STERLING, Ill. — VeriFacts will once again be sponsoring the Run for Brain Health 5k in 2024. As the 4th annual event, VeriFacts will not only be a financial sponsor but will also be represented by its Director of Business Development, Traci Oltmans, at the race on Saturday, May 18th. 

“This is truly an incredible event. I am so proud of the VeriFacts team for sponsoring this run and even more excited to participate myself,” Traci Oltmans said. “All proceeds of this event will go to the National Alliance on Mental Illness (NAMI) Sauk Valley. NAMI has done amazing work in the area, and continues to be a lifeline for those struggling with mental illness across the country.”

The Race For Change

Mental health is a vital aspect of overall well-being, yet it’s often overlooked or stigmatized. Events like the Run for Brain Health serve as a powerful reminder that mental health matters and that the community needs to support initiatives that promote awareness, education, and access to resources for those struggling with mental illness. NAMI Sauk Valley plays a pivotal role in this mission by providing support, advocacy, and education to individuals and families affected by mental health conditions.

The funds raised from this event directly contribute to NAMI Sauk Valley’s programs and services, which include support groups, educational seminars, crisis intervention, and community outreach. These resources are lifelines for many, offering a sense of belonging, understanding, and hope in times of difficulty. 

Sponsorship That Makes a Difference

VeriFacts’ sponsorship of the 4th Annual Run for Brain Health underscores their commitment to community well-being and mental health advocacy. By lending their support to this event, VeriFacts not only showcases their corporate responsibility but also amplifies the impact of the run. 

Their sponsorship enables the event to reach a wider audience, fostering greater awareness about mental health issues and the resources available through NAMI Sauk Valley. Through their sponsorship, VeriFacts helps ensure that vital resources such as support groups, educational seminars, and crisis intervention remain accessible to those in need. Their ongoing commitment to this cause not only provides financial assistance but also sends a message of solidarity and support to individuals and families affected by mental illness. 

Donate and Support

To donate toward the 5k Run for Brain Health, visit the event’s donation page on Race Roster. Each donation will 100% be committed toward NAMI Sauk Valley and will help foster a more positive and supportive community. To learn more about VeriFacts’ other community initiatives, please visit its News reel and browse through the many community articles and resources available. 

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 service and a positive customer experience. Over the years, their services have expanded into residential location information, data verification, and unique data aggregation.

As discussed here, in March 2023, the California Department of Financial Protection and Innovation (DFPI) proposed new regulations under the California Financing Law that would interpret the definition of “loan” to include “income-based advances” or earned wage access (EWA) products, except those offered by employers. The proposal also sought to require providers of such products to register with the state, and imposed requirements on debt settlement companies and education financing providers.

However, the Office of Administrative Law (OAL) has recently disapproved this regulatory action. The OAL found that the proposed regulations failed to comply with the clarity standard of the Administrative Procedure Act (APA) and that the DFPI did not follow the required APA procedures.

Background

The DFPI’s proposal was part of a broader effort to regulate EWA products, which are increasingly popular financial services that allow employees to access their earned wages before payday. The proposal aimed to classify these products as loans, which would subject them to additional regulatory oversight.

In November 2023, the Consumer Financial Protection Bureau (CFPB) submitted a comment letter to the DFPI supporting the proposal. The CFPB agreed with the DFPI’s classification of income-based advances as loans and the requirement for providers to register with the state. The CFPB stated that the DFPI’s proposal to define “charges” under the California Financing Law to include “gratuities” and “expedite fees,” would align with the Truth in Lending Act (TILA).

OAL Ruling

The OAL found that the proposed regulations did not meet the clarity standard of the APA, which requires that regulations be written so that they can be easily understood by those who must comply with them.

The OAL also found that the DFPI did not follow the required APA procedures in proposing the regulations. The APA sets out specific procedures that agencies must follow when proposing new regulations, including providing notice to the public and allowing for public comment.

Implications

The OAL’s disapproval means that, for now, EWA products in California will not be formally classified as loans and specific registration requirement expressly applicable to EWA providers will not exist. However, the DFPI may choose to revise and resubmit the proposal in compliance with the APA’s clarity standard and procedural requirements. As it has done in the past, the DFPI may also take enforcement action against providers who claim their products are not loans covered by the California Financing Law, where the DFPI disagrees with that position.

