Collector - January 2018 - 21

In the upper chamber, the current
U.S. Senate line-up is 52 Republicans, 46
Democrats and two Independents who
caucus with the Democrats, giving the
Republicans a four-seat majority. Of the
34 Senate races on the ballot, Republicans
are defending nine seats and Democrats
are defending 25. The Democrats' path
to 51 seats to recapture the U.S. Senate is
extremely difficult.

QUESTIONS IN THE STUDENT LOAN
MARKET
This year, look for more news on the CFPB's
lawsuit against Navient Corp., which was
put back in motion in August 2017 when the
U.S. District Court for the Middle District
of Pennsylvania denied Navient's motion to
dismiss the case. Navient has also been sued
by the Pennsylvania attorney general, for
alleged violations of consumer protection
laws when originating and servicing
student loans, as well as shareholders, for
allegedly withholding information about its
subprime loans.
Last year, the CFPB announced new
initiatives to enforce compliance by
student loan servicers working with
borrowers enrolled in the Public Student
Loan Forgiveness Program. However,
the program is under fire from President
Donald Trump, who in his 2018 budget
request proposed eliminating Public Service
Loan Forgiveness for loans taken out after
July 1, 2018.
In December 2017, House Republicans
introduced their first stab at higher
education reauthorization: the Promoting
Real Opportunity, Success, and Prosperity
through Education Reform (PROSPER)
Act, which-among other things-would
eliminate the student loan forgiveness
program. The bill also proposed replacing
the Federal Direct Loan program with
a new Federal ONE loan program and
winding down the Federal Perkins Loan
Program.
At press time, the bill had just completed
the markup process. The Hill reported that
the Senate planned to take action on higher
education reauthorization in early 2018.

COLLECTOR 01.18

The Department of Education's
approach to loan servicing contract
procurement is still in flux, but David
Glezerman, assistant vice president/
bursar at Temple University, said he could
see some movement taking place on this
soon. "This will not have as much impact
on third-party collectors initially, but it
could give some indication of what the
department is going to do with all of its
contracts and procurements," he said.
Speaking of: the debacle surrounding the
DOE's RFP for private collection agency
services continues. It will be interesting to
see if the new chief operating officer of the
Office of Federal Student Aid, Wayne A.
Johnson, intervenes at some point. "There's
seemingly a cone of silence that has come
down over the Department of Education
when it comes to dealing with their
contractors," Glezerman said.
As a result of the RFP delay, several
small third-party collection agencies are
sitting out there with contracts but no
business. "If the log jam breaks, I think the
high volume of accounts may overwhelm
some companies," Glezerman said. "I think
there could be openings for additional
subcontracting opportunities."

INCREASED FOCUS ON
DATA SECURITY
The Equifax breach grabbed headlines
last year, but the company wasn't the
only victim of a hacker attack. Verizon,
Deloitte and Instagram were just a few
of the companies involved in the more
than 1,100 reported data breaches in 2017
that compromised consumers' personally
identifying information.
The result? Consumers are on high alert
for fraud and several states are considering
legislation that addresses credit reporting,
data security, data breaches and consumer
security freezes. By the end of 2017, New
York had already introduced five bills in this
area, and two Oregon committees called a
special interim hearing specifically on the
Equifax data breach.
It's definitely time for companies to shore
up their data security practices-you don't

Dave Yohe,
vice president
of marketing,
BillingTree
"We're seeing a demand
for technology systems to
help drive PCI compliance-
things like web portals
and IVR systems and even
to a degree some core
software solutions. Also,
our annual industry survey
has shown that for five
years now there has been a
continued direction toward
omnichannel and selfservice payment solutions.
Agents will not go away, but
more and more consumers
expect agencies to offer
them a way to set up a
payment arrangement or
settle a balance without
having to speak to a live
agent. Also, agencies are
starting to accept more
types of payments, like
healthcare savings accounts
and Paypal."

21



Table of Contents for the Digital Edition of Collector - January 2018

From the Editor
Industry News
Best Practices
FYI
Perspective
Collection Tips
The Next Level
Getting Started
Small Perks, Big Differences
Calendar
Honor Roll
Staying Ahead of the Curve: Fall Forum Highlights
Missed Connections
A Seat at the Table
Taking Litigation Advocacy to the Next Level
Compliance
ACA SearchPoint
Last Word
Collector - January 2018 - Cover1
Collector - January 2018 - Cover2
Collector - January 2018 - 1
Collector - January 2018 - 2
Collector - January 2018 - 3
Collector - January 2018 - From the Editor
Collector - January 2018 - 5
Collector - January 2018 - Industry News
Collector - January 2018 - 7
Collector - January 2018 - 8
Collector - January 2018 - 9
Collector - January 2018 - Best Practices
Collector - January 2018 - 11
Collector - January 2018 - FYI
Collector - January 2018 - 13
Collector - January 2018 - Perspective
Collector - January 2018 - 15
Collector - January 2018 - Collection Tips
Collector - January 2018 - 17
Collector - January 2018 - The Next Level
Collector - January 2018 - 19
Collector - January 2018 - 20
Collector - January 2018 - 21
Collector - January 2018 - 22
Collector - January 2018 - 23
Collector - January 2018 - Getting Started
Collector - January 2018 - 25
Collector - January 2018 - 26
Collector - January 2018 - 27
Collector - January 2018 - 28
Collector - January 2018 - 29
Collector - January 2018 - Small Perks, Big Differences
Collector - January 2018 - 31
Collector - January 2018 - 32
Collector - January 2018 - 33
Collector - January 2018 - 34
Collector - January 2018 - 35
Collector - January 2018 - Calendar
Collector - January 2018 - Honor Roll
Collector - January 2018 - Staying Ahead of the Curve: Fall Forum Highlights
Collector - January 2018 - 39
Collector - January 2018 - Missed Connections
Collector - January 2018 - 41
Collector - January 2018 - 42
Collector - January 2018 - 43
Collector - January 2018 - A Seat at the Table
Collector - January 2018 - 45
Collector - January 2018 - Taking Litigation Advocacy to the Next Level
Collector - January 2018 - 47
Collector - January 2018 - Compliance
Collector - January 2018 - 49
Collector - January 2018 - ACA SearchPoint
Collector - January 2018 - Last Word
Collector - January 2018 - 52
Collector - January 2018 - Cover3
Collector - January 2018 - Cover4
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