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PSCU Partners with Telrock to Offer Next-Generation Delinquency Management Software Platform

  • Written by Steel Rose
  • Category: Industry News

 St. Petersburg, Fla. — (June 4, 2020) — PSCU, the nation’s premier payments credit union service organization (CUSO), announced it has entered into an agreement with Telrock to offer its cloud-based collection and recovery software platform, Optimus, to PSCU Owners and other credit unions to improve their overall delinquent account management performance. 

Through this partnership, both PSCU and CU Recovery & The Loan Service Center, a PSCU company, will leverage Telrock’s leading-edge collection and recovery software platform to help credit unions achieve a higher level of efficiency, effectiveness and compliance across all products for both first- and third-party collections. 

“Performing and managing delinquent account activities is becoming increasingly complex and demanding, especially as we navigate the COVID-19 environment and the increased delinquencies we anticipate as a result of the pandemic,” said Steve Balmer, managing vice president of Delinquency Management for PSCU. “With Optimus, we will be in the unique position of having an expanded and enhanced set of collection and recovery capabilities that we will utilize to improve our own results, as well as make the platform easily available to credit unions for use in their own delinquency management efforts.” 

Optimus’ key capabilities include a “smart” collector workbench with easy and secure access, embedded digital channel communications and omni-channel management to best align with consumer contact preferences, as well as an integrated self-serve web portal for member do-it-yourself (DIY) collection payment empowerment. 

“It is the sum of its parts that enables Optimus to stand out from the outmoded legacy collection and recovery software systems in use today,” said Rob Fite, vice president of Business Development for Telrock. “Optimus was built from the ground up based on modern technology and intelligent design for use in the cloud. The result is a unified platform that provides a broad and powerful set of features and functions that enables the collection of any credit product during any stage of delinquency. With Optimus, PSCU and the credit unions it serves are gaining an unparalleled level of control, agility, flexibility, automation, insight and ease of use, all of which are critical features needed to succeed in today’s highly challenging collections environment.” 

Optimus will be available to Owner and non-Owner credit unions through PSCU and CU Recovery & The Loan Service Center. For more information, contact This email address is being protected from spambots. You need JavaScript enabled to view it.

About PSCU 

PSCU, the nation’s premier payments CUSO, supports the success of 1,500 credit unions representing more than 3.8 billion transactions annually. Committed to service excellence and focused on innovation, PSCU’s payment processing, risk management, data and analytics, loyalty programs, digital banking, marketing, strategic consulting and mobile platforms help deliver possibilities and seamless member experiences. Comprehensive, 24/7/365 member support is provided by contact centers located throughout the United States. The origin of PSCU’s model is collaboration and scale, and the company has leveraged its influence on behalf of credit unions and their members for more than 40 years. Today, PSCU provides an end-to-end, competitive advantage that enables credit unions to securely grow and meet evolving consumer demands. For more information, visit pscu.com. 

CFPB Supervisory Highlights Notice Needed on Subsequent Letters

  • Written by Steel Rose
  • Category: Industry News

In this issue of Supervisory Highlights, we report examination findings in the areas of debt collection, mortgage servicing, payday lending, and student loan servicing that were completed between April 2019 and August 2019. The report does not impose any new or different legal requirements, and all violations described in the report are based only on those specific facts and circumstances noted during those examinations.

Full report

Read the full report

CFPB and Time Barred Debt--What You Should Know

  • Written by Seth Welborn
  • Category: Industry News

The Consumer Financial Protection Bureau (CFPB) has issued a Supplemental Notice of Proposed Rulemaking (Supplemental NPRM) regarding the collection of time-barred debt, prohibiting collectors from using non-litigation means (such as calls) to collect on time-barred debt unless collectors disclose to consumers during the initial contact and on any required validation notice that the debt is time-barred.

In May 2019, the CFPB published a proposal (May 2019 NPRM) to implement the Fair Debt Collection Practices Act (FDCPA). The May 2019 NPRM would provide consumers with clear protections against harassment by debt collectors and straightforward options to address or dispute debts; set clear, bright-line limits on the number of calls debt collectors may place to reach consumers on a weekly basis; clarify how collectors may communicate lawfully using newer technologies, such as voicemails, emails and text messages, that have developed since the FDCPA’s passage in 1977; and require collectors to provide additional information to consumers to help them identify debts and respond to collection attempts.  To Read More

Buffalo's Bobby Rich Banned for Life

  • Written by Steel Rose
  • Category: Industry News

Authorities say it's for misleading consumers on how much money they owed, and using illegal tactics to collect the inflated debt.

In addition to the ban, the settlement also includes a suspended judgment of $1.7 million. To Read More

Survey Reveals Collections' Positive Impact

  • Written by T. Steel Rose
  • Category: Industry News

If you are ever questioned as to whether or not debt collection helps the economy, just know that a new survey conducted by Ernst & Young revelas the third-party debt collection industry returned $67.6 billion to creditors in 2016. The report shows that healthcare, local government and all U.S. households benefit from the efforts of collectors.

Other key findings include:

The collection of consumer debt by third-party debt collection efforts represent $579 in savings on average per household by keeping the costs of goods and services lower.

Third-party collection agencies directly employed 129,262 people in 2016 and the industry indirectly influenced the creation of 89,000 more jobs.

Third-party collection agencies and their employees paid $852 million in federal taxes and $677 million in state and local taxes.

Third-party collection agencies and their employees contributed $17.7 million to charitable community causes and volunteered 521,700 hours.

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