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.
In her first standalone bill introduced in the U.S. Senate, Elizabeth Warren (D-Mass.) offered a bill Wednesday that would slash the interest charged to federal student loan borrowers to the same rate paid by financial institutions.
The bill is a preemptive solution to a student loan interest rate hike expected in July.
The Federal Trade Commission testified before a U.S. Senate Commerce subcommittee on a recent FTC study examining the accuracy of consumer credit reports, as well as the agency’s efforts to improve credit report accuracy through enforcement and education.
The New York Times ran a feature-length piece Friday on how a prominent credit scoring service is treating collection accounts. The new scoring formula benefits consumers, but it could also present ARM companies with an opportunity and another tool to use in their collection efforts.
A district judge in Maryland last month dismissed a potential class action lawsuit against a debt buyer due, in part, to a rejection of the notion that a technical error constituted a violation of the Fair Debt Collection Practices Act (FDCPA). Another claim that tried to piggyback on the widely-publicized “robo-signing” issue with debt collection lawsuits was also rejected.
The Massachusetts Office of Consumer Affairs and Business Regulation and the Division of Banks this week announced a series of cease orders targeting unlicensed lenders and a licensed debt collector that were not adhering to the state’s loan consumer protections.
In conjunction with the actions, the state issued a letter to the 408 companies currently licensed as debt collectors in Mass., advising them that they must ensure that they collect loans only on behalf of properly licensed creditors.
Debt buyer and ARM firm Portfolio Recovery Associates (NASDAQ: PRAA) late Tuesday reported financial results for the first quarter of 2013 with quarterly records in just about every measurable category.
PRA reported net income of $38.6 million ($2.26 per share) in the first three months of 2013, up 52 percent from the first quarter of 2012.
A television station in Tampa, Fla. visited the office of a local collection agency and found something shocking: a pretty nice office staffed with pretty nice people.
“We expected a big, corporate boiler room operation,” wrote FOX 13 consumer reporter Chris Chmura.“Instead, we found a bright, clean, and remarkably small office.”
Debt buyer Asset Acceptance Capital Corp. (NASDAQ: AACC) late Monday released its financial results for the first quarter of 2013 marked by a decline in net income and revenue, but an increase in debt buying activity.
A U.S. district court earlier in April ruled that when a debt collector accused a debtor of lying during a telephone call, it was sufficient to continue a case for a claim under the harassment and abuse provisions of the Federal Debt Collection Practices Act (FDCPA).
Financial results for three of the largest debt buyers in the U.S. are coming soon, with one reporting later today after the market closes.