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Recapping Top ACA Daily Articles in 2019



Recapping Top ACA Daily Articles in 2019

2019 was a banner year for advocacy and legal accomplishments in the accounts receivable management industry and landmark news such as the release of the Consumer Financial Protection Bureau’s proposed debt collection rule, U.S. Supreme Court decisions on the Fair Debt Collection Practices Act, state laws on data privacy and consumer protections, and much more.

Here are some of this year’s most significant and well-read stories published in ACA Daily:

January 2019

New York Law Outlines Requirements for Collection of Decedents’ Debts

A state law outlining legal obligations of debt collectors working with the family of a deceased debtor took effect in March 2019. The New York State Collectors Association tracked and worked on more than 100 bills during the legislative session, including the law on decedents’ debts.

Government Shutdown: ACA Comments on Role of Industry Outlined in Letter to House Financial Services Leaders

In a letter to House Financial Services Committee Chairwoman Maxine Waters, D-Calif, ACA International commented on the federal government shutdown while noting the benefits of consumer-creditor communications during times of financial hardship. Waters penned a letter to leaders at financial services industry trade associations and credit bureaus seeking information about their efforts to help consumers impacted by the shutdown. ACA urged the committee to consider the importance of an ongoing dialogue with consumers facing financial hardship.

“ACA members have long worked to engage in open communication with consumers about their financial situations to help provide solutions for resolving debts. Consumers need the information that ACA members provide them to maintain their financial health, and open communication can often lead to the most favorable outcome for them,” said CEO Mark Neeb in response to the letter.

February 2019

ACA Member Defeats FDCPA Claim Involving Medical Debt Credit Reporting in Case Supported by ACA’s Industry Advancement Program

The Seventh Circuit Court of Appeals handed the accounts receivable management industry a significant win when it ruled unanimously that ACA International member Medical Business Bureau, LLC did not misrepresent the “character” of the consumer’s debt when it reported to consumer reporting agencies. The appellate court concluded that Medical Business Bureau was not liable under the Fair Debt Collection Practices Act for how it treated the consumer’s indebtedness for credit-reporting purposes because the credit report was factually correct.

ACA supported its member’s initiative to obtain this important, precedent-setting FDCPA decision positively impacting ACA’s members and the accounts receivable management industry by providing Industry Advancement Funds to help defray the cost of litigation as well as filing an amicus brief.

Parties Settle Crunch San Diego LLC v. Marks

The parties in Crunch San Diego, LLC v. Marks reached an agreement to settle the case related to the definition of an autodialer. Now the U.S. Supreme Court will not consider Crunch San Diego, LLC’s request that it review the Ninth Circuit Court of Appeal’s decision that the web-based platform the gym operator used to send promotional text messages to its members’ and prospective customers’ cell phones may be subject to the TCPA’s autodialer restrictions because it “stores numbers and dials them automatically to send text messages to a stored list of phone numbers.”

March 2019

U.S. Supreme Court Debates Deference to FCC TPCA Order

The U.S. Supreme Court heard oral arguments in a case focused on the Federal Communications Commission’s interpretation of an unsolicited advertisement under the Telephone Consumer Protection Act—one that could have major implications on the law. In the case, PDR Network, LLC v. Carlton & Harris Chiropractic, Inc., a chiropractic office brought a class action lawsuit against a publisher of a widely-used compendium of prescribing information for prescription drugs, alleging the publisher violated the TCPA by sending an unsolicited offer for a free e-book by fax.

Daily Decision Deep Dive: ACA Member Secures FDCPA Victory in Illinois District Court

The Northern District of Illinois issued an industry favorable decision on the issue of overshadowing. In Thompson v. Harris & Harris, the court found that the validation letter and one subsequent voicemail did not overshadow the consumer’s validation rights. Aside from being an industry win, this case illustrates the delicate balance that must be achieved between the consumer’s right to dispute the debt within the 30-day period and the debt collector’s right to demand payment. The letter discussed in this case found that balance by providing the consumer with payment options without creating a false sense of urgency that would confuse the consumer into thinking she has to pay the debt without the ability to dispute it.

April 2019

CFPB Releases Consumer Report After Reviewing 25,000 Public Comments

Following requests for information (RFIs) on complaint reporting practices and complaint inquiry handling processes, the Consumer Financial Protection Bureau released an informative report showing that by the end of 2018, only 1 % of debt collection complaints were pending with the consumer and 2 % were pending with the bureau. The bureau received over 25,000 public comments on the RFIs related to reporting practices and handling processes, including comments from ACA International. ACA has long held the view that the bureau’s reporting and handling processes mischaracterize complaints against the accounts receivable management industry, particularly in reference to its failure to contextualize the number of complaints as compared to the number of contacts the debt collection industry makes to consumers over a given year.

