A bill introduced in the New York State Senate last week would make it illegal for debt collectors and original creditors to use social media in their collection efforts. The bill uses vague language in its prohibitions, but its intent is very clear.
The percentage of Americans with at least one account in the third party debt collection system fell to a post-financial crisis low in the fourth quarter of 2014, according to a report released Tuesday by the Federal Reserve Bank of New York. The average balance of accounts in collection also fell for a second straight quarter.
The 2014 “Year in Review” issue of AIS InSight released last month showed that U.S. bankruptcy filings in 2014 totaled 909,968, down 11.89% from the previous year. Of the Top 50 Creditors listed in bankruptcy filings for 2014, 13 were debt buyers and/or collection agencies.
Kaulkin Ginsberg, the leading consultancy and M&A advisory firm focused on the accounts receivable management (ARM) industry, begins the fourth semester of its Research Fellows Program in conjunction with the University of Maryland, College Park’s Department of Economics undergraduate studies program on Monday, Feb. 16. Fellows will focus their research on emerging market segments and consumer credit opportunities.
The media chatter regarding the CFPB’s imminent rules for payday lenders was significantly ramped up early Monday as both The New York Times and the Associated Press ran separate but similar stories detailing what is likely to be in the rules.
The Consumer Financial Protection Bureau (CFPB) Wednesday ordered Continental Finance Company LLC, a subprime credit card company based in Delaware, to refund an estimated $2.7 million to approximately 98,000 consumers who were charged illegal credit card fees
In its first full year of taking and publishing consumer complaints about debt collection, the Consumer Financial Protection Bureau (CFPB) made public just over 39,000 grievances logged against collection agencies, debt buyers, and creditors for actions taken in the debt recovery process.
The Consumer Financial Protection Bureau (CFPB) and the Maryland Attorney General announced Thursday that they have taken action against Wells Fargo and JPMorgan Chase for an illegal marketing-services-kickback scheme they participated in with Genuine Title, a now-defunct title company. The Bureau and Maryland also took action against former Wells Fargo employee Todd Cohen and his […]
The American Bankers Association this week sent a letter to the Federal Reserve’s Office of the Inspector General (OIG) offering support for two ongoing audits of the CFPB’s complaints database and urging the OIG to expand the scope of the audits to address, among other things, the CFPB’s proposed plan to publish consumer narratives alongside complaints.
Two payday lending companies have settled Federal Trade Commission charges that they violated the law by charging consumers undisclosed and inflated fees. Under the proposed settlement, AMG Services, Inc. and MNE Services, Inc. will pay $21 million – the largest FTC recovery in a payday lending case – and will waive another $285 million in charges that were assessed but not collected.