The Long-Awaited CFPB Debt Collection Rule Changes—Bright Lines and Opportunity

There is no doubt that last week’s publication of proposed rules by the Consumer Financial Protection Bureau (CFPB) likely marks a long-needed tectonic shift for the debt collection industry including 1st and 3rd party debt collection agencies (DCAs). As such, it’s a bit premature to predict the many cascading effects that are likely to unfold … Read more

McKinsey & Company Points the Way to Collections Digital Transformation

While I was writing about the CFPB Annual Report and Mike D’Andrade was writing about the CBALive and LendIt Fintech conferences, we were channeling the partners at McKinsey & Company, or maybe they were channeling us. Either way, all of us seem to agree on three things: An economic downturn is on the horizon. Consumers … Read more

FDIC Warns on Third-Party Technology Risk

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Avoiding Risky Relationships by Filling in the Gaps This month the Federal Deposit Insurance Corporation (FDIC) published a financial institutions letter detailing observations and concerns related to technology service provider contracts. In a nutshell, insufficient and unclear contract terms create risks for financial institutions. More specifically, the FDIC letter highlights concerns related to business continuity … Read more

CFPB Submits Annual Report: Confirms Our Views on Debt Collection Industry and the Role of Omnichannel Capabilities

debt collection trends

The Consumer Financial Protection Bureau (CFPB) and the Federal Trade Commission (FTC) have released their joint annual report on the Fair Debt Collection Practices Act (FDCPA). It’s something that debt collection industry stakeholders generally monitor for insight into industry trends. This year’s report confirms the clear trend of rising delinquencies. While still at historically low … Read more

Personalize Communication to Drive Loyalty (Or, Why You Need to Know Who You’re Talking To)

Since I last wrote about Accenture’s report, titled “Financial Providers: Transforming Distribution Models for the Evolving Consumer,” I’ve been thinking a lot about effective communications with emerging Gen YZ personas. Should I take an academic approach? Should I channel my inner Aesop and weave together a parable? What I landed on was to take my … Read more

Welcome to Katabat

Collections Marketing Center (CMC) was founded by credit-lending and technology experts to revolutionize the customer’s experience. We started in collections and grew with global enterprise banks during and after the Great Recession. Since then, we have evolved to pursue a broader mission—1) serve full lifecycle customer needs in the global credit lending space, and 2) … Read more