Federal Court Strikes Down Exemption in TCPA for Government-Backed Debt Calls

The U.S. Court of Appeals for the Fourth Circuit ruled an amendment to the Telephone Consumer Protection Act allowing calls with autodialers for government debt is unconstitutional. The court’s ruling in American Association of Political Consultants v. FCC was issued as ACA International and the accounts receivable management industry continue to await clarity from the Federal Communications Commission on the definition of an automated telephone dialing system (ATDS.)

May 2019

CFPB Alleges Consumer Law Violations by Large Credit Repair Companies

The Consumer Financial Protection Bureau took a major step toward eliminating predatory practices from the credit and collection space by filing a lawsuit against defendants operating two of the largest credit repair companies in the United States. According to the complaint, the defendants violated multiple consumer protection statutes, including the Consumer Financial Protection Act (CFPA) and the Telemarketing Sales Rule (TSR), by charging consumers unlawful advance fees in connection with credit repair services and by marketing and telemarketing those services through deceptive representations.

CFPB Releases Long-Awaited Proposed Debt Collection Rule

On May 7, 2019, the Consumer Financial Protection Bureau finally released its long-awaited proposed rule for the debt collection industry. The release of the proposed rule signals the biggest development in the accounts receivable management industry since passage of the FDCPA nearly 40 years ago. ACA’s CEO, Mark Neeb, and other members of the ACA executive team attended a CFPB’s field hearing. It should be noted that the proposed rule addresses a number of key issues about which ACA International has long sought clarity, including safe-harbor procedures for the use of voicemail messages, text messages and email. The proposed rule also provides more clarity on the requirements for a validation notice, including a model form for a validation notice. ACA is pleased that the CFPB chose to address the use of modern technology and communication, which have long been a source of great frustration for debt collectors.

Look for the remaining top articles of the year in ACA Daily in the coming days as well as highlights from Collector magazine in 2019.

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Dustin Aab on the importance of achieving financial freedom in life | Personal Finance News



The more closely we look around us, the more we get nearer to reality where so many individuals work with a certain grit, commitment and dedication to achieve what their hearts desire. These individuals are the ones that not only work to attain their set goals in their career but also help others in their journeys. Talking about the sales and consulting business, which is growing each passing day across nations as professionals from various industries aim to get nearer their visions and aspirations in business, we can notice the boom in this niche; thanks to professional entrepreneurs like Dustin Aab.

Based out of California, Dustin Aab is a leading American entrepreneur, who excels in sales and consulting and has been shaping the careers of hundreds of people through his astute skills and knowledge as a true professional in the industry. It was seven years ago that Dustin Aab had started his career in the sales arena and from the past six years owns his sales company, under which he is working with the mission to turn the desires and dreams of professionals into reality through his mentorship and coaching in sales.

Dustin Aab’s sales and consulting business is all about providing the best of the industry products and services that help individuals change their financial status and situation. His life has been full of challenges, but Dustin Aab very early had realized the power of working hard and putting in every possible effort to make a successful career; hence, after working so hard for years, he has been able to create the financial freedom he wanted by becoming an entrepreneur. He hopes to change as many lives as he can in his career and take people nearer to their definition of success. He does sales mentorship and consulting for not just individuals, but companies as well.

Some of the specific services he offers through his company include Real estate, amazon automation, sales training mentorship, credit repair, Instagram growth and branding, life insurance and solar.

(Disclaimer: This is a Brand Desk content)


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Home Depot, Inc. (The) (NYSE:HD), J P Morgan Chase & Co (NYSE:JPM) – Key Markets To Watch As The Mortgage Boom Continues To Fade



The last year has seen the most eye-popping spike in value in history. 

While the Covid 19 pandemic initially shut down economies across the globe, the Work from Home movement caused a mass exodus away from metropolitan areas where many large companies are headquartered.  Homebuyers have been laying siege on the housing market to the point where houses in the most desirable locations are selling for more than 50% above the asking price in some cases.

This current trend is all thanks to the Fed lowering interest rates last year in response to the pandemic to help bolster the economy. 

Lowering the interest rate allows banks to charge less interest on consumer mortgages.  When mortgages are cheaper, it may entice would-be home buyers to jump on opportunities, but it also gives current homeowners the ability to re-finance (re-fi) and pocket the cash to use elsewhere.  While this was the intended response, the side effects of cheap access to money led to an immense spike in demand for mortgages.

Regarding the demand for houses from new home buyers, there is a potential for the steam to run out of this drive because buyers are being priced out of opportunities. This is partly due to the massive supply and demand imbalance and partly due to raw materials for new houses such as lumber adding so much to the price of a new house, which eventually dissuades buyers away from the market.

The mortgage markets, however, are also running out of steam.  It can be inferred from the earnings call from Rocket Companies, Inc. (NYSE: RKT) that the mortgage market is experiencing a price war that, while temporary, is weighing on profits.  Mortgage companies are continually fighting to provide consumers with better rates, but this competition can only last for so long.

Whether you’re invested in the mortgage companies, real estate, or are simply an interested home buyer, here are some recommendations of markets to follow to find out if the steam does run out and a correction occurs in the housing market.

