Stephanie is president & CEO of The iA Institute, which publishes insideARM.com and insidePatientFinance.com. Her varied background includes careers in live entertainment, aerospace manufacturing, organizational consulting, and information publishing. Stephanie became publisher of insideARM in 2007, and president in 2010. She has a BS in human development and social policy from Northwestern University, and an MBA from The Anderson School at UCLA. Anyone who knows Stephanie will immediately tell you that her passion is in organization. Literally – she loves a clean desk, a well-labeled closet, an elegant process, a useful spreadsheet.
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Friday’s farewell from NARCA president Lou Freedman and welcome from new executive director Mark Dobosz at NARCA’s fall conference in Washington D.C. were highly positive, and offered some transparency about the association.
The National Association of Retail Collection Attorneys (NARCA) announced a new executive director this summer. Mark Dobosz joined the ARM legal trade group at a very interesting time, and he has been furiously learning about the industry.
The CFPB Wednesday released a fairly detailed report on its examination activities from November 2012 through June 2013. The report focuses on bank and non-bank mortgage servicers. While debt collection is not specifically covered, there are definitely useful hints of what examiners are looking for during their audits.
The federal campus-based Perkins Loan Program is in doubt. In recent years, it has been funded solely by repayments of previously issued Perkins loans. Due primarily to unreimbursed loan cancellations in recent years, and the fact that capital contributions haven’t been made to the program since 2004, repayments have been down; this has reduced the [...]
The overwhelming majority (82.3%) of complaints was submitted via the CFPB’s online consumer response portal. This is a significant increase from the 37% of collection complaints received online in 2012 by the FTC (26.4% were received by phone, while over 19% came through the PrivacyStar mobile app).
A great deal of time and money is being spent on supervision, enforcement, rule-making, and politics. Okay, perhaps that’s needed right now, for immediate problems. But that’s not going to get at the root cause of what’s ailing consumers.
Yesterday, the CFPB released a series of letters that consumers can use to communicate with debt collectors to request more information, inform them they are disputing a debt, and other topics. On the other side of the coin, how about issuing model letters for debt collectors to send to consumers for standard communications?
It wasn’t just the CFPB talking at yesterday’s big field hearing. In addition to the prepared remarks by Director Richard Cordray, those attending the Consumer Financial Protection Bureau public hearing in Portland, Maine heard from a variety of panelists and interested audience members.
Interestingly, the consumer representatives at the hearing focused mainly on issues with debt buyers and creditors, and the use of the legal collection channel by the ARM industry.
Have you been wondering about the details coming out of the CFPB consumer complaint process? We’ve started to look at the data. We have a summary of the data we’re seeing related to student loans, when the issue reported is “problems when you are unable to pay.”
The Consumer Financial Protection Bureau has been very busy lately, of course. Most of its attention seems to be focused on various sectors of the consumer finance industry. But the agency did recently reveal its intention to return some focus to the debt collection industry.