Kaulkin Ginsberg Company, the leading provider of M&A and strategic advisory services for the Accounts Receivable Management (ARM) industry, has released its 2014 Accounts Receivable Management Mid-Year Review.
Auto loans have long been an interesting market for the accounts receivable management industry. While total outstanding balances have always been quite high, historically in line with credit cards for example, the secured nature of the loans limit the work collection agencies could do for lenders. Is that paradigm about to change?
The Consumer Financial Protection Bureau (CFPB) Wednesday warned credit card companies against deceptively marketing interest-rate promotions. The Bureau is concerned that some companies are luring in consumers with offers of zero or lower interest for a specific purchase or balances transferred from another credit card, and then hitting them with surprise interest charges.
The Uniform Law Commission announced in late July that it has formed a committee to study the feasibility of having uniform state laws on the transfer and recording of consumer debt. The influential group will also look at the viability of a universal registration system to record and track such transactions.
In comments submitted to the CFPB on the Advance Notice of Proposed Rulemaking under the FDCPA, the attorneys general of 31 states condemned the use of third-party prepared, integrated business records in civil lawsuits to collect debt as an example of “unfair, deceptive, and abusive acts or practices.” But many of those AGs use similar records in their own criminal cases.
The Consumer Financial Protection Bureau (CFPB) Wednesday announced that it is taking action against an auto finance company that distorted consumer credit records for years.
A business group headed by former Minnesota Governor Tim Pawlenty has launched a public relations campaign against the CFPB’s open access complaints database. A new proposal from the agency to include consumer narratives appears to be the impetus for the action.
PaymentVision, a provider of electronic payment processing technology for the consumer finance industry, announced today the release and successful use of its integrated offering for Allied Business Systems, LLC, a provider of consumer lending software and services.
The number of debt collection complaints published by the CFPB in the second quarter of 2014 virtually mirrors the number published in the previous quarter. In Q2, the CFPB published 10,265 complaints related to debt collection compared to 10,231 in Q1.
Welcome to the Culture of Unaccountability. There are approximately 318 million people in the United States and 75 to 100 million of them have completely refused to communicate with their original lender or to the entity to which they may owe money.