As the Consumer Financial Protection Bureau (CFPB) continues its progress towards a bigger role in the rules and laws that govern debt collections, a proposed piece of legislation would lend a bigger voice to small businesses within collections and the financial industry.
As the Affordable Care Act slowly becomes implemented and some of the uncertainty around its dates and deadlines starts to clear up, the healthcare industry is gaining a better understanding of the impact it will have. Specifically, they are starting to see the effect the Act will have on their accounts receivable and their amount of bad debt.
With the introduction of the CFPB Rule-making Process at the end of 2013, there was an opportunity for agencies, creditors, and consumers alike to offer their input on debt collection laws. While collection agencies would like to see certain laws undergo a modernization process, consumers provided input about their own rights and the experience of being a debtor.
With the deadline looming for open enrollment in The Affordable Care Act, one of the first landmarks is finally set to fall and possibly set things in motion.
Here at The Affiliated Group, we remain committed to a proactive approach when it comes to issues of compliance and data security. This week we are proud to announce a significant step forward in terms of how we handle consumer information and cardholder data.
From March 2-8, 2014, it will be the Federal Trade Commission's National Consumer Protection Week. This creates an opportunity for businesses across a number of industries to think about and discuss the importance of certain practices to protect the best interests of consumers.
In the collection industry this is an especially sensitive topic. The negative stigma often attached to our industry results, in part, from the difficult nature of the conversations we have with consumers. Those instances of abusive practices by the bad apples in our industry are especially harmful.
The Affiliated Group is proud to announce that we have been named a 2014 DREAM BIG Blue Ribbon Small Business of the Year Award Winner by the U.S. Chamber of Commerce. We are honored that our company philosophy and presence in the Rochester community earned us this award. TAG is one of 100 companies recognized with this honor.
Here is an excerpt from the U.S. Chamber's press release:
An annual survey conducted by the American College of Healthcare Executives at the beginning of the year revealed top concerns for hospital CEOs. Not surprisingly, financial challenges topped the list, continuing a trend that has been consistent for the last 10 years. It is interesting, though, to consider the wrinkles to that challenge in the year 2014 and how they rank.
The top five challenges, as identified by hospital executives, were:
The Affordable Care Act was implemented, among many other reasons, so that more Americans would be able to afford health insurance. It seems basic to say so, but it is worth a reminder that it was the core philosophy behind the law (it's even in the name). In particular, it was thought that people from the ages 18-34 who were more likely to have no insurance in the past would be more likely to get coverage under the act.
Could the United States Postal Service be involved in aspects of banking? Could that include debt collection?
A recent report from the Office of the Inspector General suggests that USPS should provide "Non-Bank Financial Services for the Underserved" of the United States. Those services could include: