans before they become delinquent. You will become better prepared to handle past due customer’s excuses over the phone and face to face. Examples of collection letters and scripts that really work when used consistently and at the right time in the collection process will be provided. 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: 1st Party & 3rd party collecting tips
- Consumer Financial Protection Bureau: 1st party collecting, complaints & 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
- Contacting 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
- Emails, texting, and faxing
- Bankruptcy tips
- Right to set off
- Collection Tools
- 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 banks past due customers through Metro2 and E-OSCAR & FCRA/FACTA compliance
- Putting this knowledge into action
New and seasoned consumer lenders and collection staff, senior officers, commercial lenders, 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
Institute of Certified Bankers: Visit http://www.icbmembers.org/login.aspx for instructions regarding self-reporting. Institute of Certified Bankers: Estimated credits: 2 hrs. CRCM/CLBB (self-reporting).
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.