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 Federal Trade Commission Wednesday issued its annual report on enforcement of the Fair Debt Collection Practices Act in a letter to the Consumer Financial Protection Bureau. The letter noted that the FTC has stepped up its law enforcement actions under the FDCPA as the CFPB takes over most other responsibilities.
Colorado Attorney General John Suthers announced this week that his office has filed a civil lawsuit against collection agency Apollo Credit Agency, Inc. and General Manager James P. Saddoris. The lawsuit was filed after Apollo’s clients contacted the Consumer Protection Section of the Office claiming they had not been paid on accounts placed with Apollo for collection.
A judge in the US District Court for the Eastern District of New York this week sided with a debt collection agency in dismissing a case, with prejudice, that alleged violations of the FDCPA in collection letter language. The judge offered interesting commentary on the “least sophisticated consumer” standard in her opinion.
insideARM.com today announces the launch of the latest portal page designed to help the ARM industry navigate the current legal and regulatory environment: Collection Complaints Resources.
With debt collection agencies and other ARM firms now required to actively respond to each consumer complaint sent from the CFPB, we felt that a page dedicated to debt collection complaints was sorely needed.
The Federal Trade Commission last week released the 2013 annual report on its Consumer Sentinel complaints collection system. The highlights: identity theft complaints once again topped the list and debt collection complaints increased very slightly to 204,644. But an analysis of CFPB debt collection complaint data shows only a fraction of the FTC’s number.
The Federal Trade Commission has filed a lawsuit against a group of affiliated collection agencies and their owners over the use of words like “Federal” in their names and collectors directly stating or implying that the company had the power to arrest consumers.
The U.S. House of Representatives late Thursday passed a bill that would dramatically change the structure of the Consumer Financial Protection Bureau (CFPB) and limit the powers the agency was given to regulate the consumer finance industry, including rulemaking authority.
Consumer Financial Protection Bureau Director Richard Cordray Wednesday gave an update on the Bureau’s activities to a group of state attorneys general. The address covered a wide range of topics, including cooperation with AGs in debt collection regulation and rulemaking.
In the latest exchange in an increasing arms race among public U.S. debt buyers, Encore Capital Group said it acquired a controlling stake in a debt purchaser in Latin America and a UK-based firm that handles bankruptcies in that country.
A state appeals court in Illinois earlier this month ruled that a debt collection law firm that filed a collection suit on behalf of a debt buyer not licensed in the state did not violate the Fair Debt Collection Practices Act (FDCPA) as alleged in a consumer action.