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Preparing for the New CFPB Rules

As we have mentioned for several months now, the CFPB’s new rules that affectively clarify or change some of the rules initiated in The Fair Debt Collection Practices Act (FDCPA; March 1978), will go into effect this November, 2021. With these rules, most of which will be up to third-party collection agencies to adopt into their practices, come some items that will require their clients to hand over more information on their patients and consumers in their placement files, while being able and available to validate disputed charges.

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Rules, Regulations, and CFPB, Oh My!

If you’ve been living in a bunker for the last year or so – and it’s entirely possible you have! – you may not have noticed the litany of new rules and regulations that have been thrust upon third-party collection agencies, not to mention the ever-evolving state rules and consumer-oriented notices that have coalesced around the collections industry as a whole, in particular regarding the means and methods by which we communicate with consumers.

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Get Your Placements in Today!

One-Third of Tax Return Recipients Will Pay Down Their Debt

Last year's average tax refund was more than $2,500. More than 150 million tax returns are expected to be filed this year, with the vast majority before the Thursday, April 15 deadline. Delaying any further will jeopardize our ability to take advantage of the 2021 return season on your behalf!

The Internal Revenue Service announced that the nation's tax season will start on Friday, February 12, 2021, when the tax agency will begin accepting and processing 2020 tax year returns.

This programming work is critical to ensuring IRS systems run smoothly. If filing season were opened without the correct programming in place, then there could be a delay in issuing refunds to taxpayers. These changes ensure that eligible people will receive any remaining stimulus money as a Recovery Rebate Credit when they file their 2020 tax return.

Read More from the IRS News Release

Five Ways to Increase Your Collections ROI

Simon's Client Access Web Portal

How to Send Placements to Simon's

Simon's Volunteer Day

On Saturday, November 7th, Simon’s Agency volunteers gathered at the Samaritan Center for Simon’s fourth annual Volunteer Day where it prepared and served "to-go" meals to those in need near Downtown Syracuse.

Simon’s also collected goods from staff members this year and was able to deliver items to the center for those in need. Simon's owner, Phil Bova once again donated the cost of the meal on behalf of the entire Simon's team.

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