It’s also worth noting that the CFPB’s support for the DFPI’s proposal suggests that it may consider similar regulations at the federal level.

WEST SENECA, N.Y. — P&B Capital Group recently expanded its community involvement initiatives to support two significant foundations dedicated to enhancing community well-being. With a keen focus on pediatric cancer support and mental health advocacy, the company’s donations to the P.U.N.T. Pediatric Cancer Collaborative and the Zach Liberatore Foundation underscore its commitment to making a tangible difference in the lives of individuals facing formidable challenges.

“By extending our support to the PUNT Pediatric Cancer Collaborative and the Zach Liberatore Foundation, we hope to improve the lives of those in our immediate community and the global community as we all fight against pediatric cancer and mental health issues. ” – Ryan Kazmark, Managing Partner, P&B Capital Group

PUNT Pediatric Cancer Collaborative: Championing Support

The PUNT Pediatric Cancer Collaborative (formerly known as the PUNT Foundation) stands as a beacon of hope for children and families navigating the unthinkable journey of pediatric cancer. Established with the mission to provide comprehensive support to young cancer warriors and their families, the foundation offers a myriad of services ranging from financial assistance to emotional support programs. By contributing to initiatives that alleviate the burden of pediatric cancer, P&B aims to not only foster hope but also empower families to navigate their challenges with resilience and strength.

Zach Liberatore Foundation: Advocating for Mental Health Awareness and Prevention

Named in honor of Zach Liberatore, who tragically lost his life to suicide, the foundation is dedicated to promoting mental health awareness, suicide prevention, and addiction prevention. The Zach Liberatore Foundation aims to destigmatize mental health struggles and empower individuals to seek help without fear or shame by championing initiatives that foster dialogue, education, and support networks. Through targeted interventions and community outreach programs, the foundation strives to create a culture of compassion and understanding surrounding mental health issues.

A Unified Vision for Community Empowerment

As P&B Capital Group continues to expand its footprint in the realm of corporate social responsibility, contributions to the PUNT Collaborative and the Zach Liberatore Foundation serve as a testament to its values-driven approach to business. By leveraging resources and expertise to support initiatives that uplift and empower communities, the company embodies the spirit of compassionate leadership and civic engagement.

About P&B Capital Group

P&B Capital Group, LLC is a nationally licensed, third-party collection agency that services non-performing accounts receivable and loan portfolios with compliance, transparency, and respect. They help consumers understand and resolve their financial obligations while providing improved cash flow for their creditor clients.

Corrective actions are a common requirement following regulatory examination findings and enforcement actions (e.g., MRAs and consent orders), regardless of how proactive an organization may be. Therefore, you must use a systematic approach to provide evidence of successful risk remediation and effective controls. This article shows how to develop and execute remediation plans.

Strategic Remediation: A Proven Approach to Corrective Action Planning and Sustainability

Even the most proactive organizations have examination findings with required corrective actions. Organizations can effectively remediate regulatory exam findings by developing a methodical approach that facilitates effective and sustainable solutions.

For over two decades, Bridgeforce has swiftly resolved thousands of internal and external audit findings for both top-tier global banks and mid-size lenders and credit unions. Our team, comprised of former regulatory, operations, and IT executives, specializes in process reengineering, automation introduction, training provision, and the development of policies, procedures and controls to ensure compliance.

The Bridgeforce program offers concrete proof that reported risks have been effectively remediated and that the implemented controls are functioning effectively. While most clients understand what needs to be done, the challenge often lies in knowing how to do it effectively.

Establish a Project Infrastructure: The Key to Sustainable Corrective Action Planning

An established project infrastructure will lay the foundation for successful project execution by promoting efficiency, communication, documentation, and stakeholder satisfaction. It provides a solid framework that supports the entire project lifecycle, from initiation to completion.

Establish this framework by centralizing the management and evaluation of findings, creating project governance, and building your remediation team(s):

Create Centralized Management & Evaluation of Findings

Form a small task force with working knowledge of the functional areas impacted. Part of the team should evaluate findings and communicate individual responsibilities as other group members distill the information and begin formal remediation planning. By consolidating exam findings, you can prioritize efforts and address them in the form of a single comprehensive reference document.

