Ballard Spahr and Bridgeforce Launch Joint Initiative to Help Clients Navigate New Debt Collection Regulations
Ballard Spahr's powerhouse Consumer Financial Services (CFS) Group is teaming up with Bridgeforce, a leading financial services consultancy, to launch a joint initiative designed to help financial institutions navigate new debt collection regulations.
Issued by the Consumer Financial Protection Bureau (CFPB), the new rules will change the debt collection process and require the industry to substantially modify its communication methods and adjust its operating models. The Ballard Spahr and Bridgeforce joint initiative offers a collaborative approach that integrates legal advice and operational execution. Working together, Ballard Spahr and Bridgeforce can help clients redesign their systems, policies, procedures and compliance monitoring so that they are tailored to the new CFPB rules.
Ballard Spahr's nationally recognized CFS Group has more than 110 attorneys across the country. Lawyers in the group represent clients ranging from global financial institutions to entrepreneurial enterprises and internet-based providers. The firm has been consistently ranked nationally in Chambers USA: America's Leading Lawyers for Business's Band One (one of only three firms in the country in 2019) in the category "Financial Services Regulation: Consumer Finance (Compliance and Litigation)" and has been named Banking Group of the Year by Law360.
Bridgeforce's team of experienced consultants, more than 75 percent of whom have hands-on experience working inside of lending organizations, drive results in collaboration with client teams throughout the credit lifecycle. Within collections, the firm helped clients pioneer digital efforts in the early 2000s, adapt to the regulatory changes of the past decade, and now assists clients with the latest wave of digital adoption and process changes to respond to customer and regulatory demands.