News/Resources

No Second Chances to Play by the NACHA Rules Taking Effect Soon NACHA (which stands for the National Automated Clearing House Association), the governing body of automated clearing houses and a federal banking organization, established guidelines last year that will take effect in the fall of 2015.

Consumer Finance Protection Bureau’s Latest Proposed Regulations Sweeping the Short-Term Loan Industry At the end of March 2015, the Consumer Finance Protection Bureau (CFPB) met in Richmond, VA. Out of that meeting comes the latest round of sweeping federal regulatory proposals affecting the short-term loan industry, specifically targeting loans lasting longer than 45 days where the all-in annual percentage rate is over 36 percent.

There is no doubt that technology is leading the charge in call center advancements. In fact, various technologies already have changed the contact center landscape. We are faster, more efficient, more secure and responsive than ever before. And while call centers have come a long way thanks to technology, we’re far from what’s possible.

We’re approaching a notoriously slow time of year in the online financial services industry. With fewer customers applying for loans, lead volumes drop significantly. Rather than keep the same underwriting and receive less volume, a better strategy is to possibly purchase leads at different (lower) prices and tighten your underwriting requirements.

Company culture is the lifeblood of any organization. It sets expectations and it affects the overall productivity of employees. Company culture is established at the top and trickles down. And while nurturing a strong, positive culture is key to the long-term growth and viability of any business, never is it so important than when applied to a contact center environment.

...And All We Got was This Non-Lousy Quality Assurance Policy When your customer service representatives (CSRs) are handling 1.6 million incoming and outgoing calls a month, your quality assurance policy has to be airtight and enforced every minute, every hour and every day of the week.

Short-term lending thought leaders, investors and innovators met for the Online Lenders Alliance’s (OLA) Leadership + Innovation Conference (LEND360) at Sheraton New Orleans October 15-17 to tackle our industry’s pressing issues, grow their businesses and share strategies and information. LEND360, in partnership with the Daily Funder, is revolutionizing the way online lenders and service providers work together.

The one and only way to avoid legal trouble is playing by the FTC and CFPB regulations. More important, lenders must choose their vendors, including contact centers, very carefully as their actions and center policies are directly related to your compliance. In other words, if your contact center is not in compliance, neither are you.