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DIANE SAWYER

Debt Collector Opens Its Doors to ABC World News with Diane Sawyer

Gordon Beck, Chief Operating Officer of Diversified Consultants, Inc., based in Jacksonville, Florida, sat for an interview last week with ABC World News with Diane Sawyer. Beck said ABC set out to investigate TCPA lawsuits where companies – including collection agencies – dialed wrong numbers. ABC producers told Beck that he was the only collection agency official that agreed to be interviewed.

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CFPB Takes Direct Aim at Policing Legal Profession

On July 14, 2014, the Consumer Financial Protection Bureau (“CFPB”), a Federal regulatory body created by the Dodd Frank Act of 2010 mounted a frontal attack on this bedrock of separation of powers principle by filing suit in the United States District Court against a prominent consumer collection law firm, Frederick J. Hanna and Associates, P.C. of Atlanta Georgia.

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Capital One and Three ARM Firms Agree to $75 million TCPA Settlement

In what is being touted as the largest TCPA settlement ever, Capital One and three collection agencies have agreed to pay $75.5 million into a settlement fund to end litigation in a combined class action. The agreement admits no wrongdoing on the part of the companies for allegedly using autodialers and/or pre-recorded messages in calls to cell phones without the consumers’ express consent.

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Washington Lawsuit Scrutinizes Use of Prosecutor’s Seal on Debt Collection Letters

A federal class action lawsuit in Seattle alleges that a collection agency used the King County prosecutor’s seals on debt collection letters to consumers, while failing to disclose that the letter was from a collection agency and not a law enforcement office. The plaintiffs say they received seemingly official letters from Missouri-based collection agency Bounceback which included threats of jail time if consumers didn’t pay the amount of the debt and more than $180 in fees. Bounceback was able to use the county prosecutor’s seal on these collection letters because it participates in a “check enforcement program,” where county prosecutors rent out the prosecutor’s seal and letterhead in exchange for a cut of the collection fees.

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The Changing Face of the Collection Industry in Light of New Regulations

We’ve all seen the headlines lately with the statistics of lawsuits rising against collection agencies, of penalties handed down by the CFPB and the courts, of settlements against collection agencies and even speculation that the business of debt collection is going the way of the dinosaur. But is the business of collections really going away, or is it just going through another change?

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CFPB Debuts Slightly Clunky Portal for Debt Settlement Complaints

The Consumer Financial Protection Bureau announced Monday that it will accept consumer complaints about additional non-bank products such as debt settlement services. The CFPB has been receiving consumer complaints about debt collection since November 2013. It’s not as easy to submit a complaint about a debt settlement service, or any other non-bank service, as it […]

Student Aid

Webinar Examines Opportunities Within Student Loan Market

The vast majority of collection opportunities within the student loan marketplace have been with state and federal government clients, private guarantors (like Sallie Mae), and private lenders (like large financial institutions). So, what’s available today? That’s the topic of a webinar scheduled for Tuesday, 29 July 2014, at 2.00 p.m. Eastern, sponsored by FICO. REGISTER […]

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RevSpring Announces emerge As Its Transformational Communication and Payments Platform

RevSpring is pleased to announce emerge as its new transformational, Web-based communication and payments platform. RevSpring’s emerge will offer integrated, multiple communication and payment channels including text, email, IVR as well as a flexible online payment portal that makes it easy for a consumer to make a payment from any device. As consumer communication and […]

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Utah-based Collection Agency Celebrates First Anniversary

Kinum, a Salt Lake collection company with a national presence, is celebrating their first year of business. The company, which previously operated as Fidelis Collections for six years, focuses on helping businesses implement better collection procedures while maintaining their client base. Kinum’s President and industry veteran Bruce Klinger states, “We recognized our clients’ two primary […]

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Israeli Start-Up Experiments with Automated Debt Collection Approach

At first glance, the differences between the U.S. and Israeli debt collection industries couldn’t be more stark: In Israel, lawyers are typically responsible for debt collection, while in the U.S., the debt collection licensing requirements vary from state to state. But TrueAccord, a new start-up founded by Ohad Samet, actually goes over the heads of […]

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Debt Industry Responds to New York’s New Rules for Collectors, Buyers

Now that the industry has had the chance to take a deeper dive into the details of the New York Department of Financial Services’ proposed regulations for debt collection by third-party debt collectors and debt buyers, experts and organizations are submitting their feedback on how to further improve the regulations. Specific questions remain about the correct language to use in consumer notices, and how the rules may impact creditors.

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DialConnection announces investment by Potomac Equity Partners

DialConnection, LLC, a rapidly growing provider of cloud-based software-as-a-service (“SaaS”) and premise-based contact center solutions for enterprise clients, today announced an investment in the company by Potomac Equity Partners, LLC, a Washington, D.C.-based investment firm whose principals have extensive experience investing in the software and technology sectors. DialConnection provides a suite of integrated contact center […]

Three Fingers

New Whitepaper Reveals Three Strategies to Shrink Bad Debt

Despite the advances of the Patient Protection and Affordable Healthcare Act (ACA) related to patient debt (establishing maximum out-of-pocket expenses and other protections), most healthcare finance analysts believe bad debt will increase over the coming years. LexisNexis, in this free whitepaper, has put together recommended best practices from a wide range of healthcare providers who […]

World-money

Big Bank Regulators Propose New Supervision Model

International banking regulators issued a new set of principles calling for a “college of supervisors” to oversee the global banking business, according to The New York Times’ Dealbook. The idea, explains University of Pennsylvania professor David Zaring, is to create a team of regulators for globally important banks that would share information fluidly enough to make […]

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Happy Fourth Birthday, CFPB!

On July 21, the Consumer Financial Protection Bureau will mark its fourth anniversary. The consumer financial watchdog, created by Congress in the during the financial crisis, has done a lot for consumers in just a few years, having tackled important issues such as consumer complaints, payday lending, student loans and – of course – debt collection.