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Tag: collection

Biden consumer watchdog seeks delay of Trump-era debt collection rules

Finance
Ting Shen/Bloomberg via Getty ImagesThe Consumer Financial Protection Bureau proposed a delay Wednesday to two debt-collection rules issued in the waning days of the Trump administration.Those rules broadly addressed how debt collectors may communicate with and make disclosures to consumers.Kathy Kraninger, the former CFPB head during the Trump administration, said the measures helped keep consumers informed. Critics argue that some aspects of the plan give companies too much power and allow them to hound indebted Americans for payments.More from Personal Finance:Biden tax plan may lead to more Roth retirement accountsSocial Security beneficiaries received most of the recent $ 1,400 checksPPP loan money will likely run out before May 31 deadlineBoth measures — issued in October and Decemb...
‘We have your porn collection’: The rise of Extortionware

‘We have your porn collection’: The rise of Extortionware

Technology
Getty ImagesCyber-security companies are warning about the rise of so-called 'extortionware' where hackers embarrass victims into paying a ransom.Experts say the trend towards ransoming sensitive private information could affect companies not just operationally but through reputation damage.It comes as hackers bragged after discovering an IT Director's secret porn collection.The targeted US firm has not publicly acknowledged that it was hacked.In its darknet blog post about the hack last month, the cyber-criminal gang named the IT director whose work computer allegedly contained the files.It also posted a screen grab of the computer's file library which included more than a dozen folders catalogued under the names of porn stars and porn websites.The infamous hacker group wrote: "Thanks God...
Microfinance lenders aim at repayment collection, restoring credit cycle amid rising stress

Microfinance lenders aim at repayment collection, restoring credit cycle amid rising stress

Finance
KOLKATA: Microfinance firms and small finance banks are desperately looking to boost repayment collection to revive cash flow and resume loan disbursement to restore normalcy in credit cycle even as the Reserve Bank of India extended moratorium on payment till August 31 for borrowers under stress. The prime concern expressed by microfinance leaders now is that the extended moratorium might increase stress and derail the robust credit discipline that they nurtured over the years. "It's a disaster," said a chief executive of an MFI. "Many of the borrowers may not able to service loans after the six month of repayment holiday." Merely about 15% borrowers have shown willingness to start repayment till the third week of May, people familiar with the matter said. Repayment rates were down to 12...
Life insurers see a 32% drop in new premium collection in March: IRDAI data

Life insurers see a 32% drop in new premium collection in March: IRDAI data

Finance
MUMBAI: Country’s life insurance players saw nearly all financial metrics such as sum assured, first year premiums, policies issued, and lives covered decline significantly in March which could be reflected in a washed out fourth quarter in the upcoming earnings of the listed insurers. The overall industry – with 24 players - saw 32.2 percent year-on-year (YoY) decrease in new premium collection to Rs 25,409.30 crore in the month whereas number of policies underwritten, and the number of lives covered in the month reduced by 66 percent and 41 percent respectively, latest data released by IRDAI showed. However, for FY20 the sector saw a 20.6 percent YoY increase in first year premiums at Rs 2.58 lakh crore. While the country’s largest insurer Life Insurance Corporation of India (LIC) saw a ...
Income tax, GST offices to remain open on March 30, 31 to facilitate year-end collection

Income tax, GST offices to remain open on March 30, 31 to facilitate year-end collection

Finance
Tax offices, for both income tax and GST, will remain open on Saturday and Sunday as the departments race against time to meet the revenue collection targets. "As per past practice, all field offices of CBIC (Central Board of Indirect Taxes and Customs) will remain open during the last weekend of the current financial year also March 30 and March 31, 2019, for assisting the taxpayers in all matters," CBIC said in an office memorandum. In an office order, the Central Board of Direct Taxes (CBDT) asked its field offices to facilitate filing of tax-returns by the taxpayers by opening additional receipt counters, wherever required, on March 30 and 31. "The last date for filing belated/revised tax-returns for assessment year 2018-19 is March 31, 2019. The financial year 2018-19 also closes on (...