Archives for December 2023

According to media reports, CFPB Director Rohit Chopra expressed his concerns over the rise of generative artificial intelligence (AI) technology in his remarks at an Axios event in Washington, D.C. last week.  Director Chopra indicated that AI could concentrate “enormous” power within the grasp of a few companies and their top executives.  He stated that “it’s the winner-take-all dimension of this that makes it much more pressing.  There could be a handful of firms, and just to be honest, a handful of individuals who ultimately have enormous control over decisions made throughout the world.”

Chopra also expressed unease with AI’s ability to “simulate human interaction,” saying it can be exploited to “interfere with human life and perpetrate fraud, crime, abuse.”  He specifically highlighted the CFPB’s investigation into the consumer fraud implications of certain generative AI, including the use of AI-assisted techniques such as voice cloning to bypass banks’ biometric authentication protocols, which he noted is “going to be a problem.”  He noted that the CFPB has also done a “pretty in-depth analysis” of banks’ use of customer service chatbots, with the goal to ensure that banks take responsibility for any erroneous information provided by their chatbots to consumers.

At the same time, Chopra conceded that AI could have beneficial applications for consumers, such as assisting in the finding and disputing of billing errors.  However, he stressed the importance of keeping in mind “who really is in control of it, who gets the gains from it.”  He stated that “what we’ve seen with lots of aggregations of data, [is] that much of the gains are not broadly distributed, and they go to a handful of people.”

Chopra seemed skeptical when asked about the need for new laws or even a new government agency to regulate AI, stating that, in many cases, regulators already have the authority to address the privacy, competition and other concerns presented by AI.  “The public has long-standing laws on the books that actually need to be enforced,” Chopra said.  “None of those laws have a fancy technology exception to them, and I think that’s a key focus for the regulators right now.”

As for a new, AI-focused government agency, Chopra said it would be challenging to create such a regulator because AI’s potential applications cut across so many different areas of law and economic activity.  “If you’re going to do that, you have to keep the existing [agencies], too,” he said.  “The challenge with regulating data is it’s regulating everything, so you can’t create a situation where there’s not accountability to do it.”  Moreover, to create a new AI agency, he argued, lawmakers would similarly need to think through what gap they would want it to fill, stating, “I would ask, what do you want to achieve through that?  Are you looking for technical expertise?  Are you looking for enhanced merger review, acquisition review?  Is it more of a national security approach?  I think once you answer those questions, it can all come into line.”

GRAND RAPIDS, Mich. — Velo Law Office, an innovative law office that combines collection litigation techniques with practical attention to financial concerns, is excited to highlight and champion the incredible work of the Movember Foundation. To celebrate November and to highlight community involvement in Q4, Velo and the team encouraged staff to let their mustaches grow to raise awareness for men’s health issues. 

“Movember’s roots began as No-Shave-November but has grown into a vitally important awareness campaign for men’s health issues,” said Velo Law Office’s President, Scott Renner. “As we cultivate awareness and conversations about men’s health, we not only shape the landscape of well-being but also sculpt a future where the vitality of every man is embraced. Movember is a movement that fosters a world where men’s health is spoken, heard, and prioritized—a testament to the power of unity in shaping healthier, happier lives.”

The Movember Foundation

Movember is an annual event that involves growing mustaches during the month of November to raise awareness of men’s health issues, such as prostate cancer, testicular cancer, and men’s suicide. By encouraging men to get involved, Movember aims to increase early cancer detection, diagnosis and effective treatments, and ultimately reduce the number of preventable deaths. 

Since its inception in 2003, the Movember Foundation has raised $837 million and funded over 1,200 projects in more than 20 countries. This movement started with 30 friends working together to raise awareness and has grown to over 6 million active participants every November. In 2022, the Movember Foundation began fitness workshops and classes to continue their mission of providing global men’s health and awareness. 

A Culture for Change

The heart of Velo Law Office is in change and awareness. Our dedicated and passionate staff, who work diligently on our clients’ behalf to recover monies due, is also committed to the continued struggle of awareness and charitable events. The job of recovering debt is challenging and difficult. Despite these obstacles, our team continues to work with unwavering jurisprudence, integrity, and respect, yielding successful outcomes to those we serve both in and out of the office. 

