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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In October 2014, consumers filed 911 lawsuits claiming violations of the Fair Debt Collection Practices Act (FDCPA), up 13.4 percent from September and an increase of 16.1 percent from October 2013. But total FDCPA lawsuits are still on track to finish well below 2013 numbers, which would mark the third straight year of declines.
The Consumer Financial Protection Bureau (CFPB) recently released two reports that shed a little light on how the Bureau is currently approaching debt collection regulation and provided a hint that any new debt collection rule proposals may be delayed well into 2015.
The long-running legal battle between movie and music studios and consumers that illegally download their products got a novel twist late last week when a consumer attorney filed a class action lawsuit against a company tasked with enforcing the studios’ claims. The suit says that the company is acting as a debt collector and has violated the TCPA and FDCPA.
The U.S. Court of Appeals for the D.C. Circuit heard oral arguments in two cases Wednesday that challenge the CFPB’s authority to regulate financial services firms due to its one Director leadership structure. The specific arguments concerned standing to bring such suits, with the merits of the challenges pending.
ECMC Group announced Thursday that it has entered into an agreement to acquire 56 Everest and WyoTech campuses from Corinthian Colleges Inc. and transition them from for-profit to nonprofit status. The total purchase price is $24 million.
ACA International, the trade association for debt collectors, and DBA International, a group that represents debt buyers, issued statements Wednesday commending federal prosecutors for bringing down a large debt collection scam operation.
The U.S. Attorney in the Southern District of Indiana announced Wednesday the arrest of the owner of a former debt collection agency and the filing of fraud and other charges related to actions he took in the financing of his company and misrepresentations he made concerning his own financial situation.
The Consumer Financial Protection Bureau (CFPB) Wednesday took its first action against a “buy-here, pay-here” car dealer over illegal debt collection and credit reporting practices.
Preet Bharara, the U.S. Attorney for the Southern District of New York, announced Wednesday that Michael Levitis, the owner of Mission Settlement Agency, was sentenced in Manhattan federal court to 108 months in prison in connection with a multimillion-dollar scheme that victimized more than 1,200 financially struggling people across the country.
Federal officials with the Justice Department and FBI announced Tuesday the arrest of seven people for their roles in a fraudulent debt collection operation that over the course of five years targeted more than 6,000 consumers in all 50 states and brought in more than $4.1 million. The FTC had previously launched a civil action against the company.