Rohit Chopra, President Biden’s pick to head the Consumer Financial Protection Bureau. Mr. Chopra's nomination to lead the bureau has been a flashpoint between Republicans and Democrats on Capitol Hill.

With the Biden administration nominating Mr. Chopra to lead CFPB, there are potentially serious implications on the 1st and 3rd party collection space and not in a good way. Chopra brings substantial regulatory expertise at CFPB and he is likely to focus on the economic hardships faced by Americans due to COVID-19.

Top agenda items to watch out for:
1. Heftier fines for violations
2. An increase in robust regulations
3. Greater enforcement for consumers seeking restitution

If you don't have a speech analytics solution in place to understand everything your collectors are saying, then you could be exposing yourself to unnecessary risk.

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Adaptation is the key to staying ahead of the changes coming to our industry. Here are a few ways Prodigal is partnering with 1st and 3rd party collection shops to mitigate these issues:

Heftier fines for violations: With our proprietary 60 out of the box collection focus tags, we have ~11 that are specifically geared towards violations such as bankruptcy, lawyer, and harassment.These tags are applied to all of your calls and exception reports can be emailed to you. This enables you to quickly address any potential violations before they turn into settlements or lawsuits.

Increase in robust regulations: Due to Prodigal being exclusively focused on the collections industry, we’re proactively applying any changes such as California’s Right To Forget to your calls. This way, as the regulations change, you can have peace of mind that we’re doing everything in our power to ensure you’re aware of the changes and that you have a partner that’s proactively mitigating your compliance challenges.

Greater enforcement for consumers seeking restitution: Customized dashboards and trend charts over time are standard and we can customize them so you’re aware of any areas that your collectors need retraining before a consume seeks restitution.

Tracking and monitoring 100% of your calls for compliance violation will be a critical business priority for every major debt collector. Assisted AI technologies that help you gain insights on agent performance and compliance violation in realtime will be crucial to navigating the regulatory environment under Chopra's CFPB.

Mr. Chopra’s other priorities will include ensuring credit reports are accurate, helping consumers behind on rent or mortgage payments, and ensuring that so-called payday lenders assess their customers’ ability to repay short-term, high-interest loans.