Learn More About Velo Law Office

Velo Law Office continues to prioritize community involvement and outreach. To learn more about its initiatives, and the other charitable organizations Velo is involved with, please visit their website. 

About Velo Law Office

Headquartered in Grand Rapids, Michigan, Velo Law Office assists financial institutions looking to collect overdue debts from both legal and standard collection strategies. By focusing on the bottom line, we combine innovative collection techniques and aggressive litigation with practical attention to financial concerns and return on investment. Our collection matters are supervised by experienced attorneys and utilize every resource to provide the highest level of recovery.

On December 15, the Consumer Financial Protection Bureau (CFPB) announced it had reached a settlement with medical debt collector Commonwealth Financial Systems, Inc. (Commonwealth) in its lawsuit over alleged illegal debt collection practices. Specifically, the CFPB alleged that Commonwealth failed to conduct reasonable investigations of disputes and violated the Fair Debt Collection Practices Act (FDCPA) by attempting to collect disputed debt without obtaining substantiating documentation. Under the settlement agreement, Commonwealth is banned from debt collection activities, must request CRAs to delete all consumer accounts to which it had previously furnished information, and must pay a $95,000 penalty to the CFPB’s victims relief fund.

Specifically, the consent order alleged that:

• When investigating disputes, Commonwealth did not have any documentation supporting the debt and had insufficient data for investigating certain types of disputes.

  Commonwealth did not receive any images or documentation from its clients, such as itemized bills from the medical facilities, insurance information, or prior dispute or complaint information. Instead, Commonwealth simply confirmed that it received from the client all the data elements that it expected and checked that the data points provided appeared to be valid and consistent based on formatting.

• Regardless of the nature of the dispute, Commonwealth’s indirect disputes procedures directed its agents to: “Glance over information populated. Check to see that social security number matches. If social security number is completely different delete tradeline.”

  According to the CFPB, this does not constitute a reasonable investigation of many types of disputes because it assumes that the consumer’s social security number is relevant to the dispute, and that the social security number in its system is the number of the debtor rather than of a different consumer who had been wrongly targeted.

  Matching social security numbers would also not be sufficient in disputes related to account balances, past settlements, or bankruptcy.

• To adequately address many disputes, a dispute agent would need to investigate further. However, Commonwealth’s indirect disputes procedures contained no instruction to request supporting documents, which types of supporting documents it should request, or how to handle disputes where such documents are contradicted by the consumer’s allegations.

• Commonwealth’s practice of routinely deleting tradelines is particularly problematic for medical debts, which are often re-placed with other debt collectors, meaning that many accounts are later passed along to another debt collector that may furnish the inaccurate information again. According to the CFPB, had Commonwealth conducted a reasonable investigation instead of just deleting the tradeline, it could have identified the root cause of the inaccuracy.

  Between 2017 and 2021, two nationwide CRAs notified Commonwealth at least five times that it had an abnormally high deletion rate in response to indirect disputes. One CRA sent an email to Commonwealth stating: “your file will be going to our committee due to the high amount of deleted disputes that we are receiving from you” and asking is there “a reason that you are deleting the data instead of validating and responding that it is valid.”

• Commonwealth also did not have enough dispute agents to handle the volume of disputes. For example, on one day in 2021, one dispute agent responded to 1,052 disputes, spending less than 30 seconds per dispute on average.

In the consent order, Commonwealth did not admit or deny any of the findings or conclusions except those necessary to establish jurisdiction.

STERLING, Ill — VeriFacts, a leading data provider for the financial services industry, continued its tradition of charitable initiatives with a locally focused Breast Cancer Awareness Month campaign. The VeriFacts team gathered donations from the community, staff, friends, and family to create Breast Cancer Awareness baskets for all those at CGH Medical Center in Sterling, IL. 

