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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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.
The Federal Reserve Bank of New York recently reported household credit data for the fourth quarter and full year 2013. It showed modest annual growth in most categories with only student and auto loans gaining significant ground.
A bill that would offer a technical fix to the Fair Debt Collection Practices Act (FDCPA) aimed at collection attorneys has picked up three additional co-sponsors this month in the U.S. House of Representatives, including two in the past week alone.
The Sixth Circuit Court of Appeals Wednesday upheld a lower court judgment in an FDCPA case against a collection agency over the use of the word “of” rather than “after” in the validation notice in a debt collection letter.