July 28, 2022 (Sacramento, CA) – The Receivables Management Association International (RMAI) is pleased to announce the release of a new educational resource, The Purchase, Sale, and Collection of the Fintech Asset Class. The area where financial service products and technology merge is popularly referred to as fintech. Fintech lending has experienced significant growth in the last several years, leading to an increase in nonperforming accounts. Fintech lenders are turning to the receivables management industry for contingency collections and portfolio debt sales. To better understand this asset class, its characteristics, opportunities, and unique issues as it relates to collections, the RMAI Fintech Legal Working Group, formed in 2021, developed this primer.
The Purchase, Sale, and Collection of the Fintech Asset Class covers key topics including defining fintech paper, discussing who makes up the industry, exploring challenges associated with fintech data and documents, complying with Regulation F, and analyzing True Lender. Additionally, this resource includes the installment loan requirements and unique data and documentation characteristics associated with fintech products added to version 10.0 of the Receivables Management Certification Program.
“Fintech is a growing asset class in the receivables management industry. Anyone wishing to enter this space needs to clearly understand the fintech industry, its characteristics, and nuances,” said RMAI Executive Director Jan Stieger. “Fintech brings new risks to assess and new regulatory considerations. RMAI is committed to continuing to provide education and educational resources for our members and the industry at large.”
Laura Jensen, Absolute Resolutions Corp., chairs the RMAI Fintech Legal Working Group of Michael Cassidy, Maxwell & Graves Solutions, LLC; Jordan Dinos, Resurgent Holdings, LLC; Kaye M. Dreifuerst, Security Credit Services, LLC; Rebekah Luebcke, Crown Asset Management, LLC; Mellisa Massey, National Credit Adjusters, LLC; Donald S. Maurice, MauriceWutscher LLP; W. Peter Ragan, Jr., Velocity Portfolio Group, Inc.; Rebecca Taylor, Equabli, Inc.; Keith Walch, Spring Oaks Capital, LLC; David Warshaw, Pressler, Felt and Warshaw, LLP; Peter Williams, Jefferson Capital Systems, LLC; and Greg Woodford, Absolute Resolutions Corp.
Find out more and download The Purchase, Sale, and Collection of the Fintech Asset Class at https://rmai.rmaintl.org/events/details/the-purchase-sale-and-collection-of-the-fintech-asset-class-resource-315.
About Receivables Management Association International
Receivables Management Association International (RMAI) is a nonprofit trade association representing more than 590 businesses that support the purchase, sale, and collection of performing and nonperforming receivables on the secondary market. The RMAI Receivables Management Certification Program and Code of Ethics set the global standard within the receivables industry due to the rigorous uniform standards of best practice which focus on protecting consumers. More information about RMAI is available at www.rmaintl.org.