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.
Although the debt collection complaints data from the Consumer Financial Protection Bureau (CFPB) has been public for only a few weeks, ARM firms and major creditors have been responding to the incoming complaints since July. An analysis of the responses show varied strategies in the companies’ interactions with consumers and the CFPB.
The office of the Special Inspector General for the Troubled Asset Relief Program (SIGTARP) announced Monday that a former executive at U.S. Bank has pleaded guilty to bribery charges for accepting payment in exchange for steering business to a specific debt collection agency.
ACA International, the association for credit and collection professionals, Monday published an analysis of a recent independent study that examined constraints of the Telephone Consumer Protection Act (TCPA) for the public sector. The study makes a compelling case that data no longer supports the enforcement of the TCPA as it was originally written.
New York Attorney General Eric T. Schneiderman Thursday announced a settlement with the operator of several debt collection companies in the Buffalo area for illegally collecting on payday loans, violating the privacy of consumers by soliciting their personal information through employers, and sending letters that purported to be from an attorney in order to collect. The man will pay $165,000 in restitution and penalties and be ordered to substantially change his business practices.
A Minnesota collection agency posted on its blog last week a direct challenge to Bill Bartmann in response to the latest in his series of opinion pieces that have been popping up in online media all over the country.
The CFPB Wednesday announced its first enforcement action against a payday lender. The order calls for the lender to refund consumers for robo-signing court documents in debt collection lawsuits and pay a fine for violations of the Military Lending Act. But the Bureau also found that the company impeded its investigation by destroying documents and data, leading to further penalties.
Today we are announcing the launch of our newly-redesigned CFPB Resources page. The page will focus on developments and documentation from the CFPB in its regulation and supervision of the debt collection industry.
A state court judge in California last month dismissed Telephone Consumer Protection Act (TCPA) claims against a debt collection agency in a case brought by a consumer. While the details of the case are specific to the company in question, at least one law firm thinks it might create defense opportunities for other ARM companies.
The West Virginia Supreme Court of Appeals last week sided mostly with the state’s attorney general in a case brought by a debt buyer challenging the investigative powers of the AG’s office. But the justices did rule with the ARM company on one matter involving subpoenas.
The percentage of American consumers with at least one account in the third party debt collection system fell sharply in the third quarter of 2013, according to data released Thursday by the Federal Reserve Bank of New York. But the average balance of accounts in collection increased sharply.