Establish Project Governance

It’s crucial to establish a dedicated core project team. This could be a single project manager (PM) with partial allocation or a fully dedicated project management office (PMO). These resources act as the central command for the remediation task force. Project team members drive toward the collective goal of preparedness to meet the demands of examination finding remediation.

Build Remediation Team(s)

After categorizing and prioritizing findings, form remediation teams to address them. The team size, ranging from a few key individuals to multiple groups across various areas, depends on the remediation effort’s scale. We advise assigning roles and structuring the team based on the effort’s size.

These are the key roles for the team:

• Work Stream Lead
• Remediation Manager
• Remediation Team Members
• Business Area Subject Matter Expert
• Reporting and Technology Owner

Establish Reporting Strategy

Effective reporting is critical to ensure that all stakeholders are informed about remediation progress and any obstacles in satisfying remediation obligations. When regulatory enforcement results in a consent order, the sanctioned entity will be required to provide frequent updates to the regulator. So, we recommend defining a reporting strategy with an inventory of reports and dashboards that include a description of each report, information/data sources, its purpose, audience and frequency. The strategy should also include clear procedures for how reports are generated and the approval hierarchy to be executed before reports are submitted to regulators.

4 Steps to Implement Corrective Actions that Remediate Regulatory Exam Findings

Step 1: Gather all internal and external audit findings along with ongoing action plans. Then, use this information to create a consolidated master list, which aids in prioritizing tasks, assigning ownership, and driving results. Create a task plan and issue review process.

Step 2: Gain stakeholder consensus on the remediation process. This may include a temporary halt or the initiation of new reviews (2nd/3rd line of defense) for areas within the agreed-upon scope. The process for self-identified issues continues as usual.

Step 3: Execute the remediation process, achieve issue closure through a tollgate process, and continue to identify further improvements to controls, procedures, and processes.

Step 4: Start recertification activities. These will verify and certify that the resolved issues remain closed, and they’ll ensure the implementation of all other ongoing enhancements for sustainability.

Proactive Mitigation of Examination Findings: A Systematic Approach to Compliance and Operational Excellence

A systematic approach to exam findings remediation not only reduces the burden of exam findings but also ensures sustainability. Initiating remediation while an exam is ongoing can lessen the impact on business operations.

By implementing a robust project management methodology, remediation efforts can be managed systematically. This environment establishes clear roles and responsibilities for resources, ensuring that corrective actions are promptly and thoroughly executed. This approach reduces the time spent on each issue, allowing managers and strategists to focus on business growth.

While examination findings are inevitable, proactive measures can mitigate their impact. You’ll achieve this by promptly addressing issues, preparing for future exams, and fostering a culture of operational control excellence. This strategy significantly reduces the risk of costly fines and extensive remediation activities, and it can improve relations with regulatory bodies.

BURLINGTON, Mass.– Finvi, the leading provider of enterprise solutions that streamline and accelerate revenue recovery for clients across the accounts receivable management (ARM) industry and healthcare markets, today announced a new partnership with TCN, a leading provider of omnichannel contact center solutions, and Finvi’s preferred provider of contact center software, communications platform and associated software products. TCN and Finvi have established this partnership to deliver integrated Contact Center as a Service (CCaaS) across its client base.

Both Finvi and TCN are well-established and respected companies in the revenue recovery industry. Finvi has a long history of providing innovative and effective revenue recovery solutions to its clients, while TCN is a leader in omnichannel contact center solutions. This partnership brings together two industry leaders to provide customers with a more comprehensive solution for their revenue recovery needs.

TCN’s solution will be deeply integrated with Finvi’s products and services, providing customers with a comprehensive solution to suit their revenue recovery needs. This includes API-based, real-time integration with Velosidy, Finvi’s new SaaS collections and payments platform for the ARM industry. 

“We are incredibly excited to partner with TCN to provide our customers with seamless access to their industry-leading omnichannel contact center solutions,” said Tim O’Brien, CEO of Finvi. “TCN Operator is a best-in-class solution, and its integration into our core workflow applications will provide our customers with a truly seamless and unified experience.”

“We are thrilled to be Finvi’s preferred CCaaS partner,” said Terrel Bird, CEO of TCN. “Finvi is a leader in enterprise solutions for revenue recovery, and we are confident that TCN Operator will help Finvi customers improve their customer experience and achieve their business goals.” 

The partnership is expected to benefit both Finvi and TCN customers. Over the coming months, their common customer base will realize the benefits of an optimized business workflow, achieving increased agent productivity and management visibility through seamless integration. 

