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Are you ready? 7 Ways ERC is Preparing for REG F

Reg F goes into effect on November 30, 2021. ERC has been working hard to prepare its clients, employees, and leaders for this transition. Here are some of the questions we keep hearing.

How is ERC managing to use the Model B form for all clients? 

This is the number one concern ERC is fielding. ERC took a very collaborative approach to the new letter. The Model B Form, or validation letter, is best described as a really great tool with surprisingly complicated assembly instructions. Every client is unique, with unique information and systems. 

ERC immediately engaged every client to not only help further educate them on Reg F, but also make them a part of the creation of their letter. We are well on our way to being able to check this one off our list. We’re so pleased with the door this particular piece of Reg F has opened for us to really get to work more closely with our clients.

7 Calls in 7 Days: How will this impact ERC’s performance and productivity? 

Overall, the new call caps do give ERC a lot to consider when thinking about performance and productivity. This also creates a shift in priorities on how ERC communicates with consumers and helps drive consumers to communicate with ERC. The 7 calls in 7 days is more of a challenge when talking about creating new systemic restrictions and functionality than it is with being able to still pull our goals and numbers.

How is ERC managing consent for e-communication use? 

Reg F is driving home the message of consumer preference and ERC intends to let that ring true in all of our efforts. This is easily the most complicated portion of the new rules. Our development team is working hard on leveraging the existing technology ERC has and building a more robust means of not only creating more interest in consumers to communicate with ERC electronically but making the journey and experience a lot more user-friendly. Simple. Of course, this means ensuring we have all of the requirement boxes checked in all of the right places throughout the experience. We’ve partnered up with our clients on ensuring communication regarding consent preferences is tracked, managed, and communicated as efficiently as possible for the continued protection of the consumer as well as the client.  

What is ERC doing to manage the implementation of Inconvenient time and places?

This currently exists in the FDCPA now and is already within ERC’s systems and protocols. The difference is more about fine-tuning the capture of the times and/or places designated as inconvenient and then tying in all forms of communication to a place, and allowing e-communications to be free from place-specific restrictions. 

What do the new rules mean for E-sign disclosures?

There is so much to be discussed about E-Sign and how the CFPB has interpreted it as it relates to requirements in debt collections. Shelly Gensmer-Cleek, ERC’s Vice President of Legal and Compliance believes conservative is the right approach. Gensmer-Cleek says if you are unsure that your email or text contains a legally required notice, then put Section C requirements at the front end of your consent. Check that box, get your consent, and know that you’re compliant ahead of having to parse out what requires Section C and what does not. Gensmer-Cleek also advises having a way to provide notices in print as well. 

Investing in an intelligent omnichannel approach

Companies that invest in making every call, text, and email count will find themselves set up for success in the long run. As Regulation F shifts collectors’ emphasis from quantity to quality of outreach, an intelligent omnichannel approach that responds to consumers’ preferences can support compliance while increasing right-party contact rates, reducing operational costs, and increasing efficiency. 

How can ERC and its clients thrive in a Reg F environment? 

How can’t they? Leverage the gift of putting the consumer in the driver’s seat. If we know how consumers want to be communicated with, and we meet that request, the experience for the consumer is better because they’re the ones who chose it. Complaints start to die down. Calls are less difficult. Payments are more likely to be made. 

About ERC

ERC is an agile, technology-driven company that provides business process outsourcing (BPO) and account recovery services for Fortune 500 companies. ERC leverages the latest innovations in technology while providing extraordinary workforce resources to deliver unparalleled end-to-end customer experience solutions, making ERC a top performer for its clients. ERC is a global contact center leader, with operating sites in the U.S., Dominican Republic, India, South Africa, Kenya and the Philippines.

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