ARM industry experts were not optimistic regarding the proposed Declaratory Ruling. As it turns out, based upon the dialogue at the hearing, industry concern and pessimistic outlook was justified.
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We’re coming up on two weeks since the FTC held its hearing on a proposed Declaratory Ruling and Order on the TCPA. You may remember this. The FCC, it seems, has momentarily forgotten. insideARM looks at some things you can do while waiting for the FCC to finally publish its ruling.
Higher education remains the primary expected next step for graduating high school seniors. And while some have argued that tuition rates are slowing, tuition debt itself continues to run laps around other prices. Can a photographer take the sting out of the shame of debt?
FCC Chairman Tom Wheeler’s TCPA “Fact Sheet” on forthcoming declaratory rulings issues should scare the heck out of any business using any telephone to reach potential, current or former customers. I believe the rulings will have a substantial impact on customer operations in the financial services industry.
Some questions had definite answers from panelists; however, many of the questions highlighted confusion within the laws and regulations themselves. While the FTC requires one thing, the CFPB may require something entirely different — and often contradictory. And because there is little cohesion among state laws, compliance suffers across the board. Still, even recognizing the areas of confusion can help an agency in their compliance plan. Better still, though, would be some kind of definitive answer.
Fourteen months after the settlement was reported, the FTC announced that it was mailing almost 95,000 checks totaling approximately $4 million to consumers who lost money to the debt collection operation.
Charging convenience fees: should you or shouldn’t you? The practice might be the next battleground for the debt collection industry. As with many regulations, there are more questions than answers — and the answers that are available aren’t to everyone’s liking. Join attorneys John Rossman and Mike Poncin, of Moss & Barnett, to get another point of view on fees and debt collection.
Oral arguments on the Defendant’s Motion to Dismiss the CFPB action against the Georgia law firm Frederick J Hanna & Associates P.C. were held on June 3rd. The stakes are high, not only for the Hanna law firm, but also any law firm that handles a high volume of consumer debt collection matters. The case should be front and center for all law firms practicing in this space.
These collectors operate outside the purview of the CFPB and with the full authority of those government agencies. These collectors frequently charge exorbitant fees and often hold the ability to effect wage garnishments, arrest, and even foreclosure against consumers. The consumers most vulnerable economically, are often caught in this cycle compounding the possibility of mistreatment.
WASHINGTON, June 18, 2015 – The Federal Communications Commission today adopted a proposal to protect consumers against unwanted robocalls and spam texts. In a package of declaratory rulings, the Commission affirmed consumers’ rights to control the calls they receive. As part of this package, the Commission also made clear that telephone companies face no legal […]
The U.S. insurance market generated more than $2.2 billion in total revenue in 2014. This market is intriguing in the way that bad debt is not as critical to the success of ARM operations because there is such a high volume of billing, coding, claims processing and other non-bad debt collection services. It provides ARM companies diversification in industries served in addition to diversification in the type of collection and other outsourced services.
The New York Times reported yesterday that EBay has revised its user agreement (which will take effect June 15) to include a statement that has raised concerns among state regulators. “You consent to receive autodialed or prerecorded calls and text messages from eBay at any telephone number that you have provided us or that we have otherwise obtained.”
Icon Equities Managing Partners, Rob Knight and George Terzi, are pleased to announce the appointment of Mike Cushing as Icon Equities Chief Operating Officer. Icon Equities is a national debt buyer of consumer debts and a leader in the field of purchasing and servicing debt settlement accounts. With offices in Minnesota and Southern California, Mike […]
Two years ago, in Simon v. FIA Card Services, N.A., the Third Circuit held that alleged violations of the FDCPA resulting from conduct in a bankruptcy case were not precluded by the Bankruptcy Code. Now on remand, the district court has granted the defendants’ motions for summary judgment, holding that the alleged irregularities with the subpoena were immaterial and would not mislead a competent attorney regarding a consumer’s rights.
