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TPx Customer Spotlight: Midwest Credit & Collection

A Proactive Approach to Changing Federal Regulations

In the ever-evolving landscape of federal regulations, businesses must adapt swiftly to remain compliant while maintaining operational efficiency. For Midwest Credit & Collection, a locally owned agency in central Illinois, this reality hit hard when federal regulations reclassified them from a debt collection agency to a financial institution. With new requirements looming, they faced a daunting challenge: ensuring compliance with limited resources.

The Challenge: Navigating Regulatory Changes

Midwest Credit & Collection is a locally owned and operated collection agency based in central Illinois. For more than 70 years, the company has prided itself on its long-standing relationships with its clients, maintaining relationships through trust and success in returning high collections of clients’ receivables.

While the company has about five collectors and a couple of administrative staff members, given its size, it doesn’t have a dedicated IT team. Instead, it relies on a local consulting firm to help with IT needs.

However, when the company needed to comply with new “safeguards” requirements tied to the Gramm-Leach-Bliley Act, the Midwest Credit & Collection team knew it needed a partner with experience helping companies of all sizes understand, prepare for and comply with ever-changing regulations.

The Solution: Developing a Comprehensive Strategy

Midwest Credit & Collection found the perfect partner in TPx. Together, they successfully implemented a comprehensive approach to ensure it took a defensible position against changing federal regulations.

“I have a background in accounting; I’m a CPA by trade. I don’t have an IT background, so I don’t know about many requirements tied to the safeguards rule,” Midwest Credit & Collection’s CEO and President Kacy M. Harlan said. “It was very overwhelming for me at my initial read.”

TPx was crucial in helping Midwest Credit & Collection develop, implement, and maintain a written information security program that protects customer information through administrative, technical, and physical safeguards. To comply with FTC Safeguards Rule guidelines, businesses must continuously monitor, manage, and maintain their cybersecurity plan.

“Changing regulations have always been a concern. I trusted that the controls we had in place through our IT vendor would prevent anything bad from happening,” Harlan added. “The safeguards were a bit of an eye-opener. There were some things we should have done that we weren’t doing, and maybe there were things we should have done a while ago.”

The Results: Streamlining Compliance Efforts

TPx’s deep experience in helping companies build and maintain a defensible position made it more cost-effective for Midwest Credit & Collection than asking its existing IT consulting firm to take on additional responsibilities. It could also do so while spending less time in-house on compliance, knowing expert resources are just a phone call away when needed.

Businesses face audits and significant fines for non-compliance, making a defensible posture imperative. With TPx taking the lead, the Midwest Credit & Collection team could focus on what they do best: helping clients increase their cash flows.

“At first, all the requirements and the cost seemed daunting and overwhelming for us as a small agency,” Harlan added. “Once we decided to proceed, it was seamless and organized, with lots of communication with the TPx team. From the start, it seemed very thorough, and I knew what my tasks were, or my IT person knew what his tasks were.”

The Benefits: Peace of Mind

For businesses grappling with compliance concerns, the message is clear: proactive partnership is key. Working with TPx has given Midwest Credit & Collection peace of mind, as the professionals monitor its controls and processes to ensure the company’s defensibility.

By collaborating with seasoned experts like TPx, companies can navigate regulatory complexities with confidence, safeguarding their operations and reputation in the process. If you’re unsure about your company’s compliance with the new Safeguards Rule, don’t hesitate to reach out to our experts. Together, we can chart a course toward regulatory resilience and business success.

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