A lawsuit filed late last month by the Consumer Financial Protection Bureau (CFPB) accuses a network of companies of engaging in sham collection operations targeting “phantom” debts. But the action also names a number of legitimate payment processors and a voice broadcasting service as defendants for “enabling” the debt collectors in their scheme.
Archive by Most CommentsArchive by Date
A three-judge panel in the Eleventh Circuit Court of Appeals affirmed a lower court ruling granting summary judgment to a collection agency that used a bona fide error defense in case brought against it under the Fair Debt Collection Practices Act (FDCPA). The Circuit Court also upheld an award of certain costs to the defendant.
Since it’s clear that change is really the only dependable constant any ARM company can rely on, it makes sense to develop solid solutions to manage those changes. What, specifically, is your company doing to manage change, rather than being managed by change?
CBE Companies Chairman and Chief Executive Officer Tom Penaluna earned the Fulfilling the Vision of One award from the Greater Cedar Valley Alliance Thursday for his continued leadership in the Cedar Valley. Penaluna committed to growing leaders Penaluna has led CBE for 35 years, growing the company from 25 employees to more than 1,600 today. Along the […]
The proposals under consideration would include two ways that lenders could extend short-term loans without causing borrowers to become trapped in debt. Lenders could either prevent debt traps at the outset of each loan, or they could protect against debt traps throughout the lending process. Specifically, all lenders making covered short-term loans would have to adhere to one of several requirements.
The Consumer Financial Protection Bureau (CFPB) late last week released its fourth annual report to Congress detailing the regulator’s efforts to administer and enforce the Fair Debt Collection Practices Act (FDCPA). The report includes updates on supervision, enforcement, rulemaking, and complaints in the debt collection market, among other things.
There has been a lot of litigation relating to envelopes recently, but section 1692f(8) of the FDCPA, which regulates collection envelopes, is not new. It has been a source of frustration for collectors for decades. Fortunately, some courts have recognized that a strict application of section 1692f(8) may lead to absurd results, and have held that “benign language” on an envelope does not violate the FDCPA. Unfortunately, the word “benign” can be VERY slippery.
Stoneleigh Recovery Associates (SRA) today announced that it has earned the highly-regarded designation of Certified Professional Receivables Company (CPRC) after completing the comprehensive national standards contained in DBA International’s certification program. These standards have been recognized for exceeding state and federal laws and regulations through a series of stringent requirements that stress responsible consumer protection […]
Compliance professionals, no doubt, are doing a lot of “I Told You So!”s. Their’s is among the toughest jobs in the industry: they’re not a profit-maker and they almost always have a hundred reasons why a collection agency can’t do something that the owner is convinced will make more money. So is the latest from the CFPB enough to get collection agency owners’ and operators’ attention?
Many creditors’ rights attorneys are suspicious of a process where they perceive the rules of the hearing as subjective and inconsistent and where the appearance of bias is acceptable. So what can be done? If an amicable resolution is not reached, here are some strategies for consideration.
DBA International’s Board of Directors is pleased to announce the appointment of Tim Sullivan (HS Financial Group, LLC) to the eleven-member DBA Certification Council. Sullivan was appointed to represent the interests of third party collection agencies.
There are certain organizations in the industry that we all know. Their name is everywhere, the company is huge, they seem to have an endless marketing budget…and they are your competitor. You have comparable services/offerings, but how can you even begin to take over some of that market share?
Credit Consulting Services, Inc. a collection agency based in Salinas, California, was awarded “Large Business of the Year” by the Salinas Valley Chamber of Commerce at the Chamber’s 94th Annual Award Luncheon. The event was held in front of 500 people at the Salinas Community Center on February 26th.
Complying with the Telephone Consumer Protection Act (TCPA) is a stiff challenge. The act is designed to safeguard consumers from harassing or predatory calls. Its rules are complex and sometimes difficult to interpret, and failure to adhere can result in large fines. To help you comply with Federal Communications Commission (FCC) regulations and requirements, Neustar has prepared this set of Q&As.
The FTC and the Illinois Attorney General’s Office announced Friday that they have obtained a court order temporarily halting a fake debt collection scam located in a suburb of Chicago. The defendants are charged with illegally using threats and intimidation tactics to coerce consumers to pay payday loan debts they either did not owe, or did not owe to the defendants.
The Consumer Financial Protection Bureau (CFPB) has been strongly hinting, if not outright announcing, that the medical/healthcare market is one of its primary concerns when looking at its regulation of the debt collection industry.
Creditors rights’ attorneys William F. Saldutti, III, Esq. and Robert L. Saldutti, Esq. have joined forces to form Saldutti Law Group, a complete creditors’ rights, collection and real estate regional law firm with locations in both New Jersey and Philadelphia.
Nine state attorneys general Thursday sent a letter to U.S. Department of Education Secretary Arne Duncan urging him to “immediately relieve borrowers of the obligation to repay federal student loans that were incurred as a result of violations of state law by Corinthian Colleges, Inc.”
PRA Group (Nasdaq:PRAA), a global leader in acquiring defaulted receivables, was named a Global M&A Deal of the Year recipient in the M&A Atlas Awards for its acquisition of Norway-based Aktiv Kapital AS. PRA was selected as the Global M&A Deal of the Year in the $1 billion to $5 billion category. The award specifically […]
Later this week, a federal court in Washington will hear oral arguments in a student loan debt collection contract dispute pitting four collection agencies against the federal government and five other collection agencies. Due to the increase in parties, the arguments will now be heard over two days beginning Wednesday.
MyGovWatch.com has announced a free teleseminar, entitled Top 10 Myths about Government & Student Loan RFPs, on Thursday, April 23, 2015, starting at 12:00 PM EST. Click here to sign up for the teleseminar.
BillingTree® has released its 3rd annual ARM Industry Operations, Technology & Payments report finding 2015 to be the first year where no discernible difference could be seen in online payment technology adoption by agency size.
KM² Solutions, a leading US-based contact center services provider, announces leadership transitions to its senior management team. These transitions reflect the company’s recent growth and its continued focus on strong leadership and innovation.
ACA International is pleased to announce the release of its Judicial Advocacy Report, marking the association’s first full year of advocacy in the judicial branch on behalf of the credit and collection industry as part of ACA’s Industry Advancement Program.
The Account Control Technology Foundation (herein ACT Foundation), a non-profit, charitable organization established by the founders of Account Control Technology, Inc. (ACT), has announced the release of “Beware the Debt Monster,” a short video aimed at building financial literacy by highlighting the dangers of monstrous or unaddressed debt.
With identity theft and consumer fraud rising, and more frequent and sizable data breaches in the news, consumers need more protection than ever.
The SKYLINK Group of Companies today announced that Melissa Hobbs, has joined the firm in a newly created position, as a Senior Vice President and member of our executive team, reporting to Jason Brunet, Chief Business Development Officer.
InVenio Financial, the debt purchasing affiliate of Phillips & Cohen Associates, Ltd (PCA), is delighted to announce the completion of a $25 million credit facility from U.S.-based Javlin Capital (Javlin), enabling InVenio to acquire increased volumes of deceased account portfolios across all the countries it services.
Ontario Systems, a leading accounts receivable technology and services provider, announced its Larger Market Participant Summit sponsorship today, lending support to the exclusive, focused forum developed by insideARM’s iA Institute that will kick off April 23 in Washington, D.C.
Attorney General Eric T. Schneiderman Wednesday announced a settlement with a publicly traded debt buyer that the AG said was prompted by the ARM firm’s practice of “bringing improper debt collection actions against hundreds of New York consumers” specifically on debts that were time-barred under state law.