The CFPB’s consumer complaint site goes live for debt collection complaints in July — an announcement that’s already set complaint resolution programs on fire. But how big is the issue, really, and what are the odds it will affect you?
The consumer dispute triggers a well-defined required process in the accounts receivable management industry. But certain recent developments may prompt collection agencies to look into their workflow with more attentive eyes.
Debt buyer Encore Capital Group, Inc. (NASDAQ: ECPG) announced late Thursday that it has closed its acquisition of rival Asset Acceptance Capital Corp. The company said that all operating subsidiaries of Asset Acceptance are now part of Encore Capital Group. Asset Acceptance’s stock, NASDAQ ticker symbol AACC, will now be delisted.
It has been a very active period for impactful developments in the ARM industry. Let’s take a look at some of the news that will have a long-term effect on the debt collection industry.
Much like what has been transpiring within the U.S. debt collection and accounts receivable management (ARM) industry since the formation of the CFPB, there have been significant changes in collection procedures and priorities in the UK market over the past several years.
DBA International (DBA) has issued a Request for Proposals (RFP) seeking qualified independent third-party auditing firms to provide compliance audits related to DBA’s Debt Buyer Certification Program.
A report released late last week by consumer advocacy group the New Economy Project calls for reforms in New York that would reduce the use of the court system by debt buyers and collectors. The report also urges the Consumer Financial Protection Bureau (CFPB) to more aggressively regulate the ARM industry.
European debt collector Lindorff, one of the largest ARM companies in the world, could become publicly traded if its private equity backer gets its way.
Portfolio Recovery Associates, Inc. (PRA), a business and financial services company operating in the U.S. and U.K., today announced that its Board of Directors approved a three-for-one split by means of a stock dividend of PRA’s common stock.
Industry veteran Rakesh Kumar, a pioneer in global business process outsourcing (BPO) who most recently filled the role of Executive Vice President and Chief Operations Officer at iQor, has announced the formation of StrataEdge Pvt. Ltd.