ARMing Heroes, the collection industry’s charity for military veterans, reached a major milestone this month, celebrating five years of helping vets struggling with financial problems.
Since July 2013, the CFPB has been the main federal agency tasked with accepting, compiling, and resolving consumer complaints about debt collection. But the FTC still collects those complaints through a variety of other sources. According to FTC data on consumer complaints, the share of debt collection complaints originating in a particular smartphone app has risen dramatically.
Merger and acquisition activity in the ARM industry is showing signs of picking up after lull due to increased regulation and market uncertainty. If the flurry of transactions already seen in the debt buying sector in 2014 is any indication, we should fasten our seatbelts because we’re in for quite a ride.
The Consumer Financial Protection Bureau Friday issued a public notice and request for comment over a plan to mail surveys to consumers “to learn about their experiences interacting with the debt collection industry.” The CFPB plans to use the survey data to inform its rulemaking process for debt collection, but the timeframe of the survey may push back any new rules.
The Federal Trade Commission Wednesday issued its annual report on enforcement of the Fair Debt Collection Practices Act in a letter to the Consumer Financial Protection Bureau. The letter noted that the FTC has stepped up its law enforcement actions under the FDCPA as the CFPB takes over most other responsibilities.
insideARM.com today announces the launch of the latest portal page designed to help the ARM industry navigate the current legal and regulatory environment: Collection Complaints Resources.
With debt collection agencies and other ARM firms now required to actively respond to each consumer complaint sent from the CFPB, we felt that a page dedicated to debt collection complaints was sorely needed.
The Federal Trade Commission last week released the 2013 annual report on its Consumer Sentinel complaints collection system. The highlights: identity theft complaints once again topped the list and debt collection complaints increased very slightly to 204,644. But an analysis of CFPB debt collection complaint data shows only a fraction of the FTC’s number.
Most sellers anticipate being on the receiving end of a due diligence process. While this is accurate, I strongly encourage owners and executives to reverse the diligence process on the buyer and find out as much as possible, as early as possible.
The Consumer Relations Consortium (CRC) last Thursday submitted comments on the CFPB’s Advance Notice of Proposed Rulemaking (ANPR) for debt collection. The CRC provided a response to nearly all of the 162 questions (plus sub-questions) posed by the Bureau. In a few cases, response was left to other industry associations that are closer to those particular topics.
The U.S. House of Representatives late Thursday passed a bill that would dramatically change the structure of the Consumer Financial Protection Bureau (CFPB) and limit the powers the agency was given to regulate the consumer finance industry, including rulemaking authority.