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.
The number of debt collection complaints published by the CFPB in the second quarter of 2014 virtually mirrors the number published in the previous quarter. In Q2, the CFPB published 10,265 complaints related to debt collection compared to 10,231 in Q1.
The popular new HBO series Last Week Tonight with John Oliver ran a long segment Sunday night on payday lending in the United States.
Debt buyer Encore Capital Group, Inc. (NASDAQ: ECPG) late Thursday announced that it has acquired Atlantic Credit & Finance (ACF), a leader in collecting fresh, higher-balance accounts, for approximately $70 million in cash. Encore also said it made additional payments totaling approximately $126 million to retire certain indebtedness and obligations of ACF.
Business analytics and consumer credit score provider FICO announced Thursday that it has recalibrated its popular FICO Score formula to reflect a “more nuanced way to assess consumer collection information.”
The Federal Trade Commission late Thursday announced settlements with debt collection agencies totaling $2 million in two separate actions alleging very different violations. A joint settlement announcement is rare for the FTC.
In a bulletin issued Monday, the Office of the Comptroller of the Currency (OCC) provided new guidance to banks intended to advise debt portfolio sellers about the OCC’s supervisory expectations for structuring debt-sales arrangements with debt buyers.
Online humor site Cracked.com debuted a new web series Monday called Antiheroes. The digital, live-action shorts depict a group of colleagues at a debt collection agency (“the only one that calls people at bedtime”) who get superpowers after a cosmic event.
The third-party debt collection industry returned some $45 billion to creditors and other clients in 2013, according to a study released today by ACA International. The report, based on a survey and other statistical analysis by Ernst & Young, is the latest in a series of comprehensive industry studies.
Two weeks ago, the CFPB announced an aggressive lawsuit against a debt collection law firm accusing the ARM company of being little more than a “lawsuit mill.” The firm vowed to fight the suit. As details emerge, it appears that the defendants have a decent case, backed by prior court rulings on the same issue.
The Labor Department reported early Friday that U.S. employers added 209,000 jobs in July, slightly below analysts’ expectations but still firmly within the range considered to be indicative of a jobs expansion. The official unemployment rate increased to 6.2 percent from 6.1 percent in June as slightly more Americans re-entered the workforce.