The CFPB’s New Rules
Agent Performance and Speech Analytics
In the CFPB’s new rules, there is an exception to the seven contact attempts in seven days rule if the customer has provided specific consent to be contacted. SMS and Email are also exempt from the limit, but you’ll need consent to reach customers on these channels too.
What’s the Problem?
Your agents are going to be key in capturing that consent and the opportunity that comes with it. Inversely, you’ll also need to make sure that your agents are responding properly when a customer opts out of a specific channel. This is on top of all the pre-existing legal requirements that agents have to adhere to on debt collection calls. Consider these questions:
Can you review 100% of your calls to ensure you aren’t missing out on customer consent opportunities?
What visibility do you have on how agents are handling mandatory statements, consent and opt-outs?
Can you quickly identify agent performance outliers and provide targeted coaching and training?
How Can LiveVox Help?
It starts with the right technology.
To maximize your chances of reaching customers, empowering your agents to capture consent and initiate omnichannel customer engagement is going to be crucial. With LiveVox’s speech analytics solution, SpeechIQ, you can:
- Accurately and objectively monitor and analyze 100% of your calls to ensure that agents are asking for consent and responding to opt-outs properly, and using mandatory statements
- Generate reports using conversational data to understand customer experience and agent performance from a macro to a micro level
- Easily identify agent performance outliers and use data to drive targeted coaching strategies while scaling best practice.
You need to have the right technology in place and make sure it’s working well before the new regulations are enforceable. So, be proactive, secure the right product, and start working on your processes now.
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What Do I Need to Do About the New CFPB Rules?
Be Proactive
Make sure you have the right technology in place to ensure you follow the rules.
Evaluate Your Operations
Assess whether you are breaching the rules now and whether you’ll be able to make sure you don’t in the future.
Create a Strategy
Understand what processes and products you will need to have in place to comply with the new rules. Determine when you should start testing them.
Use Digital Channels
SMS and emails will not count towards the 7-in-7. Supplementing your calls with digital channels will be key to reaching customers.
Monitor, Monitor, Monitor
Run exception reporting and see how many attempts you’re making to customers in a seven-day period.
Capture Consent
It will be more critical than ever to capture channel-specific consent from your customers. This will require robust consent management.
More Strategies to Respond to the CFPB’s New Rules
CFPB and the Importance of Managing Consent
CFPB and the Importance of Managing Contact Attempts
Maximize Customer Contacts with Messaging
Resources
CFPB Guide
A concise, clear and straightforward guide to the new CFPB rules
CFPB Webinar Replay
Listen to our experts take you through the ins and outs of the new CFPB rules
The information on this page does not constitute legal advice and you should seek guidance from your own independent counsel when making operational decisions in relation to CFPB.
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