“CGH Medical Center is the heartbeat of our local communities,” said Stephanie Clark, CEO at VeriFacts. “VeriFacts is united in its unwavering support, echoing through our actions and awareness, to empower these vital institutions and those who need our support within them. Together, we not only embrace the fight against breast cancer but also illuminate the path towards a healthier, stronger tomorrow.”

Breast Cancer Awareness Month

National Breast Cancer Awareness Month (NBCAM) was founded in 1985 in partnership with the American Cancer Society. Over the last nearly 40 years, October has been the symbol for fighting against this horrific disease and increasing awareness and funding for an ailment that affects millions of women and families every year. The aim of the NBCAM from the start has been to promote mammography as the most effective weapon in the fight against breast cancer.

Reaching out to women battling breast cancer is a vital act of support, acknowledging the emotional challenges they face. Crafting donation baskets tailored to their needs provides practical assistance and expresses community solidarity. From cozy blankets to inspirational items, these packages contribute to a holistic approach to well-being, offering comfort and fostering resilience on the path to recovery. In creating these baskets, the entire VeriFacts team hoped to reinforce the bonds that connect all of us in the face of adversity.

A History of Support

VeriFacts is firmly rooted within its community and takes great responsibility and commitment to giving back. VeriFacts is proud to have a team that works hard and also plays hard. Clark said the VeriFacts team “loves the opportunities to donate our time, energy, and financial resources to both local and national charitable organizations each and every month.” 

The VeriFacts team has worked tirelessly over the years supporting organizations like the Salvation Army, the Alzheimer’s Association, the YMCA at Camp Benson, the YWCA of Sauk Valley, and many more charitable causes. 

Learn More Online

To learn more about VeriFacts and the organizations they have supported, please visit their website. To learn more about National Breast Cancer Awareness efforts, please visit the Breast Cancer Foundation website. 

About VeriFacts

VeriFacts, LLC is the top employment location and verification service for the receivables management industry. Having been in business for over 30 years, they are committed to offering guaranteed customer location and employment verification services to creditors across the nation. The VeriFacts brand has become synonymous with high-quality serviceand a positive customer experience. Over the years, their services have expanded into residential location information, data verification, and unique data aggregation. VeriFacts is proud to be a Certified Women-Owned Business by the WBENC.

A district court in the District of Arizona granted a motion to dismiss in a Telephone Consumer Protection Act (TCPA) case on the basis that multimedia messaging service (MMS) texts do not constitute prerecorded messages unless the audible component plays automatically upon opening.

In Howard v. Republican National Committee, the plaintiff alleged that defendant sent an MMS text to his cell phone that included a “video file that was automatically downloaded to [the plaintiff’s] phone.” The video file included an audio recording encouraging people to vote in the upcoming election. The plaintiff alleged that he never gave the defendant consent to be contacted by telephone.

The plaintiff filed suit pursuant to 47 U.S.C. §§ 227(b)(1)(A)(iii) (for leaving a message on his cell phone) and (b)(1)(B) (for leaving the message on his cell phone which serves as his residential phone). The defendant filed a motion to dismiss asserting, among other things, that the text message at issue is not a prerecorded voice under the TCPA.

The TCPA prohibits the making of “any call (other than a call made for emergency purposes or made with the prior express consent of the called party) using any … artificial or prerecorded voice … to any telephone number assigned to a … cellular telephone service.” Recently, in a decision discussed here, the Ninth Circuit held that “prerecorded voice” required an audible component.

While the plaintiff alleged that the MMS he received included a video with an audible component, he did not allege the recording started playing automatically. For the court, this deficiency was fatal. The plaintiff “alleged that the video automatically downloaded to his phone, but based on the screenshot in the [c]omplaint, [the plaintiff] had to actively press play to watch the video. Thus, the [c]ourt finds that the message provided a conscious choice of whether to engage with the audible component, but that this is different from what the TCPA intended by ‘make a call’ using a ‘prerecorded voice.’”

