REG F KEY TOPIC AT CONFERENCE
February 14, 2022, LAS VEGAS, Nevada – ERC leaders recently returned from the 25th Annual RMAi Annual Conference. ERC, one of the top international BPO providers of customer experience solutions, has been an active member of RMAi for nearly five years, growing our professional network, learning, and staying up to date with the receivables marketplace opportunities and resources.
The conference is hosted by a nonprofit trade association that represents companies that purchase or support the purchase of performing and nonperforming receivables on the secondary market. ERC continues to be an active participant due to the level of industry insights and benchmarking that RMAI enables with our peers and strategic partners.
The conference covered a variety of topics relevant to the ARM Industry. For example, the recovery space has gone through dramatic shifts recently.
“There has been a lot of change, specifically in the collections space,” said Kelly Paul, ERC’s SVP of Sales, who attended the conference. “We have seen one of the greatest paradigms shifts in over forty years that was put into effect on November 30, 2021 – Regulation F.” Paul attended the conference along with ERC’s Jacklyn Andrews, Senior Director of Account Management and Rocky Landoll, VP of Legal.
For those not familiar with Reg F, it’s a rule of Fair Debt Collections Practices Act (FDCPA), enforced by The Consumer Financial Protection Bureau (CFPB) that allows debt collection agencies to change the way they can communicate with consumers. Reg F has been impacting each organization differently based on specific portfolios and company’s prior strategies.
ERC has been at the forefront of collections since 1999. Industry-wide, 2022 is off to a slower start for collections; however, the consensus among the industry is that placement volumes are forecasted to go up throughout the year. Although, many industry leaders are aware that COVID-19 threw all the data and forecasts from previous years out the window. Luckily, ERC is grateful to have been early adopters in technology to help provide our business with continuous insights into how customers and partners are operating to help support improvement.
