Daily Digest - July 10, 2025

Brought to you by: TCN | By Mike Gibb

Author

Mike Gibb
July 10, 2025

📝 EDITOR’S NOTE: Scroll down to the bottom for a recap and highlights from yesterday’s webinar.

🥳 🎂 Happy Birthday to: Ken Rubin of Hollis Cobb Associates and Connect International, Matthew Rehnelt of NCCI, and Nick McLaughlin of Breeze Health.

🙌 🎉 Congratulations to: Carri McQuerrey-Funk, the new Chief Operating Officer at Everchain, and Stephen Brandon, who was promoted to Vice President of Operations at Automated Collection Services.

More than 35 speakers have confirmed for ComplianceCon. Check out who will be speaking and more at Compliance-Con.com.

Your Guide to Margin Growth Using Generative AI

Brought to you by: Prodigal

Debt collection has long been a labor-intensive, manual process, but generative AI offers a transformative solution. Check out this comprehesive guide on leveraging generative AI to drastically reduce labor dependency, automate time-consuming tasks, and streamline high-effort processes.

Getting to Know Peter Fish of Genesis Credit Recovery

  • For as long as he has been a lawyer, the credit and collection industry is all that Peter Fish has known. Perhaps it’s the mix of law and business that the industry provides, or that it allows him to take advantage of his interest and ability to be open and collaborative. You’ll agree that someone who takes pride in pointing out a fact related to business growth while not having any staff turnover is not only someone who is good at his job, but also focused on the right objectives. Read on to learn more about Peter, how even his side hustle is industry-related, and how animals fit into his dream job.

  • More details here.

  • This series is sponsored by TEC Services Group

A MESSAGE FROM TCN

TODAY‘S WEBINAR

UPCOMING WEBINARS

Judge Denies MTD in FCRA, FDCPA Case Over Collection Amount

  • A District Court judge in Maryland has denied a defendant’s motion to dismiss claims it violated the Fair Credit Reporting Act and Fair Debt Collection Practices Act, ruling the plaintiff has standing after the defendant allegedly attempted to collect more than what was owed.

  • More details here.

Wise Fined $4.2M by State Regulators Over AML Program Deficiencies

  • A group of six state regulators has ordered Wise US, Inc. to pay a $4.2 million penalty and undergo sweeping compliance reforms after identifying multiple deficiencies in the company’s anti-money laundering (AML) program.

  • More details here.

Commentary: Digital Discrimination and the Future of Fair Lending Enforcement

  • A recent op-ed by Seth Frotman and Tara Mikkilineni, both former senior officials at the Consumer Financial Protection Bureau, has sounded the alarm on what they describe as a coordinated effort by the Trump administration to roll back long-standing federal fair lending protections, potentially impacting how consumer data is used and how financial products are marketed in the digital economy.

  • More details here.

Guest Column: Hiding Medical Debt Won’t Solve America’s Healthcare Crisis

  • For more than 100 million Americans, medical debt is an undeniable reality. Policymakers are right to be concerned about the burden it places on individuals and families. However, the Consumer Financial Protection Bureau’s (CFPB) proposed rule banning the inclusion of medical debt on credit reports was a misguided response. The CFPB’s emotionally charged justification for its proposed rule relies on disputed data and anecdotal narratives while ignoring the practical role of credit reporting in healthcare finance, ultimately risking a shift from cooperative repayment toward more aggressive enforcement strategies like litigation and reduced access to financing.

  • More details here.

WORTH NOTING: You can keep your shoes on now at airports ... How to spot a conspiracy theory, especially when it pertains to weather ... The online research that people do and where they do it before making a purchase ... Understanding the difference between being "wealthy" and being "comfortable" ... Fewer people are keeping up side hustles these days ... The city of Boston is ending the practice of suspending driver's licenses for individuals with unpaid debts ... How to end the cycle if you are always the one putting out fires at work ... Why soft skills matter more than ever in the age of AI.

Top 10 Thursday, part I

Top 10 Thursday, Part II

Webinar Recap: Collections Technology, Trends, Challenges, & Future Outlook

In this webinar, a panel of industry veterans explored the results of a new survey on data usage, tech adoption, and integration challenges in the credit and collection industry. Panelists Topher Androff (Universal Fidelity), Ralph Hall (BCA Financial Services), and Harrison Tang (Spokeo) offered pragmatic insights into how agencies can modernize systems, evaluate data sources, and integrate tools to improve efficiency and consumer engagement.

Key Discussion Points:

  • Payment Portal Integration: Adoption remains low due to outdated systems and clunky interfaces. “It becomes a challenge when we have to use a lot of different systems,” Hall said, noting the complexity of managing multiple payment portals across first- and third-party environments.

  • Data Management & Quality: Too much data isn’t the problem—bad data is. “The more data you have, the more chances there are for issues to be embedded in it,” Androff said. Harrison Tang emphasized the importance of using the right tools: “If you’re having trouble processing your data, you’re probably using the wrong technology.”

  • Skill Gaps & Tech Debt: Legacy systems, lack of internal expertise, and overwhelmed IT teams were all cited as hurdles to innovation. Tang suggested setting aside 15–20% of tech resources for maintenance and tech debt mitigation. “You can’t just say ‘work an extra six hours’ and expect great results,” Hall added.

3 Takeaways for Industry Professionals:

  1. Audit Your Vendors and Portals: Agencies should evaluate whether their payment portals replicate the frictionless experience consumers expect today. Poor user experience is a barrier to adoption.

  2. Clean and Centralize Your Data: Build a data lake or warehouse to allow for better analytics, predictive modeling, and campaign performance tracking.

  3. Invest in Upskilling and Partnerships: Bridge internal gaps by working with flexible vendors, hiring interns, or onboarding consultants who can train your team while building the tools you need.

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The Daily Digest is sponsored by TCN