Stephanie Levy is the Online Content Producer for insideARM.com. She develops, writes and markets multimedia content for the Research Library and news stories for insideARM. Stephanie has seven years of journalism experience in web, television and print, covering everything from robots to dumpster-diving for beer (seriously). Stephanie has a Bachelors of Journalism in Radio-Television Journalism from the University of Missouri-Columbia. Follow her on Twitter, @stephanie_levy, if you like debt collection news and Missouri sports.
Network with Stephanie Levyon LinkedIn on Twitter
A Pennsylvania federal judge Tuesday denied debt collector North Shore Agency Inc.’s motion to dismiss a putative class action lawsuit. The case alleges that North Shore Agency Inc. obscured language advising consumers of their rights to challenge their debts. In his opinion, U.S. District Judge Gene Pratter noted potential holes in the Fair Debt Collection […]
The study compared private collections and IRS collections during four consecutive six-month intervals. Taxpayer Advocate Service found that while private collectors collected more tax dollars in the first six-month period than the IRS, over time IRS collections were more consistent. Private collection agencies had six months of success, before drastically decreasing the dollar amount and percentage of available taxpayer dollars collected.
The Social Security Administration announced Monday that it will immediately stop efforts to collect on taxpayers’ debts to the government that are more than 10 years old. This means the SSA will no longer seize state and federal refunds from people who had relatives who owed money to the agency. While the SSA will no longer seize federal and/or state refunds to pay for government debts past the federal statute of limitations, this does not have any impact on other time-barred debts on a state-by-state basis.
The Consumer Financial Protection Bureau ordered Bank of America on Tuesday to pay about $727 million as part of a consent order related to the bank’s credit card add-on products. Bank of America will also pay $20 million in civil penalties. In all, it’s the largest enforcement action levied by the CFPB to date. From 2010 […]
Bank of America is in talks with the Consumer Financial Protection Bureau to pay an $800 million settlement over allegations that the bank deceived customers when selling them additional credit card products. If finalized, the settlement would be the largest levied by the CFPB to date. This wouldn’t be the first time the CFPB has taken […]
In Monday’s Know Your Debtor, Linda Straub-Jones, Director of Market Planning – Compliance at LexisNexis, stressed the importance of understanding how the Consumer Financial Protection Bureau defines the “service providers” working within the debt collection industry. As of April 2012, collection agencies have to think of all suppliers, subcontractors and vendors that touch any consumer data as […]
Because the CFPB includes GLBA and Regulation P in its debt collection examination manual, collectors can expect the Bureau to ask about privacy policies and practices – even if your agency has never sent a privacy notice! That’s why Compliance Overview: GLBA/Regulation P includes a model privacy notice outline to draft disclosures that may protect you […]
U.S. News and World Report released its 2014 list of the 100 Best Jobs in America, and both debt collectors and compliance officers made the list. Debt collection was listed as the 57th best job to have, while compliance officers came in at number 54. What’s more, when looking at the top jobs to have in business, compliance officers made the top 10. Collectors came in just behind at number 11.
It’s been nearly two weeks since the CFPB closed the comment period on its Advance Notice of Proposed Rulemaking for the debt collection industry. There are more than 1,600 comments. We looked through the official responses from industry and consumer groups and here’s what we found.
Knock knock. Who’s there? CFPB. CFPB who? CFPB auditors. May we please see your account records and compliance policies? Once you’ve picked yourself up off the floor from laughing so hard at the punch line, check out our latest homepage poll to let us know where your compliance policies stand. At the most recent insideCompliance […]