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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A bill introduced in the U.S. Senate this month by a coalition of Senators known for their consumer protection positions would amend the Fair Credit Reporting Act (FCRA) to place new requirements on both credit reporting agencies and companies that furnish information to those agencies.
The Consumer Financial Protection Agency Tuesday released a report on the private student loan market in the U.S. that emphasized the need for reform in the way lenders treat certain co-signer agreement clauses, going so far as to urge borrowers to seek co-signer releases.
A federal judge in New Jersey last week approved the settlement of a class action lawsuit against a collection agency over the validation language the firm used in a letter to a consumer. The settlement calls for the debt collection firm to pay $9,500 to the lead plaintiff and potential class of 225 consumers, with the plaintiffs’ attorneys receiving $40,000.
Nearly two years ago, Neil Madison was sentenced to eight years in prison for running a debt collection agency that actively scammed businesses that were looking for help recovering debts. A news report on a TV station last night added new details to the case.
The attorney general of Arizona, Tom Horne, recently hired a new leader for his Collections Enforcement Unit, a clearinghouse for debt owed to various state agencies. But the specific person hired to fill that role appears to have sparked controversy, or soon will, according to a local paper.
The Federal Trade Commission Thursday announced a settlement in a long-running case against two debt collection agency owners and their network of companies that threatened lawsuit and arrest over debts consumers often did not owe.
West Virginia Attorney General Patrick Morrisey Thursday announced that the Office of the Attorney General reached an approximately $1.2 million settlement in Jefferson County Circuit Court with Fast Auto Loans Inc. and Virginia Auto Loans Inc.
An attorney at the Consumer Financial Protection Bureau (CFPB) Wednesday accused the Bureau of fostering a “culture of retaliation and intimidation that silences employees and chills the workforce from exposing wrongdoing” in a hearing before a House Financial Services Subcommittee. The lawyer worked in the CFPB’s consumer complaints division.
A U.S. District Court last week ruled in favor of a commercial debt collection agency that was sued by a consumer who alleged violations of the FDCPA. But the consumer had made his purchase as a business and later tried to claim the product was for personal use. The decision gives weight to what information the consumer provides during the original transaction.
Late last year, the Consumer Financial Protection Bureau announced that it would be writing new rules to govern the practices of debt collectors. The subsequent advance notice of proposed rulemaking (ANPR) afforded groups and individuals on all sides of the collection equation the opportunity to chime in on what direction they felt the CFPB should take with new rules.