Mortgage Writers Rejoice

Mortgage companies like Rocket Companies, owner of Quicken Loans, North American Savings Bank (OTC: NASB), and Chase Bank (NYSE: JPM) saw massive profits during 2020 and early parts of 2021 as the demand for mortgages skyrocketed.  They expanded services, increased employee pay, and saw growth like they hadn’t seen since before the financial crisis in 2008. 

While banks generally learned their lesson the last time around, this time is different.  Back in 2008, the methods used by banks to get people to sign on the dotted lines were sometimes less than savory.  This led to a sharp rise in risky mortgages that eventually led to waves of defaults that the financial system wasn’t prepared to handle.

This time, the consumers have run at banks with their money and demanded mortgages.  On top of this, the mortgages being written are for individuals who meet lenders’ requirements.  According to this credit repair report, companies are more sophisticated now as well, and they are helping even more people get good rates and adding to the numbers flocking to mortgage companies.

However, the world is emerging from life during Covid, and the mortgage companies will be the ones to show the first signs of a cooling market.  It may have already started, as mentioned before during Rocket Companies, Inc.’s earnings call. 

The Luxuries of Home Improvement

Amazon will indeed rule the world if it can ever pose a threat to home improvement giants like Home Depot (NYSE: HD) and Lowe’s (NYSE: LOW). 

While both companies certainly specialize in retail home improvement supply, the bulk of their business is from commercial sales in contractor supplies.  If you’ve ever tried to go to a Home Depot or Lowe’s on a Saturday morning, you’ve seen the lines of contractor trucks pulling through the bay to pick up cords of PVC, lumber, and other materials.  These items are not easy to ship. All the better for the continued legacy of both of these companies.

The consistent profits for Home Depot and Lowe’s over the last year have largely been fueled by both the new home market and the refinance market.  New homes depend on raw materials to build, and if the market for new homes begins to cool, Home Depot and Lowe’s will be the stocks to watch.  However, the new home sales market tends to lag behind existing home sales since new homes are often built by large development companies as inventory before they are sold to home buyers.

To a much larger degree, home improvement projects have seen massive growth due to homeowners refinancing their mortgages and using the savings to build upon home values.  This may represent the bulk of the correlation between home improvement stocks and the mortgage market.  While the home improvement market is expected to rise in the coming years, a fall in revenues could point to a cooling in refinance applications.

Summing Up

The mortgage market relies on bringing customers to the table to sign papers. 

However, there are only so many willing buyers, and most of them have been drawn out over the last year for a variety of reasons including the Work from Home movement, extra savings built up due to lockdowns, and historically low interest rates. 

While business has been good, the world emerging from the current crisis may signal a cooling in the housing market, though not to the extent of the 2008 financial crisis. Keeping track of mortgage writing and home improvement companies may provide an idea of where the sentiment lies and allow investors to prepare for changing markets in the near future.

Photo Via Unsplash

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Way to Realizing Fiscal Freedom With Fix It Financial



The overwhelming rise in employment levels has resulted in a significant alteration in lifestyle choices made by the working class. People are leaving their sustenance zone and are aiming to satisfy themselves with various services available. But to make the situation conducive, we need easy access to funds and investments which can help people realize their dream lifestyle, or even help small businesses to work on the expansion of their company. The market is filled with people who claim to provide a fruitful result, but their services are often fraudulent and inconsequential.

Also Read | Tamil Nadu Finance Minister Palanivel Thiagarajan Says Innovative Measures Needed To Correct State’s Finances

Fix it financial is a credit repair company that helps people improve their financial standing by implementing various tools. The objective remains, building credit score by removing all the unwanted negative items from the 3 major Credit bureaus by disputing negative items in public information. Unlike the traditional methods to tackle the problem, Fix it financial, present a new approach to people’s falling credibility and targets the core issues to secure them back.

An outline of the credit score of multiple selves demonstrated a startling truth about the declining credit scores of people. The circumstances are bothering as it generates an enormous discrepancy between people in terms of loan accessibility. Keeping the same in their mind, Fix it financial ensures total transparency, and authentic results. They believe customer satisfaction should be the top priority of the firm, and hence they have strived hard to maintain their quality service without charging monthly fees.

Also Read | Excelling Beyond Boundaries To Help People With Specialized Financial and Investment Advice Is Stephen Rodrigues

Fix it financial was born when the promoter themself realized their steeping credit score. In order to improve it, they tried numerous methods which proved to be worthless. One must understand the whole concept so that they can decipher the trick to maneuver their desirable credit score. After discerning the same and trying out numerous methods, they were able to successfully change their credit score.

When asked about the values which make Fix it financial, a unique platform, they said, they try hard to create an ambiance of familiarity and peace., while treating each client and employee as a member of the family. Moreover, Fix it financial expresses their concerns over the people who are reluctant to invest but desire quick results. According to them, one cannot make profits if they are unwilling to put something into the business during the initial period.

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