Soft Phones and Human Call Initiator
Stoneleigh Recovery Associates implemented a new soft phone system through Noble Systems in June. The click-to-dial technology has already increased our call volume by 36 percent. The upgrade came with new headsets and an update for all in-house computers. Our team of collectors are now able to work through more accounts. Each employee has increased their calls by 50 to 70 calls per day, providing our clients with more efficient results.
We are also in the process of implementing LiveVox’s human call initiator (HCI). We anticipate going live in August. With a HCI, we anticipate a minimum 30 percent increase in productivity. One clicker would support a call volume for 30 collectors. These new technological implementations have been verified as TCPA compliant, and the ability to dial more means more calls, more contacts, and better results for all our clients. For more information, please contact our VP of Operations Ronni Majewski at email@example.com.
Elevating Our Employees
Stoneleigh Recovery Associates considers its employees as a second family, which is why we are pleased to announce the advancement of a hard-working team member, Megan.
Megan is now employed in our compliance department as the new compliance assistant. She started with SRA as a payment processing administrative assistant in May 2017. Megan will be handling correspondence audits, call monitoring, data entry and reports.
“Megan has been a great addition to the Compliance Department,” Director of Compliance Nikki Noyes said. “Her organization skills, willingness to learn, and ability to think outside the box has been a great asset already.”
California Consumer Privacy Act
California signed a new data security law this month, AB 375, referred to as the California Consumer Privacy Act of 2018. The full text can be found here.
The California law is similar to the European data security law (GDPR) that took effect on May 25 of this year. The Privacy Act gives a California consumer the right to opt out of the sale of their personal information, the ability to have their data deleted and a right to know what has been collected on them. The California Attorney General will have the ability to enforce violations of the law.
The law only applies to certain businesses that either have gross revenues over $25 million dollars, derive 50 percent of their revenue from selling consumer data, or annually buys or receives personal information about more than 50,000 consumers. It is this latter provision that may require smaller business debt buyers and other creditors to comply. SRA is in the process of reviewing the law and requirements to determine whether any changes to our own policies or procedures are required.
What’s Going On at the BCFP?
It’s been a busy year at the BCFP. In a mid-June White House announcement, it was revealed that President Trump nominated the Office of Management and Budget’s (OMB) Associate Director Kathy Kraninger to succeed Mulvaney at the Bureau of Consumer Financial Protection (BCFP). Mulvaney currently splits his week working as director for both the BCFP and OMB.
White House spokeswoman Lindsay Walters described Kraninger in a statement as a “staunch supporter of free enterprise,” and “The White House hopes that she will be promptly confirmed by the Senate.”
Acting Director Mulvaney has made his intentions to refine the BCFP very clear. In June, Mulvaney recommended the BCFP “be placed under the Congressional appropriations process as one of four steps to improve transparency and accountability while also reducing the power held by the agency,” according to AccountsRecovery.net.
Kraninger “will continue the reforms of the Bureau initiated by Acting Director Mick Mulvaney,” according to the White House statement. Both liberal and conservative government officials have expressed that Kraninger does not possess the experience or knowledge to serve as director of the BCFP. Mulvaney, however, has expressed support for Trump’s nominee.
At Kraninger’s Senate Banking Committee confirmation hearing, Senate Democrats made a coordinated effort, going after her on immigration policy and consumer laws. Senate Republicans remained supportive, with Sen. Tom Thillis, R-North Carolina, closing the hearing saying, “I hope that the focus on child separations that I saw in this room translate to people who want to solve the problem.”
Senate Banking Committee Chairman Mike Crapo, R-Idaho, said senators must submit any further questions to Kraninger, who will have until July 31 to respond to the questions. Crapo announced that the committee vote should follow shortly thereafter.
Massachusetts Court Rules in Favor of Third-Party Debt Collection
The Massachusetts Supreme Judicial Court ruled in favor of passive debt buyers. The April ruling indicates that third-party collection agencies are not required to obtain a Massachusetts license when “all aspects of the debt collection process are contracted out to and conducted by” passive debt buyers.
POTUS Creates Consumer Fraud Task Force
President Trump issued an executive order creating the Task Force on Market Integrity and Consumer Fraud in July. “The Task Force will provide guidance for the investigation and prosecution of cases involving fraud on the government, the financial markets, and consumers,” according to the BCFP.
During our second quarter, SRA donated to:
If you have an organization that you would like to consider for SRA’s Charity Thursdays, please contact Keanna Ringer: firstname.lastname@example.org.
- RMA Executive Summit @ Cape Neddick, ME (July 31 – August 2, 2018)
- Debt Connection Symposium and Expo @ Austin, TX (September 5-7, 2018)
- The Compliance Forum @ St. Charles, MO (October 16-18, 2018)
- Auto Finance Summit @ Las Vegas, NV (October 24-26, 2018)
- ACA International Fall Forum & Expo @ Chicago, IL (November 7-9, 2018)