Stephanie is CEO of The iA Institute, a digital media company and the most trusted provider of specialized information to the complex debt industry. Our efforts inform, teach, and bring a variety of stakeholders to the table to build a culture of compliance, and to address industry challenges. The iA Institute publishes insideARM.com, runs the Compliance Professionals Forum, and manages the Consumer Relations Consortium. Also, anyone who knows me will immediately tell you that my passion is organization. Literally – I love a clean desk, a well-labeled closet, an elegant process, a useful spreadsheet.
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Encore Capital Group, Inc. (NASDAQ:ECPG) announced yesterday that it has collaborated with U.S. Reps. Scott Peters (CA-52) and Duncan Hunter (CA-50) to create a bill that would exempt up to $2,500 worth of forgiven personal and household debt from federal taxation. The bill (H.R. 2640) was recently introduced as the “Consumer Debt Forgiveness Tax Relief Act of 2015.” This re-raises the 1099-C debate for the collection industry.
As part of a larger CFPB enforcement action announced today against Citibank, N.A., Department Stores National Bank (a Citibank subsidiary) will pay $23.8 million for deceptively charging expedited payment fees to nearly 1.8 million consumer accounts during collection calls.
Student loan guaranty agency USA Funds (USA) filed suit last week in federal court against the Department of Education over a letter the Department sent on July 10, 2015 prohibiting agencies from imposing collection fees on borrowers who default on their loans but initiate payment arrangements within 60 days. The agency claims the letter amounts to capricious and irrational rulemaking that will harm consumers.
The Federal Trade Commission announced Friday it will host two additional Debt Collection dialogues this fall, in Dallas and Atlanta. The first event was co-hosted in June with the New York Attorney General’s Office in Buffalo. Industry sources said that meeting was a bit of a disappointment, as it didn’t live up to its promise of being […]
Yesterday the CFPB released its first monthly report on consumer complaints. The Report provides a high-level snapshot of trends, including the most complained about companies regarding debt collection.
On July 14, 2015 the PACE filed a Petition in the U.S. Court of Appeals for the Seventh Circuit in the matter of Rules and Regulations Implementing the Telephone Consumer Protection Act of 1991, Declaratory Ruling and Order.
In June, EBay and PayPal revised their user agreements to include a statement related to their ability to communicate with customers via autodialed calls and text messages for various purposes, including collecting a debt. The change raised eyebrows. Yesterday, they tried again, in the wake of the FCC’s release of its TCPA ruling last Friday. But they still may not have gotten it right.
During yesterday’s press call regarding the JP Morgan Chase Enforcement Action, officials from the Consumer Financial Protection Bureau (CFPB) and the Office of the Comptroller of the Currency (OCC), and the Attorneys General from Iowa and Illinois offered personal commentary on the Action, reinforced its implications, and worked to clarify questions about the numbers. Iowa […]
According to an exclusive Reuters report, JPMorgan Chase will be paying $125 million to settle investigations by state and federal authorities, some dating back to 2013, related to the improper sale and collection of consumer credit card debt.
A report issued last week by the Office of the Inspector General (OIG) found that the Social Security Administration spent nearly three times as much as it took in to try to collect on mistakenly issued overpayments over the six year period ending in 2013. The findings are reminiscent of the IRS debt collection saga of the early 2000′s.