A bill introduced in the New York State Senate last week would make it illegal for debt collectors and original creditors to use social media in their collection efforts. The bill uses vague language in its prohibitions, but its intent is very clear.
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A federal district judge in California last week granted summary judgment to the defendant in a TCPA case that hinged on whether the company was using an “automatic telephone dialing system” (ATDS) under the statute. While not an ARM industry case, the ruling explores present vs. potential capacity in an ATDS.
As if the U.S. Department of Education’s private collection agency (PCA) contract procurement process hasn’t been outrageous enough already, Friday’s afterhours announcement that it has terminated its relationship with five of its most prominent debt collection agencies puts it completely over the top.
Two new bills aimed at the debt collection industry were introduced in state legislatures last week. One in Indiana would explicitly define debt buyers as collectors, for the purpose of regulation. And another in Minnesota contains novel language that would require debt collectors to create and maintain records of contacts with debtors.
A federal district judge in California late last month dismissed a lawsuit brought against an ARM firm alleging violations under a number of statutes for its promise to mark an account as “paid in full” on a consumer’s credit report even though the consumer was paying only an amount agreed to in a settlement offer.
No phrase gets more attention from HR professionals in the ARM industry than “We need to hire some new IT talent.” When uttered in our organization, these words cause panic.
Student loan debt collector and guarantor ECMC Group Tuesday completed its acquisition of much of the campus network formerly owned by for-profit operator Corinthian Colleges. The controversial deal, announced late last year, will go forward with a number of concessions and restrictions announced today by the CFPB.
“This case…goes beyond anything that the Court has seen. It represents a deliberate and transparent attempt by a sophisticated debtor to entrap a collection company into a technical violation. Even more problematically, plaintiff chose to bring this action even though there is a tape recording showing that the attempt at entrapment utterly failed.” — Judge Brian M. Cogan
The recent frenzy regarding the collection of time-barred debt has gone from the sublime to the ridiculous. What is highly touted as consumer protection is in actuality greater consumer harm.
Ohio Attorney General Mike DeWine announced Wednesday that his office has filed a lawsuit against a Buffalo, N.Y. collection agency with accusations including the impersonation of Ohio government agencies and threats of arrest. The firm allegedly spoofed caller IDs to make it appear the calls were coming from real government office numbers.
A federal judge recently noted in an opinion that the FDCPA is not a game, admonishing a consumer and their attorney for bringing a lawsuit against a collection agency. But a recent class action settlement, combined with others similar to it every day, show that the statute is the playing field in a big game between ARM firms and plaintiffs attorneys.
The CFPB’s Consumer Advisory Board (CAB) meeting in Washington, DC Thursday was used as a platform to reiterate the Bureau’s focus on matters dealing with consumer credit reporting and medical debt, specifically how it is collected and appears on credit reports.
The New York Superintendent of Financial Services has released a 16-question FAQ to aid debt collectors, including third-party debt collectors and debt buyers, in adhering to 23 NYCRR 1, a regulation that reforms New York’s debt collection practices.
ABC-Amega, a global commercial receivable management firm, recently made strategic changes to their credit services division naming a new Divisional Vice President of Credit Services and a Divisional Vice President of Member Services.
Founder of DBA International and tireless advocate for the debt buying industry, Dennis Hammond was awarded the coveted Bud Reitzel Lifetime Commitment Award at the 18th Annual DBA International Conference in Las Vegas.
DBA International extends a sincere thank you to its 18th Annual Conference sponsors who continue to help DBA host its “must-attend” conference featuring prominent speakers, quality educational sessions and numerous networking and business development opportunities. Annual conference sponsors included: Globetrotter DebtTrader FLOCK Specialty Finance LexisNexis Neustar, Inc. Trailblazer Akerman Javlin Capital KirkpatrickPrice Locate Smarter Additional […]
The percentage of Americans with at least one account in the third party debt collection system fell to a post-financial crisis low in the fourth quarter of 2014, according to a report released Tuesday by the Federal Reserve Bank of New York. The average balance of accounts in collection also fell for a second straight quarter.
Due to the continuation of an ongoing procurement by the U.S. Department of Education (ED) for Private Collection Agencies (PCAs), Fed Cetera is pleased to announce it is holding a free teleseminar, Federal Subcontracting Opportunity Update, scheduled for Wednesday, March 11, 2014, at 12 noon EST.
The National Association of Retail Collection Attorneys (NARCA) has announced that early registration for the NARCA 2015 Spring Collection Conference in Nashville, May 6-9, is now available through March 25th. Early registration provides a discounted rate for NARCA members, non-members, credit grantors and clients.
The 2014 “Year in Review” issue of AIS InSight released last month showed that U.S. bankruptcy filings in 2014 totaled 909,968, down 11.89% from the previous year. Of the Top 50 Creditors listed in bankruptcy filings for 2014, 13 were debt buyers and/or collection agencies.
The U.S. Department of Education announced late Friday that it would “wind down” its relationship with five private collection agencies on its student loan debt collection contract that ED says were providing inaccurate information to borrowers regarding rehabilitations.
The International Association of Commercial Collectors (IACC) recently elected its board of directors for the 2015 year during the association’s 44th Annual Convention in Miami Beach, Fla.
The Compliance Professionals Forum is holding its first of a series of regional in-person meetings in Chapel Hill, North Carolina, on 13 March 2015. The event is from 10.00 a.m. – 3.00 p.m. Eastern, and will be a sales-free way for compliance professionals — and those simply tasked with compliance-related jobs — to meet and […]
FBCS, Inc. is pleased to announce the successful completion of independent ISO/IEC-27001 compliance assessment. FBCS’ Director of Information Technology, Mary Albert, proudly states, “Compliance with ISO 27001 is a notable accomplishment. This is our second year going through this type of audit, and I can proudly say that we successfully maintained our compliance. This was […]
Recently there has been some confusion in the industry about authorizations for Preauthorized ACH and Debit Card payments under Regulation E and NACHA regulations. Some sources are distributing incorrect information. PaymentVision has prepared a detailed
analysis of these requirements, relying on and quoting only authoritative sources.
Marketing in the ARM Industry, no doubt, has its many differences from a national campaign, but we can still learn from larger campaigns and commercials.
DAKCS Software Systems (DAKCS), a provider of innovative cloud and on premise software solutions for the accounts receivable and collection management industry, has released a major upgrade to its contact optimization service, QwikDial.
KM² Solutions, a leading US-based contact center services provider, is delighted to announce its latest partnership with one of the largest telecommunications and Internet services companies in the United States; a global leader in network services, cloud infrastructure and hosted IT solutions for enterprise customers.
At a symposium in midtown Manhattan Thursday, three representatives from New York City and state financial regulators provided some clarity to recently-enacted rules impacting collection agencies, debt buyers, and collection law firms operating in the state.
The Federal Trade Commission, jointly with the New York State Office of the Attorney General, has filed lawsuits aimed at shutting down two particularly egregious and abusive debt collection operations centered in Buffalo, N.Y. that target consumers nationwide