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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Recent changes to the system that tracks recovery performance in the Department of Education’s (ED) private student loan debt collection contract may have resulted in either overpayments or underpayments to the 23 collection agencies on the contract, according to a report from ED’s Office of the Inspector General.
Two bills in major Western U.S. states aimed at reining in debt collection practices have recently advanced in their respective legislative chambers. One targets debt buyers specifically while the other is designed to more tightly control debt collectors working for government clients.
The Consumer Financial Protection Bureau (CFPB) this week announced the launch of a site designed to provide Spanish-speaking Americans with “clear, unbiased information about financial products and services.”
Lowell Group, a leading purchaser of non-performing consumer debt portfolios in the United Kingdom, today announced the acquisition of Interlaken Group, including its widely known Fredrickson International brand. The deal, for an undisclosed sum, will see ownership of the Surrey-based debt collection agencies group transfer to Lowell Group, along with the 300 plus employees.
For the second straight quarter, the percentage of Americans with at least one account in the third party debt collection system hit an all-time high in the first three months of 2013. Close to 15 percent of consumers have an account being worked by debt collectors.
AnaCap Financial Partners LLP, a specialist European financial services private equity firm, announced Wednesday the sale of Cabot Credit Management (CCM) to funds managed and advised by J.C. Flowers & Co. LLC. The transaction agreements have been signed, and the transaction is expected to complete imminently.
A debt collection agency in the United Kingdom is going into voluntary liquidation as a part of its integration with NCO Europe, a Preston, Lancashire-based unit of NCO Group.
Complete Credit Management (CCM) will dissolve and be absorbed by NCO Europe.
California Attorney General Kamala Harris Thursday announced that her office has filed an enforcement action against JPMorgan Chase & Co. alleging that the bank engaged in fraudulent and unlawful debt-collection practices against tens of thousands of Californians.
The suit alleges that Chase engaged in widespread robo-signing of court documents in debt collection cases, among other practices, to commit abuses against approximately 100,000 California credit card borrowers over at least a three-year period.
Debt buyer Encore Capital Group, Inc. (NASDAQ: ECPG) late Thursday announced consolidated financial results for the first quarter ended March 31, 2013.
The Boston Globe’s editorial page today is advocating for legislative restrictions in the relationships between local district attorneys and private debt collection agencies used to recover bad check debt. The core issue is not that DAs use debt collectors, it’s that many step away from the process and outsource their “prosecutorial discretion” to the companies.