The plaintiff attempted to address this perceived deficiency by analogizing the MMS to a voicemail that was left for the recipient to be played later. The plaintiff further noted that other courts have found such unwanted voicemails to come within the TCPA’s purview. The court was not swayed. “The problem with the analogy, though, is that voicemails are the result of voice calls, not text messages.” The court ultimately held that it could not find the message had an audible component that was “thrust upon the recipient” as required by the Ninth Circuit. The court also dismissed the plaintiff’s claim under (b)(1)(B), finding the defendant was a tax-exempt nonprofit organization that made no more than three calls within a 30-day period and, thus, came under the statutory exception for calls to residential lines.

SCHAUMBURG, Ill.– In the spirit of the holiday season, Glass Mountain Capital is proudly stepping forward as a beacon of hope and generosity in the community. Embracing the true essence of giving, the company is dedicating its resources and efforts as donors to combat child hunger, a pressing issue in today’s society.

Glass Mountain Capital is honored to announce its support for the remarkable foundation, “Blessings in a Backpack.” This noble organization has shown tremendous growth since its inception in 2005, evolving from aiding two schools to now nurturing over 95,500 students in more than 1,200 program locations across the United States.

Recognizing the critical need to ensure that no child in the community goes hungry, especially over the weekends, Glass Mountain Capital is committed to supporting Blessings in a Backpack’s vital mission. This foundation works tirelessly to provide hunger-free weekends for children throughout the school year by sending them home every Friday with backpacks filled with satisfying and nutritious food.

As part of this heartfelt initiative, Glass Mountain Capital invites others to join this cause. With a contribution of $175, or just $15 a month, anyone can sponsor a child, ensuring they receive much-needed food every weekend of the school year. This small act of kindness can make a significant difference in a child’s life, offering not just nourishment but also hope and a sense of security.

“We believe in the power of community and the responsibility we share in ensuring the well-being of our future generations,” said Ed Carfora, Executive Vice President of Glass Mountain Capital. “Our support for Blessings in a Backpack is more than a donation; it’s a statement of our commitment to nurturing young lives and reinforcing the fabric of our community.”

As Glass Mountain Capital embarks on this journey of compassion and care, they extend a warm invitation to everyone to be a part of this noble endeavor. Together, we can ensure that the future of our children is bright, healthy, and promising.

For more information on how to contribute to this cause, please visit https://www.blessingsinabackpack.org/ 

For more information about Glass Mountain Capital, please visit https://www.glassmountaincapital.com/

About Glass Mountain Capital:

Glass Mountain Capital is a leading firm in accounts receivable management and capital recovery, committed to making a positive impact both professionally and within the community. Their dedication to ethical practices and excellence in service is matched only by their passion for social responsibility and community support.

The CFPB has released its Fall 2023 rulemaking agenda as part of the Fall 2023 Unified Agenda of Federal Regulatory and Deregulatory Actions.  The agenda’s preamble indicates that “[t]he Bureau reasonably anticipates having the regulatory matters identified [in the agenda] under consideration during the period from November 2023 to October 2024.”

Most notably, the new agenda indicates that the CFPB is expecting to release three major rulemaking items this month: a final rule on credit card late fees and proposed rules on overdraft and non-sufficient funds (NSF) fees.  (Although the agenda includes an estimated December 2024 date for issuance of a final rule on credit card late fees, in his recent testimony to Congress, Director Chopra stated that the final rule would be issued in January 2024.)  In May 2023, the CFPB proposed significant amendments to the Regulation Z rules on credit card late fees, including substantially reducing the safe harbor late fee amounts that card issuers can charge and eliminating annual inflation adjustments.  

The CFPB has acknowledged in recent reports and elsewhere that as a result of changes made by many banks to their overdraft and NSF fee practices, revenues from those fees have substantially declined.  Nevertheless, the CFPB apparently has decided to proceed with rulemaking.  (Although the agenda suggests that the overdraft fee rulemaking will be limited to the  question of when an overdraft fee constitutes a finance charge under the Truth in Lending Act and Regulation Z, many observers believe that the proposed rule will be much broader in scope.) 

The other ongoing rulemakings listed in the agenda are:

• Registry of nonbanks subject to certain enforcement orders.  In December 2022, the CFPB issued a proposed rule that would require certain “covered nonbanks” to register with and submit information to the CFPB when they become subject to certain orders from local, state, or federal agencies and courts involving violations of certain consumer protection laws.  The Bureau gives a March 2024 estimate for issuance of a final rule.

