In a very long feature article running in The New York Times Magazine, author Jake Halpern explores the world of debt brokers and buyers through the eyes of two veteran collection professionals.
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Brandon Scroggin had an air-tight FDCPA claim against a debt collection agency. It was such a solid case, the company offered him a $5,000 settlement to make it go away. But now Scroggin owes the agency more than $33,000 to pay their attorney’s fees. So how did he go from five grand up to 33-large in the hole?
United States District Judge Denise Cote has dismissed all claims brought by the New York State Professional Process Servers Association, a process serving agency and an individual process server against the Department of Consumer Affairs (DCA), its attorneys and administrative law judges.
In a bulletin issued Monday, the Office of the Comptroller of the Currency (OCC) provided new guidance to banks intended to advise debt portfolio sellers about the OCC’s supervisory expectations for structuring debt-sales arrangements with debt buyers.
A man who once ran what seemed to be a legitimate debt collection operation before resorting to overtly criminal behavior was sentenced Wednesday to 175 months in federal prison for stealing client money, identity theft, and a ton of other federal financial fraud crimes.
A business group headed by former Minnesota Governor Tim Pawlenty has launched a public relations campaign against the CFPB’s open access complaints database. A new proposal from the agency to include consumer narratives appears to be the impetus for the action.
The 8th Circuit Court of Appeals Friday upheld a lower court’s ruling that a defendant collection agency was entitled to some $33,000 in attorney’s fees and costs in an FDCPA case found to be brought in bad faith and specifically for the purpose of harassment.
Is that interesting enough? No? Well, it involved an outspoken consumer advocate’s gloating posts on a debtor-focused message board, posts that ultimately led to the awarding of fees.
NPR’s The Diane Rehm Show aired a segment yesterday called “Inside America’s Debt Collection Industry.” Among the four guests, there were no representatives from the debt collection industry. What’s also interesting is that, in fact, most of the discussion was not about third party debt collectors, but creditors, debt buyers, and credit reporting agencies.
In comments submitted to the CFPB on the Advance Notice of Proposed Rulemaking under the FDCPA, the attorneys general of 31 states condemned the use of third-party prepared, integrated business records in civil lawsuits to collect debt as an example of “unfair, deceptive, and abusive acts or practices.” But many of those AGs use similar records in their own criminal cases.
Our highly-regulated industry is replete with acronyms and regulations. Over the past year, many organizations have been setting up a Compliance Management System (“CMS”) to meet client requirements and to prevent costly lawsuits and fines. But are agencies focusing on the right thing? Or are they spinning their wheels and wasting money?
New York Attorney General Eric T. Schneiderman today announced that his office reached a settlement with one of the largest debt collection firms in New York State to ensure that it does not file legal actions against New Yorkers to collect on payday loans.
The Eighth Circuit Court of Appeals recently affirmed a decision made by its Bankruptcy Appellate Panel last year that may grant a student loan borrower discharges on 15 separate private student loans totaling more than $118,000. The bankruptcy panel relied on a unique treatment of ability to repay that is not used in any other circuit.
Two weeks ago, the CFPB announced an aggressive lawsuit against a debt collection law firm accusing the ARM company of being little more than a “lawsuit mill.” The firm vowed to fight the suit. As details emerge, it appears that the defendants have a decent case, backed by prior court rulings on the same issue.
The third-party debt collection industry returned some $45 billion to creditors and other clients in 2013, according to a study released today by ACA International. The report, based on a survey and other statistical analysis by Ernst & Young, is the latest in a series of comprehensive industry studies.
Welcome to the Culture of Unaccountability. There are approximately 318 million people in the United States and 75 to 100 million of them have completely refused to communicate with their original lender or to the entity to which they may owe money.
The number of debt collection complaints published by the CFPB in the second quarter of 2014 virtually mirrors the number published in the previous quarter. In Q2, the CFPB published 10,265 complaints related to debt collection compared to 10,231 in Q1.
The Consumer Financial Protection Bureau (CFPB) Wednesday announced that it is taking action against an auto finance company that distorted consumer credit records for years.
Mazume Solutions, a leading provider of consulting services to the Credit and Collections industry, has announced the launch of its new portfolio of Managed Service offerings.
Understanding the background of the current “ice bucket challenge” fad helps us to appreciate the ability we all have to make a difference in the lives of others.
The Federal Trade Commission has joined the CFPB in filing an amicus brief in the matter of Hernandez v. Williams, Zinman & Parham, P.C before the U.S. Circuit Court of Appeals for the Ninth Circuit. The case concerns the interpretation and enforcement of the Fair Debt Collection Practices Act (FDCPA).
Firsel Law Group, Ltd. (FLG), of Lombard, IL announced that it has completed a transaction to assume the operations of The Law Offices of Ross Gelfand, LLC. The companies will continue to operate under separate names until licensing, regulatory and client approvals have been completed.
Enterprise Recovery Systems, Inc.® (ERS) announced today that they made a charitable donation of 18 backpacks with school supplies to a Denver elementary school.
Genesys will host a free webinar on Thursday, September 4 at 2 p.m. Eastern titled “Delivering Proven Speech Analytics For Collections.” Michael Miller, Vice President, Customer Strategy – Analytics at Genesys, and Chris Bohlin, Director – Proactive Customer Communications at Genesys, will discuss how to use speech analytics to drive better, more predictable agent workflows […]
Compliance is a word that’s in danger of disappearing – not because no one is using it, but because it’s seen too often. But rather than viewing it as a burden, ARM firms should be aware it can drive revenue and profit.
Stellar Recovery, Inc. CEO Garrett Schanck has been recognized as a 2014 Ultimate CEO by the Jacksonville Business Journal. Garrett has been working in the debt management and recovery industry for most of his life, starting as a collector at 15.
Inc. magazine named Autoscribe to their annual Inc. 5000, an exclusive ranking of the nation’s fastest growing private companies. The list represents the most comprehensive look at the most important segment of the economy—America’s independent entrepreneurs. Companies such as Yelp, Pandora, Timberland, Dell, Domino’s Pizza, LinkedIn, Zillow, and many other well-known names gained early exposure as members of the Inc. 5000.
Today, ARMing Heroes shared the stories of three military veterans and their families whose dire circumstances warranted an emergency grant over the last few months through this program:
Mike Ginsberg, President and CEO of Kaulkin Ginsberg, and Rozanne Andersen, Chief Compliance Officer of Ontario Systems, will host their Q3 2014 webinar for ARM professionals on Wednesday, September 24, 2014 2:00-3:30 P.M. Eastern Daylight Time.
Stoneleigh Recovery Associates (SRA) announced today that the agency has acquired R&B Collections, Inc. of Roswell, Georgia. The acquisition will be funded through a combination of cash on hand and new debt.
Payment Savvy LLC, a leading merchant account provider in the collections, credit, medical billing and accounts receivable industries, is pleased to announce that they are now offering free payment processing.