New York, NY – KM² Solutions is proud to announce the expansion of two BPO contact centers located in the Caribbean and in Central America. The expansion of these facilities is directly tied to the surge of new business from both existing clients and new client starts. Furthermore, the growth signifies KM² leadership within the region […]
Yesterday, the CFPB announced an enforcement action against a medical debt collection company for mishandling consumer credit reporting disputes and preventing consumers from exercising important debt collection rights. The company is ordered to provide over $5.4 million in relief to harmed consumers, and pay a $500,000 penalty. At the core is a lack of adequate policies and procedures.
Among other things, the report indicates that the non-public supervisory actions and self-reported violations at banks and nonbanks during the period in question resulted in $11.6 million in remediation to more than 80,000 consumers.
Phoenix, Ariz. – BillingTree® today announced it has once again successfully passed the PCI-DSS audit, this year audited under the new PCI 3.0 standards. The new PCI-DSS is designed with an increased focus on operational standards, security and training to provide greater clarity, flexibility and ease of implementation for vendors. The latest announcement is a continuation […]
Promontory is happy to announce the acquisition of FS Advisory, the consumer finance consultancy of Fenway Summer LLC. FS Advisory has built an excellent reputation under Raj Date’s distinguished leadership, and we are looking forward to providing our clients with the experience and insight that he and FS Advisory offer. Raj, who founded Fenway Summer, […]
Hospital Physician Partners (HPP) is one of the nation’s leading Emergency and Hospital Medicine contract management companies, partnering with hospitals in over 20 states. HPP has over 2,000 providers that will treat more than 2.4 million patients this year. The Company is currently enhancing its patient services by adding CarePayment patient financing programs. With CarePayment, HPP patients can […]
FBCS continues to utilize the best in technology coupled with adhering to rigorous security standards to protect its clients and consumers. FBCS President, Joe Neary Jr, “I’m proud of our accomplishments, this is the 4th consecutive year we have sought independent certification for these standards. We continue to invest in training and technology to protect […]
Today Rohit Chopra, the Consumer Financial Protection Bureau (CFPB) Student Loan Ombudsman – who also just announced he is stepping down after next week - released a report finding high rates of consumers are being rejected for co-signer release on their private student loans, based on its review of industry practices. The Bureau uncovered problematic industry practices that may […]
Visalia, CA — All it takes is one opportunity to plant the seed of community service. Project Hope is Financial Credit Network Inc.’s way of planting seeds within their staff. This program is a month long initiative encouraging employees to give hope through service. This year’s benefactors included FoodLink, Habitat for Humanity and Hands in […]
Ballard Spahr is pleased to announce that Gary W. Becker, an attorney and business leader who has worked in the collections industry for nearly 30 years, has joined Ballard Spahr as of counsel in our Atlanta office. As a member of the firm’s nationally recognized Consumer Financial Services Group, Mr. Becker will advise banks, creditors, […]
insideARM.com and The iA Institute formally announced today the ARM industry’s first ever conference focusing on First Party Collections and First Party Outsourcing. The inaugural event will be held on October 13-14, 2015 at the Oakridge Hotel and Conference Center just outside Minneapolis, MN.
Editor’s note: While this may seem like a sports story, it’s really an excellent lesson in data security for any firm. And yet it’s accessible because it’s, well, a sports story …with some intrigue.
WOODLAND HILLS, Calif. – The Account Control Technology Foundation (herein ACT Foundation) is pleased to announce the 50 winners of its annual $1,000 college scholarships. The 2015 winners’ lists for the ACT Foundation’s two programs can be accessed on its website at: http://accountcontrolfoundation.org/winnersLists.php “This year, we had a record number of scholarship applications from an incredibly […]
Richmond Meyer has decided to step down as Executive Vice President of Sales to pursue other business interests in the Denver Metro area. “Over the last year and half Rich has been actively involved in launching a new business, completely unrelated to United Debt Holdings, LLC. This new business has consumed most of Rich’s time […]
Historically, NCLC has been quite active and vocal on a variety of debt collection issues, whether it’s a response to the CFPB’s Advanced Notice of Proposed Rulemaking or suggesting a moratorium on all time-barred debt. Their latest statement is on consumer communications.