• Registry of nonbanks regarding standard form contract terms and conditions.  In January 2023, the CFPB issued a proposed rule to establish a system for the registration of nonbanks subject to CFPB supervision that use “certain terms or conditions that seek to waive consumer rights or other legal protections or limit the ability of consumers to enforce their rights,” with arbitration provisions among the terms that would trigger registration.  The Bureau gives a March 2024 estimate for issuance of a final rule.

• Larger participants in consumer payments market.  In November 2023, the CFPB issued a proposed rule to supervise nonbank companies that qualify as larger participants in a market for “general-use digital consumer payment applications.”  It would cover providers of consumer financial products and services that are commonly referred to as “digital wallets,” “payment apps,” “funds transfer apps,” and “person-to-person or P2P payment apps.”  The Bureau does not give an estimated date for further action.

• Personal Financial Data Rights.  In October 2023, the CFPB issued a proposed rule to implement Section 1033 of Dodd-Frank which addresses consumers’ rights to access information about their financial accounts.  The agenda indicates that the comment period ends on December 29, 2023, which is the last day of the 60-day comment period.  Fifteen trade groups wrote to the CFPB on October 27 to ask for a 30-day extension of the comment period.  The Bureau does not give an estimated date for further action.

• Fair Credit Reporting Act.  The agenda states that the Bureau is considering whether to amend Regulation V (which implements portions of the FCRA).  In September 2023, the CFPB announced that it waslaunching a FCRA rulemaking and issued an outline of the proposals it is considering in preparation for convening a Small Business Advisory Review Panel.  A group of consumer financial industry trade groups recently sent a letter to Director Chopra urging the CFPB to issue an Advanced Notice of Proposed Rulemaking before it publishes a Notice of Proposed Rulemaking.  In the agenda, the Bureau designates the rulemaking to be in the “prerule stage” and estimates pre-rule activity in December 2023 but does not indicate that a SBREFA outline was issued.

• Amendments to FIRREA Concerning Automated Valuation Models.  In June 2023, the Bureau, together with the federal banking agencies and the FHFA, issued a proposed rule on automated valuation models.  The Bureau gives a June 2024 estimate for issuance of a final rule.

• Property Assessed Clean Energy Financing.  In May 2023, the CFPB issued a proposed rule that would extend TILA ability-to-repay requirements to PACE transactions.  The Bureau gives an October 2024 estimate for issuance of a final rule.

• Mortgage servicing.  The agenda indicates that the CFPB is considering ways to simplify and streamline the mortgage servicing rules.  The Bureau gives a March 2024 estimate for issuance of a Notice of Proposed Rulemaking.

• Financial Data Transparency Act.  The agenda indicates that the CFPB is working with the Department of the Treasury, the Federal Reserve Board, the Office of the Comptroller of the Currency, the Securities and Exchange Commission, the Federal Deposit Insurance Corporation, the Federal Housing Finance Agency, and the National Credit Union Administration to develop a proposed rule to establish data standards for the collection of information reported to each of the agencies by financial entities under their respective jurisdiction and the data collected from the agencies on behalf of the Financial Stability Oversight Council.  The CFPB gives a June 2024 estimate for issuance of a Notice of Proposed Rulemaking and a December 2024 estimate for issuance of a final rule.

In addition to the ongoing rulemakings listed in the CFPB’s agenda, the agenda includes one long-term rulemaking item, Regulation DD (which implements the Truth in Savings Act).  The CFPB observes that Regulation DD currently allows depository institutions to disclose that a variable interest rate is set at the institution’s discretion.  It states that because many institutions make such a disclosure, comparison shopping on variable rate deposit accounts is made difficult for consumers and institutions can potentially delay increasing rates paid to consumers when the Federal Reserve raises its interest rates.  The CFPB indicates that it is reviewing whether changes to Regulation DD are needed in light of current market conditions.  It gives no estimated date for future action.

