Collecting Past Due Accounts & CFPB Compliance

GJ Luchs

Starting at


Buy Now

In 2019, the CFPB received 75,200 complaints about first-party and third-party debt collection, making collections the second most prevalent topics of consumer complaints the Bureau received last year; and, due to the novel coronavirus and the  Bureau’s proposed debt collections rules, you should expect the collections industry to continue undergoing changes in 2021!

 In this program, we will look at how the Covid-19 pandemic has altered the regulatory agenda and enforcement actions over the last six (6) months and discuss what future impacts your bank can expect. We will cover Congressional actions that are related to debt collections, and what effects the Presidential Election may have on your collections activities. 

Last May, the Consumer Financial Protection Bureau (CFPB) issued a Notice of Proposed Rulemaking (NPRM) relating to debt collection. The rule addressed issues such as communications practices and consumer disclosures. We will take an in-depth look at the NPRM and discuss what effect the NPRM will have on first party creditors.    Regardless of the extent to which the new rules impact first party collectors,   your bank is still liable for unfair, deceptive or abusive acts and practices (UDAAP); and, until these new rules are issued, however, creditors must rely on prior enforcement actions and various guidance documents to determine what (potentially) qualifies as an unfair or deceptive abusive act or practice (UDAAP); which carry steep penalties —up to $1 million per day for knowingly violating the law. 

As required by the Dodd-Frank Act, the CFPB and the Federal Trade Commission (FTC) coordinate their efforts to protect consumers from UDAAP violations. As part of this coordination, the agencies regularly meet to discuss ongoing and upcoming law enforcement, rulemaking, and other activities; share debt collection complaints; cooperate on consumer education efforts in the collections arena; and, consult on debt collection rulemaking and guidance initiatives. By reviewing these joint agency activities, this webinar will provide concrete steps that your bank can take to identify and mitigate UDAAP risks.

In this session, we will examine the CFPB's broad application of its UDAAP authority. Taken together with an exploration of the CFPB's various informal guidance documents addressing debt collection issues, we will determine what constitutes a potential UDAAP violation according to the Bureau. We will also dive into recent verdicts and rulings that affect how your bank handles slow-paying accounts. 

This webinar will also address the Federal Deposit Insurance Corporation's (FDIC's) debt collection recommendations for first-party collectors, as well as compliance points related to the Fair Credit Reporting Act (FCRA) and the Fair Debt Collection Practices Act (FDCPA). Reporting charge-offs and Fair and Accurate Credit Transaction Act (FACTA) red flag compliance points will also be covered. Discover the importance of vendor management in the collections arena and how to protect your bank from third-party liability suits. In addition, we will explore protections for servicemembers (including the FTC's February 2018 Staff Perspective, which highlights key takeaways from the CFPB & FTC's "Military Consumer Financial Workshop"), bankruptcy auto-stay provisions, skip-tracing, and much more! 

Finally, we will review steps to make successful collections calls & letters, and discuss best practices for effective & compliant scripting. You will learn how to make motivational appeals that compel your debtors to pay-in-full.  

This webinar will equip you to implement best practices for collecting past due accounts in 2021. 

Overview of Credit & Collections

·         Streamlining your policy, procedures, and practices

·         Fair Credit Reporting Act (FCRA) / Fair & Accurate Credit Transaction Act (FACTA)

·         Fair Debt Collection Practices Act (FDCPA): 1st Party & 3rd party collecting guidelines

·         CFPB & FTC Joint Efforts: 1st party collecting, UDAAP, and customer complaints

·         Military Lending Act & Servicemembers Civil Relief Act

·         Bankruptcies: The Auto-Stay Rule and steps to secure and protect your collateral

·         Relevant Litigation Court Cases that affect you

·         Reviewing the credit application for Red Flags and ID Fraud


Collection Letters & Written Communication

·       Notices v. Letters: Design the perfect Collection Letter

·                     Letters that get results and are FACTA REG V compliant

·                     Email dos and don’ts


Phone Scripts: Calling the Consumer

·         Calling Techniques: Collecting your money before the competition 

·         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


Collection Tools

·         Investigation: Finding money when the customer says s/he is broke

·         Using credit reports to uncover facts about consumer

·         Vendor Management: Select the right collection agency or attorney: Are they FDCPA & FACTA Compliant?

·         Skip Tracing: Calling neighbors, searching the Internet, social media, and more!  

·         Reporting past due customers using Metro2/E-OSCAR 


Who Should Attend:

This informative session will best suit the following personnel:

·         CFOs

·         Commercial & Consumer Lenders

·         Compliance Officers & Staff

·         Credit and Collections Staff

·         Finance Managers

·         Loan Officers

·         Tellers

·         CSRs

·         Risk Management Officers & Staff

·         Bank Trainers

·         Anyone responsible for establishing & maintaining credit, collection, and compliance policies & procedures.

Webinar Events
Live -Coming soon!

Training CD-DVD

Physical CD-DVD of recorded session will be despatched after 72 hrs on completion of payment

Recorded video

Recorded video session

Speaker: GJ Luchs, BSA/Compliance Auditor and Consultant

GJ Luchs, PhD (ABD), CAMS, CRMS  is a highly experienced and educated BSA/AML and Financial Regulatory Compliance professional with extensive policy and procedure development and implementation, training, internal audit, monitoring, risk management, and reporting experience. Her emphasis has been working with financial institutions that are experiencing regulatory concerns and resolutions, including enforcement actions such as memorandums of understanding and cease and desist orders. Her 15 years of experience has given her the opportunity to work from small community banks to large, international financial institutions. Her roles not only included BSA/AML and Compliance, but also operations, lending services, business development, marketing, management, department development, and asset quality.

GJ Luchs has worked with all of the financial regulators and examiners. She possesses advanced Microsoft Excel, PowerPoint, Word, Internet Explorer, Visio, and Access skills. She also has experience with Fiserv, BAM, CRA Wiz, Teammate, COGNOS, and Metavante banking software. She has been responsible for creating both recurring and ad hoc executive management and board presentations. In addition to her above experience, she is also an adjunct instructor for the business and construction management programs at a local college, as well as writes numerous BSA/AML and Compliance articles, training materials, and manuals as requested from numerous clients.

Follow us

24x7 Direct Number
(315) 632-0735,
(315) 750-4379

Toll Free