About Finvi

Finvi is a leading provider of enterprise technologies that streamline and accelerate revenue recovery for clients across the accounts receivable management (ARM), healthcare, and government markets. Finvi’s solutions help businesses to improve customer engagement, streamline communications, and increase compliance. For more information, please visit www.finvi.com.

About TCN

TCN is a global leader in cloud-based contact center solutions for accounts receivable management (ARM), healthcare providers, enterprises, contact centers and BPOs. TCN’s comprehensive suite includes omnichannel solutions, automation, predictive dialers, IVR, Click2Pay, compliance solutions and real-time analytics, driving operational efficiency and customer satisfaction.

TCN promises immediate access to the latest TCN Operator platform, facilitating seamless scalability. With a commitment to excellence and a dedication to meet evolving business needs from start to finish through industry-leading customer service, TCN continues to redefine the contact center landscape. For further details, visit www.tcn.com. 

Late on Friday, May 10, 2024, a District Court in Texas entered an order stopping the Consumer Financial Protection Bureau’s (CFPB) Late Fee Rule (Rule), which would slash credit card late fees to $8.00, from going into effect on May 14, 2024. The Order says the injunction is warranted because of the CFPB’s funding structure and because the injuries created by the Rule, if it were to go into effect tomorrow, could not be practicably measured. 

Upon its release, the Rule was widely criticized for both the CFPB’s alleged failure to follow the Administrative Procedures Act (APA) and for its significant operational impacts. The announcement of the Final Rule on credit card late fees sparked an immediate reaction. A collective of trade groups, including the U.S. Chamber of Commerce, Fort Worth Chamber of Commerce, Longview Chamber of Commerce, the American Bankers Association, the Consumer Bankers Association, and Texas Association of Business (collectively, the Trade Groups) filed a complaint in the U.S. District Court for the Northern District of Texas challenging the Rule.

The Trade Groups alleged they were entitled to a preliminary injunction because of the CFPB’s funding structure, and the Rule violates the  Credit Card Accountability Responsibility and Disclosure Act (CARD Act), the Truth in Lending Act (TILA), and APA. More specifically, the Trade Groups argued that because the Fifth Circuit Court of Appeals had previously held that the CFPB’s funding structure is unconstitutional, any rule passed under that same funding structure, including the Late Fee Rule, is likewise unconstitutional. 

The Court agreed with the Trade Group’s argument regarding the CFPB’s funding argument and did not address the CARD Act, TILA, and APA claims. That said, standing alone, the funding issue is not enough to meet the legal threshold for a preliminary injunction. To meet that threshold, there must be an irreparable injury and an examination of the relative harm of both parties. 

In reviewing the Rule and the arguments of the parties, the Court held that should the Rule go into effect on May 14, 2024, there would indeed be an irreparable injury.  Per the Court, “The issue isn’t so much that the Plaintiffs’ injury could never be repaired by damages, but that damages for their injury could not practicably be measured.” Because damages would not be able to be computed, the Court found that the Trade Groups met their legal burden on this factor.

Finally, the Court reviewed the “relative harm to both parties” if the injunction were to be granted or denied. In its examination, the Court reasoned that entering the injunction would cause less harm to the CFPB than to the Trade Groups. Specifically, if it denied the injunction, the Trade Groups would face an enormous undertaking based upon a potentially unconstitutional rule. However, if the Court were to grant an injunction, the CFPB would be relatively unaffected because the  Rule has not yet gone into effect.

Since the Trade Groups met their legal burden, the Court entered a preliminary injunction effectively stopping the Late Fee Rule from becoming effecitve tomorrow, May 14, 2024. 

You can read the full Opinion and Order here. 

insideARM Perspective

The Opinion and Order in this matter should not be construed to mean that the Court Disagrees with the policy behind the Rule. Interested parties should take note of footnote 1, which states, “Importantly, the Court offers no opinion and has no opinion as to whether the CFPB’s Final Rule reducing the credit card late fee cap is good or bad policy, as that is irrelevant to the Court’s analysis.” Coupled with the fact that the U.S. Supreme Court heard oral arguments in the CFPB funding case in October of 2023, and is expected to issue its ruling in 2024, the effects of this ruling may be short-lived. We will continue to watch for developments.