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.
A state appeals court in Illinois earlier this month ruled that a debt collection law firm that filed a collection suit on behalf of a debt buyer not licensed in the state did not violate the Fair Debt Collection Practices Act (FDCPA) as alleged in a consumer action.
The percentage of American consumers with at least one account in the third party debt collection system increased slightly in the fourth quarter of 2013 while the average balance of accounts in collection jumped for the second straight quarter, according to data released this week by the Federal Reserve Bank of New York (FRBNY).
In one of the largest acquisitions in accounts receivable management industry history, Norfolk, Va.-based Portfolio Recovery Associates (NASDAQ: PRAA) announced late Wednesday that it will buy Oslo, Norway-based debt buyer Aktiv Kapital, a company that specializes in accounts from Europe and Canada.
A state appeals court in New York last week decided to publicly censure a debt collection attorney and his law firm over the practices is used in the legal collection channel. The long-running disciplinary action was over conduct in six debt collection cases over a three year period.
An article appearing earlier this week in American Banker focused on the use of resolution conferences in certain court jurisdictions to handle debt collection cases was largely incorrect and based on a fundamental fallacy, according to ARM attorneys with experience in the counties profiled.
Oregon lawmakers Wednesday held a hearing on a bill that would prevent the state’s Department of Revenue from hiring private debt collection agencies to help recover unpaid taxes.
Massachusetts Attorney General Martha Coakley Monday asked state regulators to prevent casinos from placing liens on the homes of people with unpaid gambling debts. The request was made after a weekend article exposing the practice.
Debt buyer Asta Funding, Inc. (NASDAQ: ASFI) Monday reported financial results for its first fiscal quarter of 2014, ended December 31, 2013. The company also announced an acquisition which closed on the last day of the year.
Today, insideARM.com is announcing the launch of a new section of the site focused on state licensing and bonding requirements for debt collection agencies and ARM firms. The State Licensing Resources page is the latest in our push to cover all of the compliance topics in the ARM industry.
U.S. debt buyer Encore Capital Group, Inc. (NASDAQ: ECPG) announced today that it will acquire UK-based debt buyer Marlin Financial Services for £295 million (approximately $481 million) through Cabot Credit Management, a UK subsidiary of Encore acquired last year.