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 Reserve Board Thursday released guidance reminding financial institutions it supervises to exercise appropriate risk management and oversight when using external service providers. The Fed becomes the latest agency to point out that banks can be held responsible for actions taken by vendors, including ARM firms.
The Labor Department Friday said that the U.S. economy generated 203,000 jobs in November and the official unemployment rate fell to seven percent, the lowest rate in five years.
Fast growing Lowell Group, headquartered in Leeds and one of the UK’s largest debt purchasing and contingent collections groups, has appointed Mathew Stonley (Mat) as business development manager for its debt purchase business.
As the ARM industry prepares for 2014, it might help in strategic planning to know which types of debt are attracting the most consumer complaints about debt collection.
The Consumer Financial Protection Bureau (CFPB) Tuesday made available the most recent annual report from its Ombudsman, the internal advocate of “a fair process between consumers, financial entities, and the CFPB.” Among the recommendations is increased clarity from the Bureau to companies under an active examination.
The Consumer Financial Protection Bureau (CFPB) Tuesday announced that it will be expanding its regulatory reach to companies like Sallie Mae that collect and manage student loan payments. The agency will now supervise the seven largest nonbank student loan servicers.
The Commercial Collection Agency Association of the Commercial Law League of America reports that in the third quarter of 2013, the number of commercial (B2B) accounts placed with CCAA members increased by 14.49% when compared to the second quarter 2013.
insideARM.com today released the final rankings for all companies honored in its sixth annual Best Places to Work in Collections program, sponsored in 2013 by IAT SmartDial.
UK debt buyer Arrow Global reported a strong increase in earnings and collections in its first earnings release since going public.
A majority of consumers using the Consumer Financial Protection Bureau’s (CFPB) complaint intake tool claim in one way or another that debt collectors are chasing an account the consumer does not think they should pay. And the numbers are growing.