Patrick is the senior editor of insideARM.com. Patrick edits the ARM insider and all content appearing on insideARM. His work has appeared in numerous industry trade publications. Since 2002, he has covered or broken nearly every major news story impacting the accounts receivable management industry for insideARM.com. Previously, he was at finance research and consulting firm Corporate Executive Board after initially working in publishing out of college. Patrick holds a Bachelor of Business Administration degree from the University of Georgia, the flagship school of his home state. He currently lives in Silver Spring, Maryland with his wife and two daughters.
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The Consumer Financial Protection Bureau (CFPB) said Tuesday that it is extending the comment period for its proposal to add consumer narratives to the public complaints database it manages. The proposal would give consumers the chance to explain exactly what lead to a complaint.
The Commerce Department said this morning that the American economy expanded at an annual rate of 4 percent in the second quarter of 2014 after contracting by more than 2 percent in the first three months of the year.
A joint study from the think tank Urban Institute and debt buyer Encore Capital Group released today reported that more than 35 percent of U.S. adults with a credit report have accounts that qualify to be in some stage of the debt collection system. The average balance of those accounts is $5,178.
The issue of Ohio Attorney General Mike DeWine’s alleged favoritism in rewarding a debt collection contract boiled over on the weekend as his office released official collection totals for last year and a prominent newspaper published a blistering editorial on the matter.
Lindorff, one of the largest debt collection companies in the world, announced today that it has purchased the debt recovery unit of Spanish bank Sabadell for €162 million ($218 million). The agreement calls for Lindorff to exclusively handle Banco Sabadell’s past-due loans for a period of at least 10 years.
The Consumer Financial Protection Bureau (CFPB) Wednesday announced that it is proposing to expand its consumer complaints public database to include the consumer’s narrative description of what happened, along with a company response narrative. The announcement came on the three-year anniversary of the CFPB’s launch.
How can ARM companies know where their market opportunities exist in the five to ten year time range? We all know that credit card debt is slowly recovering from recent lows and student loans are growing at a silly rate. But what about everything else?
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.
The New York State Department of Financial Services (NYSDFS) today published a proposed rule in the New York State Register on debt collection by third-party debt collectors and debt buyers. The proposal is subject to a 30-day comment period which began July 16.
Large debt buyer Portfolio Recovery Associates, Inc. (Nasdaq:PRAA) announced today that it has completed its acquisition of Aktiv Kapital AS, a Norway-based debt buyer of accounts throughout Europe and Canada. Effective today, the combined companies will be known as PRA Group.