It is a virtual certainty that the CFPB’s final rule on credit card late fees will face a legal challenge and other final rules, such as the CFPB’s final registry rules, are also very likely to face legal challenges.  Moreover, the validity of all CFPB rules could be in jeopardy if the U.S. Supreme Court rules in the CFSA case that the CFPB’s funding mechanism is unconstitutional.

See how collections training programs can use real-world activities and empathy to boost learning outcomes, customer satisfaction and collections performance.

Collections Leaders Seek New Ways to Reinvigorate Call Center Agent Performance

Agent turnover in call centers has steadily grown to 38% in 2022, and with increased regulatory scrutiny and economic instability, it’s a challenging landscape for handling financially distressed customers. Of course, this high turnover can be attributed to the emotionally taxing nature of debt collections. But one of the main reasons for high agent turnover is the preference for the work-from-home model. To address this issue, collections departments have begun to adapt by offering remote work options and ensuring robust remote training programs. A key challenge bubbled up from this change: creating engaging and effective collections training for remote agents.

Challenge: Delivering Effective Agent Training Remotely

In recent years, corporate training shifted dramatically to remote-based training. Research underscores the importance of crafting engaging content and honing communication skills, especially empathy, to make remote training effective. Shockingly, about 50% of corporate training programs (remote and in-person) fail due to factors like irrelevant content, disengaged learners, outdated practices, poor communication of training needs, lack of managerial clarity and uninterested employees.

“Successful remote training comes from crafting engaging content and honing communication skills – especially empathy.”

Collections leaders will continue to face the task of adapting phone channel training to a remote environment while preparing agents comprehensively and mitigating unwanted outcomes. The key to success lies in training that minimizes lectures and maximizes hands-on activities. Engaging employees during training with activities and role plays pushes them outside their comfort zone (required for retaining knowledge) and helps them practice successful communication techniques.

Ask yourself: Are you teaching the right communication techniques, practicing it, and then inspecting what you expect after the training ends?

Three Steps to Successfully Transform your Collections Training for Remote Agents

1. Design role-based training material that’s relevant to the learner’s job.

• Build training content using scenarios of the most challenging call types, so that the learner can relate to the content.
• Share calls from the top agents for each call type in the scenarios, so learners hear what a good, empathetic call sounds like.
• Provide scripts for the top five collection call types to ensure information to customers is conveyed accurately.
• Create an effective phrase library to share best practices and provide a better way to communicate difficult answers or questions.
• Create activities and role plays so agents can practice in their voice, based off the shared effective communication techniques. Activities keep the learners engaged in the training and help them build good habits.

2. Create a balanced training curriculum that engages virtual participants.

• Develop a call model and organize your curriculum chronologically by your call flow. This breaks the training down into small sections that build upon the learning.

• Organize activities related to your most common call types. Identify call types based on delinquency reasons and fact-finding, categorizing customers as Oversight, Short-Term Hardship, and Long-Term Hardship. Then create activities and role plays for each category, including relevant phrases and questions to determine affordable payment programs.

Your activities should follow a pattern of tell me, show me and then, observe me. This can be achieved by first explaining what is required on the call, then playing best-in-class calls to be able to hear what good sounds like. Then conduct role plays to practice and observe.

Tip: Create a call library to clarify the standards for an exemplary call. The library should contain the highest-rated calls categorized by call type. This allows learners to understand what constitutes a “best in class” call.

3. Establish a Post-Training Feedback Program for Continuous Learning.  Implement a Call Listening Program where managers monitor calls and give feedback.

• Develop a call coaching form that inspects the expectations that were set in training.
• Train Managers on how to coach using the form. Break down the components of how to effectively coach for successful performance.

• Observe and certify managers in providing effective coaching feedback.
• Track performance gaps and offer special training to address them.
• Reward progress by recognizing success and reset expectations if desired results aren’t met.

Repeated Practice and Experience Builds Habits

Adapting your classroom curriculum to the adult learning 70/20/10 rule will have a dramatic effect on your learner’s experience and success. Adults learn from three types of experience, following a ratio of: 70% on-the-job training experience, 20% from exposure to the right behavior and 10% from educational courses. You can modify your curriculum by ensuring your learners are participating in activities and exposed to the right behavior 90% of the time you are in class. You can decrease lecture time and increase activities such as customer listening sessions, group/individual activities and role plays. It takes someone 21 times to develop a habit and the practice you provide your learners will make perfect.

