A recent ruling by an appellate court took a very troubling position on debt collectors’ use of settlement offers to resolve debt. An ARM legal expert wonders if the ruling will result in an unintended consequence: more collection lawsuits.
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A bill introduced in the U.S. Senate this month by a coalition of Senators known for their consumer protection positions would amend the Fair Credit Reporting Act (FCRA) to place new requirements on both credit reporting agencies and companies that furnish information to those agencies.
An attorney at the Consumer Financial Protection Bureau (CFPB) Wednesday accused the Bureau of fostering a “culture of retaliation and intimidation that silences employees and chills the workforce from exposing wrongdoing” in a hearing before a House Financial Services Subcommittee. The lawyer worked in the CFPB’s consumer complaints division.
A recent New Jersey Appellate Court decision offers an extensive analysis of debt buyers’ use of prior creditors’ records to obtain judgment on purchased debt in New Jersey. The decision can be useful guidance in other jurisdictions.
You finally determined the timing is right for a sale and you’re going to do it. How do you confront your staff about your intentions? Perhaps the more critical question to answer is not how but when.
The Sixth Circuit Court of Appeals Wednesday upheld a lower court judgment in an FDCPA case against a collection agency over the use of the word “of” rather than “after” in the validation notice in a debt collection letter.
The Telephone Consumer Protection Act (TCPA) requires a call placed to a cellular phone using an autodialer to have the prior express consent of the person who received the call, the Eleventh Circuit Court of Appeals held this past Friday in a ruling that went against the creditor defendant.
A U.S. District Court last week ruled in favor of a commercial debt collection agency that was sued by a consumer who alleged violations of the FDCPA. But the consumer had made his purchase as a business and later tried to claim the product was for personal use. The decision gives weight to what information the consumer provides during the original transaction.
The Federal Trade Commission Thursday announced a settlement in a long-running case against two debt collection agency owners and their network of companies that threatened lawsuit and arrest over debts consumers often did not owe.
Our discussions with issuers over the past few months have focused on the current storm for the debt sale market; growing regulatory requirements.
The study compared private collections and IRS collections during four consecutive six-month intervals. Taxpayer Advocate Service found that while private collectors collected more tax dollars in the first six-month period than the IRS, over time IRS collections were more consistent. Private collection agencies had six months of success, before drastically decreasing the dollar amount and percentage of available taxpayer dollars collected.
Delinquencies for installment and home-related loans fell in last year’s fourth quarter as the economy improved and consumers conscientiously managed their finances, according to results from the American Bankers Association’s Consumer Credit Delinquency Bulletin.
In the first quarter of 2014, the percentage of consumers that filed complaints against debt collectors claiming that the debt in question was not theirs increased to more than 40 percent of all complaints.
As scammers get more and more sophisticated in how they steal money from unwitting consumers, a consequence for the collection industry may be a significant increase in the number of validation requests submitted by consumers.
The plaintiff alleges an invasion of his privacy and a violation of California Penal Code. Verizon’s argument: the recording of the phone calls actually isn’t a violation since privacy wasn’t breached. The Court, however, appears to be siding with the plaintiff on this one, which could offer some operational clarity for collection agencies in one aspect of how they interact with consumers via cell phone.
The underlying putative class action complaint was filed in state court and removed by the defendants who then filed a motion to dismiss. The District Court granted the unopposed motion to dismiss and the subsequent motion for reconsideration filed by the plaintiff. The motions were granted due to the fact that, “Counts I through V are clearly barred by the FDCPA’s one-year statute of limitations and Count VI is insufficient to sustain a common law negligence claim and is additionally precluded by Missouri’s economic loss doctrine.” Id. at *2.
A bill that would offer a technical fix to the Fair Debt Collection Practices Act (FDCPA) aimed at collection attorneys has picked up three additional co-sponsors this month in the U.S. House of Representatives, including two in the past week alone.
SKYLINK Receivables Inc., headquartered in Vancouver (Surrey), Canada and Integrity First Telesolutions Inc., headquartered in Toronto, Canada today announced that their Boards of Directors have approved a definitive agreement for Integrity First Telesolutions to merge with SKYLINK Receivables effective April 1, 2014.
The Consumer Financial Protection Bureau (CFPB) Tuesday released a research report on payday lending and presented some of the findings at a field hearing in Nashville. CFPB Director Richard Cordray noted at the hearing that his group is in the “late stages” of formulating new rules for short-term loans.
The recent acquisition of Carrollton, Texas based commercial collectors, RCI Asset Solutions, by Tucker, Albin and Associates means that current RCI customers will now have access to improved debt collection resources and the best available technology.
Encore Capital Group, Inc. (NASDAQ: ECPG), an international specialty finance company, announced that it has earned the designation of Certified Professional Receivables Company (CPRC) after completing the prescribed requirements of DBA International’s rigorous Debt Buyer Certification Program.
The Social Security Administration announced Monday that it will immediately stop efforts to collect on taxpayers’ debts to the government that are more than 10 years old. This means the SSA will no longer seize state and federal refunds from people who had relatives who owed money to the agency. While the SSA will no longer seize federal and/or state refunds to pay for government debts past the federal statute of limitations, this does not have any impact on other time-barred debts on a state-by-state basis.
Ontario Systems, a leading receivables management technology and services provider, announced the promotion of Casey Stanley to Vice President of Marketing. Stanley rejoined Ontario Systems as Senior Director of Marketing almost three years ago, and has been responsible for developing and executing the company’s strategic marketing, communications, and lead generation strategies. “Casey has done an […]
LiveVox Inc., a leading provider of cloud contact center solutions for enterprise operations, announced that it has partnered with Joe Adams of The Hampton Pryor Group to host a CFPB compliance webinar for contact center executives. Attendees will have a chance to catch up on the latest developments and get answers to their specific questions […]
Today’s blog post is from a good friend of mine, Patrick Carroll, who details the benefits of an owner using a professional intermediary to represent them in the sale of your business instead of going at it alone with a trusted attorney. I think he covers all of the valuable points that an experienced intermediary will bring into the sale equation.
Debt collection complaints published by the CFPB declined nearly 20 percent in February compared to January, according to an analysis by WebRecon LLC. But lawsuits claiming violations of the FDCPA bucked a trend in the month and increased more than 10 percent.
Email notifications to collection agencies from the Consumer Financial Protection Bureau remain a hit-or-miss function of the debt collection complain portal. One the one hand: a recent fix ensured subscribers would receive emails only in the event of a new complaint or new activity on an existing complaint. Before, daily emails from the CFPB arrived […]
Interactive Intelligence Group Inc., a global provider of software and services designed to improve the customer experience, is hosting a no-cost Web event* titled, “The Pitfalls of TCPA and Its Impact on Your Business,” to be held Tuesday, April 29 at 11:30 a.m. Eastern time (EDT). Already attracting more than 650 registrants, this 75-minute webcast […]
Let’s check in with a guy and his thoughtful mustache posing for his senior photo on the state of today’s economy! “The deleveraging of America is over.” Yay! “Or mostly over.” Oh? “And that’s good news and possibly bad.” ::frustrated sigh:: Robert J. Samuelson, a syndicated columnist, is trying to run through our Economic State […]
Aspect Software, a leading provider of fully-integrated customer interaction management, workforce optimization, back-office and award-winning cloud solutions, and LiveVox, a leading provider of cloud contact center solutions for business process outsourcers, today announced a strategic alliance to deploy, market, and sell a comprehensive portfolio of cloud-based services and solutions. Under the agreement, Aspect and LiveVox will collaborate to deliver industry-leading SaaS and PaaS solutions.