A recent TransUnion study has revealed that more than half of student loan accounts are in deferred status, where the repayment of the principal and interest of the loan is temporarily delayed. Deferred loans now represent 43.5% of all student loan balances.
Performant Financial Corporation (NASDAQ: PFMT) today announced the pricing of an upsized secondary public offering of 8,000,000 shares of common stock on behalf of certain selling stockholders at a price of $10.65 per share.
MSW Capital, LLC (MSW) appoints Mark Meisenbacher as Chairman and CEO effective January 1, 2013. Mark has served on MSW’s board of directors since July 2009, joining full-time as a strategic advisor in March 2011.
JH Capital Group, a diversified specialty finance company and leading purchaser of distressed consumer debt, and Credit Control, LLC, a subsidiary of JH Capital Group and a nationally-licensed receivables management firm with five offices throughout the US, has named Nathan Sturycz, Esq. as Chief Compliance Officer.
A recently filed putative class action demonstrates the risk all companies face when accepting electronic checks by phone. While most companies agree to accept electronic checks by phone only as a convenience to customers, these transactions are governed by a confluence of financial regulations replete with thorny traps for the unwary. In particular, recurring electronic withdrawals from a consumer’s checking account must be authorized in a writing signed or similarly authenticated by the consumer.
While the definition of “similarly authenticated” is subject to some interpretation, an audio recording of the consumer’s verbal consent is arguably not sufficient.
The Federal Trade Commission today announced the results of the first empirical study of debt buyers. In January 2010, the FTC asked several prominent debt purchasers to submit information about their portfolios.
The report, titled The Structure and Practices of the Debt Buying Industry, found there is room for improvement in the information these companies have when they contact consumers and try to collect.
Account Control Technology, Inc. (ACT), a national leader in delivering debt management and recovery solutions, is pleased to announce it is expanding its operations with an office in Dallas. The facility, which can accommodate up to 300 collection specialists, is ACT’s second call center in Texas and its fifth office nationwide.
The U.S. Commerce Department’s Bureau of Economic Analysis surprised most economists by announcing that the gross domestic product in the fourth quarter of 2012 contracted by 0.1 percent. GDP growth measured 3.1 percent in the third quarter.
The International Association of Commercial Collectors (IACC) recently elected its board of directors for the 2013 year during the association’s 42nd Annual Convention in Miami Beach, Fla.
Ontario Systems, a leading provider of accounts receivable and revenue cycle management software solutions and services, announced the addition of two key personnel as the company prepares for growth in 2013. This communication comes on the heels of the announcement of a company-wide organizational realignment to strengthen its newly formed Executive Leadership Team.