How to Update Training Practices and Materials to Address Regulation F
Regulation F, also known as a CFPB’s debt collection rule, is going to require collection agencies to make a lot of changes to their operations. None are going to be more important than making sure collectors are aware of the changes and what they will have to do differently once the regulation goes into effect.
Where would an agency start training its employees and collectors on regulation F?
Start with who. You will want to start with your executives and top management. They need to be knowledgeable when they are out at conferences and talking to clients. With Reg F, you will also need resources, and they need to understand why you need so many IT resources and why your map attorney budget went up. It will be helpful to start with them before you roll anything out or get any further down the rules.
With the technology advancements that will occur as a result of this rule, it’s best to wait to inform the collectors until you have all the details — what those advancements will look like, the collector screen will look like, how the workflows are going to change, etc.
Have a plan. You need to coordinate with how all these moving parts – changes your software vendors are going to make. All of those things have to be part of a plan. And that plan should come from the top. One aspect of the training will include retraining your consumer-facing people to actively listen and learn new probing questions. This will help you find ways to communicate with consumers through their preferred channels.
The tone from the top is essential. In order to get ready for and embrace all the change, it needs to be supportive of the environment. When doing trainings, it’s important to let everyone know that this isn’t as scary as it sounds, and help them understand that this is all doable with the right technology resources, with the right education, and making sure everybody’s on the same page.
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