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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Many industry groups have sounded the cry that increased financial services regulation would have the unintended consequence of shrinking the credit available to the same consumers it was intended to protect. But most of these cries have been mere hypothesis. According to new research from the American Action Forum (AAF), Dodd-Frank financial reform has led to a 14.5 percent […]
The case of mortgage lender PHH Corporation v. CFPB has moved to the D.C. federal appeals court, with a hearing scheduled for April 12, the Wall Street Journal reported over the weekend. Although this is not an ARM-related case, it does involve a significant challenge to the CFPB’s rule enforcement powers, which makes it very relevant to the industry.
Late last week the Consumer Financial Protection Bureau announced they are accepting applications for membership on all of their advisory groups. Here’s what they’re looking for: Experts in consumer protection, community development, consumer finance, fair lending, and civil rights Experts in consumer financial products or services Representatives of banks that primarily serve underserved communities Representatives […]
The Federal Trade Commission has approved amending language in its Rules of Practice that applies to the collection of outstanding debts owed under FTC orders and judgments. Wouldn’t it be ironic if the FTC used third party debt collectors to collect debts owed the Commission, and learned of the many obstacles to collections created by its own rulings?
Today the CFPB filed a proposed consent order in federal court that would end its lawsuit that began in July 2014 against Frederick J. Hanna & Associates. Both the Hanna firm and NARCA have issued statements. This is an incredibly significant case for the ARM industry, as it has the potential to be the only CFPB direction on the subject unless and until formal rulemaking begins.
Last month Congress passed a budget deal that includes a provision to allow those collecting federal student loans to call consumer cell phones using an autodialer. In an article I wrote about it at the time, I noted that some were determined to get the provision rolled back. This week, several Senators sent a letter to the Department of Education (ED) urging the department not to allow “unsolicited robocalling by debt collectors.” This has been picked up in many newspapers – I think their argument does a disservice to students and taxpayers.
Earlier this month, the Federal Trade Commission, together with the Consumer Financial Protection Bureau (CFPB) filed an Amicus Brief with the U.S. Court of Appeals for the Seventh Circuit in the case of Carmen Franklin and Jenifer Chism, Plaintiffs, v. Parking Revenue Recovery Services, Inc. and Bryon Bellerud II, PC. The purpose of the Brief […]
According to the Associated Press, the Supreme Court announced Friday that it hear an appeal from state officials looking to overturn a lower court decision on whether a debt collector’s use of official Ohio attorney general letterhead violated the FDCPA. The case in question is Pamela Gillie, et al. (Plaintiff), v. Law Office of Eric […]
Earlier this week, Dan Dwyer, Staff Attorney, Division of Financial Practices, FTC, posted a blog to help consumers understand how to communicate with debt collectors. In an uncanny alignment with an education piece recently published in a partnership between consumer and industry groups, here’s what he suggests…
The St. Louis Post-Dispatch reported yesterday that Ascension and TowerBrook Capital Partners will invest $200 million in Accretive Health, a Chicago-based medical billing and debt collection firm. Ascension is a Catholic hospital system, and was the first customer for Accretive in 2004, when it was a start up. The deal also gives the investors the option to […]