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.
For years, strategic thinkers in the debt industry have known that student loans offers the most growth opportunity. But how safe is that assumption in light of the scrutiny everyone is giving education loans right now?
The U.S. Treasury Department is readying a pilot program to take over the collection of some defaulted student loan accounts from the Department of Education, essentially removing the work from contracted private debt collection agencies. But it might not be so simple.
The United States Trustee Program, a division of the Justice Department, is investigating several of the largest consumer lenders in the country over their debt collection and portfolio sales tactics relating to accounts owed by consumers under bankruptcy protection, according to The New York Times.
In the wake of a settlement with a debt portfolio broker over the public disclosure of sensitive consumer information, the FTC Wednesday published steps debt buyers and sellers can take to secure consumer data.
The American Bar Association Wednesday issued a formal opinion finding that a growing practice by district attorneys of allowing debt collection agencies to issue demand letters that suggest they originated from the prosecutor’s office violates ABA Model Rules of Professional Conduct.
Florida Attorney General Pam Bondi announced late last week that her office has filed a law against a debt collection agency for allegedly targeting consumers who were victims of previous frauds or scams. The Federal Trade Commission filed a parallel lawsuit against the firm in the U.S. Southern District Court of Florida.
Minnesota Attorney General Lori Swanson announced Thursday that her office has filed a lawsuit against TJ Process Service, a Minnesota process serving company, and one of its process servers for falsely claiming that some individuals were served with debt collection lawsuits.
The U.S. economy added 214,000 jobs in October 2014, according to data released early Friday by the Labor Department. With upward revisions to previous August and September, it marks the ninth straight month that has seen job growth over 200,000.
We’ve arrived at the most intolerable phase of any election cycle: the immediate aftermath, in which members of the media and pundits try to guess what will happen next. Most of it is filler and grandstanding. But with the result on Tuesday, we are guaranteed to see some real change in governance.
The Federal Trade Commission has settled a case alleging that a debt broker disclosed too much personal information about debtors in online postings marketing their portfolios for sale. The agency filed a lawsuit in DC federal court Friday to formalize the settlement, with the judge issuing an order yesterday accepting the settlement terms.