Empathy: The #1 Key to Collections Success

While building the classroom curriculum is foundational to your training, true success in collections starts with the capacity to engage in empathetic customer conversations. Teaching this remotely can be challenging, but the key to success lies in the use of real-world activities.

Empathy is Critical for Keeping Customers Around

In a study conducted by Lexop a striking 32% of respondents blamed their negative past-due experiences on unsympathetic and rude agents. Shockingly, 71% of them considered switching to the competition as a result. Clearly, being empathetic in your communication is absolutely critical.

Dedicating time to practice will help you develop effective and empathetic communication skills among your team. But why are these skills so important? Lexop surveyed past-due customers, revealing that factors like inflation, interest rate hikes and rising costs have made it increasingly difficult for consumers to manage their bills. In fact, 60% of U.S. consumers are living paycheck to paycheck.

Showing empathy and building a connection with customers who are facing financial struggles significantly enhances your ability to negotiate successful payment arrangements.

By revisiting the basics and teaching agents through practice, how to ask the right questions and respond adeptly to challenging customer situations, you increase their capacity for authentic conversations. This, in turn, boosts your chances of being first in line for payment.

SCHAUMBURG, Ill.–  Glass Mountain Capital, a leader in the accounts receivable management and capital recovery industry, is proud to announce the appointment of Diane Margolin as its new Vice President of Business Development. With over 20 years of exceptional experience in business development, Diane brings a wealth of knowledge and expertise to Glass Mountain Capital.

Diane Margolin has established herself as a highly accomplished and motivated leader in the business development sector. Her career is marked by consistent success in meeting and exceeding sales and revenue objectives, making her an invaluable asset to any team. In her new role, Diane will focus on driving the company’s growth through strategic client acquisition and contract negotiation.

Her specialties lie in Business Process Outsourcing (BPO), Revenue Cycle Management Solutions, and Call Center and Collection Solutions. These areas are critical to Glass Mountain Capital’s services and growth strategy. Diane’s excellent interpersonal communication skills, coupled with her proven ability to build and maintain relationships, make her the ideal choice to lead the company’s business development initiatives.

“Diane’s appointment marks a significant step in our journey towards expanding our market presence and enhancing our client services,” said Ed Carfora, Executive Vice President of Glass Mountain Capital. “Her extensive experience and remarkable track record in business development will be instrumental in achieving our strategic goals. We are excited to welcome her to our executive team and look forward to her contributions.”

Diane’s leadership qualities and team leadership abilities are expected to bring fresh perspectives to Glass Mountain Capital’s business strategies. She is poised to play a key role in the company’s future successes.

For more information about Glass Mountain Capital and its services, please visit https://www.glassmountaincapital.com/. 

About Glass Mountain Capital:

Glass Mountain Capital is a leading firm in accounts receivable management and capital recovery, offering a range of services to ensure efficient debt recovery while maintaining positive consumer relationships. With a commitment to professionalism, ethics, and compliance, Glass Mountain Capital stands as a trusted partner in the financial services sector.

On November 9, the State of Minnesota enacted Chapter 70–S.F.No. 2995, a large bill to amend certain sections of its current health care provisions. The bill covers extensive changes to healthcare provisions, from prescription contraceptives, hearing aids, mental health, long COVID, and childcare, among many others.

One of the significant new laws requires a hospital to first check if a patient’s bill is eligible for charity care before sending it off to a third-party collection agency. Further, the bill places new requirements on hospitals collecting on a medical debt before it can “garnish wages or bank accounts” of an individual. 

The Minnesota law also outlines how a hospital wishing to use a third-party collection agency, must first complete an affidavit attesting that it has checked if the patient is eligible for charity care, confirmed proper billing, given the patient the opportunity to apply for charity care, and, under certain circumstances, if the patient is unable to pay in one lump sum, offered a reasonable payment plan instead.