Gryphon Networks Simplifies Compliance with Consumer Financial Protection Bureau Regulations

BOSTON–(BUSINESS WIRE)–Gryphon Networks, a leader in sales intelligence and marketing compliance, has provided an additional layer of compliance protection with Gryphon Core Phone for Consumer Debt Collection. The company’s solution ensures collection agencies are meeting all requirements mandated by the Consumer Financial Protection Bureau (CFPB,) which govern the frequency and tactics allowed to collect debts from consumers.

Founded in 2010 in response to the Great Recession, the Consumer Financial Protection Bureau is an independent agency within the United States government that supervises banks, financial lenders, and credit and collections companies to ensure fair practices are carried out to consumers. According to the CFPB’s 2014 annual consumer complaint report, the Bureau collected 163,700 complaints in 2013; 80 percent more than when it started in 2011. Of those, 19 percent were related to debt collection this year, keeping it in the top three categories of complaints for the third year in a row. In 2013, 37 percent of complaints were related to mortgages, and most of those also had to do with payment issues such as collections.

Gryphon’s Core Phone for Consumer Debt Collection uses patented cloud technology to automatically record all conversations and deliver on-demand call activity data to ensure companies engaging in consumer debt collection comply with the CFPB debt collection guidelines, federal and state regulations and industry-specific rules. Compliant Call Recording and Analytics allows debt collection companies to track key words and phrases to identify potential problem areas while providing managers with real-time access to audio data for training purposes. Gryphon’s call recording also provides companies with proof of regulatory compliance and a full audit trail of all phone interactions.

Through seamless integration with calling systems, Core Phone automatically screens outbound collections calls in real-time to block all restricted calls within the public switch telephone network via traditional wire line and SIP/VoIP technologies. It also tracks and blocks calls that exceed daily, weekly, or monthly limits, as well as calls that are made outside of reasonable hours (from 9pm to 8am.) As a result, agencies are automatically compliant with these federal and state-specific call curfew restrictions, provided with an enhanced wireless number rules engine for compliance with automated dialing guidelines, and are able to set client-specific daily and monthly call frequency controls.

“Compliance with the Consumer Financial Protection Bureau is more important than ever before. The agency is constantly analyzing its complaint database, which will lead to new rules and regulations, and increase enforcement,” said Jeffrey Fotta, president and CEO of Gryphon Networks. “Gryphon’s Collections solution enables agencies to work efficiently while maintaining regulatory compliance and ensuring a positive experience for consumers.”

Core Phone for Consumer Debt Collections allows organizations using their own call centers and outsourced call centers (BPOs) to perform consumer debt collections calls on their behalf without sacrificing visibility into calling activity and call controls such as frequency and recording—capabilities that have traditionally required costly hardware, software and IT administration resources.

Additional benefits of the solution include:
Adherence to enhanced wireless number rules engine for compliance with automated dialing guidelines
Client-specific daily and monthly call frequency controls set by individual account to combat abusive collections practices
Campaign management tool for the administration of collections activity by client and management of company-specific Do-Not-Call list management by campaign
Geographic restrictions to prohibit calling into certain states or area codes for license or territory management reasons

Gryphon Core Phone for Consumer Debt Collection is generally available. For more information, please visit:http://www.gryphon.ai/products/core-phone/core-phone-for-collections.

About Gryphon Networks

Companies with dispersed sales teams depend on Gryphon to optimize sales performance and eliminate regulatory risk. Gryphon’s cloud-based technology automatically collects and analyzes call data from any device to transform sales activity into actionable sales intelligence. The world’s top banks, brokerage, healthcare and insurance firms are among more than 600 clients that rely on Gryphon for marketing compliance and sales intelligence solutions that deliver on-demand insight and drive measurable impact. For more information, visit www.gryphonnetworks.com or call 866-366-6822.