Thanks to the Affordable Care Act, millions have health insurance who in the past could not afford it or qualify for it. But this new widespread adoption of insurance is creating a new class of patient that requires special attention by the healthcare providers that serve them.
The issue of Ohio Attorney General Mike DeWine’s alleged favoritism in rewarding a debt collection contract boiled over on the weekend as his office released official collection totals for last year and a prominent newspaper published a blistering editorial on the matter.
A consumer gives you a contact number that turns out to be his cell phone. What do you do? In a poll-meets-pop-quiz of insideARM.com readers, 36.5 percent of participants said that when they get a contact number from a consumer that turns out to be a cell phone, they continue to call a consumer as […]
The U.S. District Court for the Western District of New York issued a temporary restraining order and asset freeze against a Buffalo, NY-based debt collection operation Monday, after the Federal Trade Commission and New York Attorney General’s Office filed a joint complaint alleging the operation used lies and threats against consumers in violation of federal and state laws.
Filing a lawsuit to collect a time-barred debt does not violate the Fair Debt Collection Practices Act according to a June 30 decision from a New Jersey state trial court. The decision,Midland Funding v. Thiel, involved a collection action to recover the unpaid balance of a Home Depot credit card. The law firm representing the […]
The Telephone Consumer Protection Act played to packed audiences through two sessions Wednesday at ACA International’s 75th Anniversary Convention & Expo in Chicago. At issues for those in the debt industry are: effective consent language and present capacity.
I’ve spoken with quite a few compliance professionals recently. I can truly say that I am overwhelmed for you. The challenges and responsibilities facing compliance officers at all levels today are significant. Yet I get the sense that each of one you is reinventing the same wheel at the same time.
Now that the industry has had the chance to take a deeper dive into the details of the New York Department of Financial Services’ proposed regulations for debt collection by third-party debt collectors and debt buyers, experts and organizations are submitting their feedback on how to further improve the regulations. Specific questions remain about the correct language to use in consumer notices, and how the rules may impact creditors.
Larger participants in the debt industry need to prepare for CFPB supervision, and an essential part of that preparation will be to establish a formal compliance management system.
On July 21, the Consumer Financial Protection Bureau will mark its fourth anniversary. The consumer financial watchdog, created by Congress in the during the financial crisis, has done a lot for consumers in just a few years, having tackled important issues such as consumer complaints, payday lending, student loans and – of course – debt collection.