Richard Cordray, Director of the CFPB is in Dallas today to speak at a field hearing on arbitration clauses in credit contracts. The Bureau also released a report Thursday that showed arbitration clauses are commonly used by large credit card issuers and that roughly 9 out of 10 clauses allow banks to prevent consumers from participating in class actions.
Colorado Attorney General John Suthers announced Tuesday that his office has filed a civil lawsuit against Florida debt buyer United Credit Recovery (UCR) for allegedly passing off fraudulent bank documents in debt collection lawsuits. It is the latest legal action from a state AG against UCR.
The trade associations representing the debt collection industry are working on the possibility of creating a unified response to the Consumer Financial Protection Bureau’s (CFPB) proposal to adopt new rules for the ARM industry.
As announced at the annual NARCA conference, two of the ARM industry’s leading software developers are joining forces. Commercial Legal Software (CLS) of Montville, NJ and Q-Soft of San Rafael, CA have formed a new company, VERTICAN TECHNOLOGIES. The company will provide world class software solutions and services in support of ethical recoveries.
There are two constants in the accounts receivable management industry. The first is change. The second is International Collectors Group.
Although the debt collection complaints data from the Consumer Financial Protection Bureau (CFPB) has been public for only a few weeks, ARM firms and major creditors have been responding to the incoming complaints since July. An analysis of the responses show varied strategies in the companies’ interactions with consumers and the CFPB.
Kaulkin Ginsberg is pleased to announce that Dennis Punches and the newly appointed Board of Advisors, including Jim Richards, are restoring the renowned accounts receivable management (ARM) group International Collectors Group (ICG) to its prominent position as the “must attend meeting” for the leaders of the largest ARM companies from the USA and around the world.
When it comes to the CFPB and regulators in general the goal among debt collectors, debt buyers, collection lawyers, recovery managers and other collection professionals in the United States should be the same: to establish a unified front to address regulatory change impacting collection practices.
The CFPB Wednesday announced its first enforcement action against a payday lender. The order calls for the lender to refund consumers for robo-signing court documents in debt collection lawsuits and pay a fine for violations of the Military Lending Act. But the Bureau also found that the company impeded its investigation by destroying documents and data, leading to further penalties.
Weltman, Weinberg & Reis Co., LPA (WWR) is both delighted and saddened to announce that Alan H. Weinberg is retiring at the end of this year