Richard Cordray, Director of the CFPB is in Dallas today to speak at a field hearing on arbitration clauses in credit contracts. The Bureau also released a report Thursday that showed arbitration clauses are commonly used by large credit card issuers and that roughly 9 out of 10 clauses allow banks to prevent consumers from participating in class actions.
Hilco Global announced the appointment of five new members to its Retail Board of Advisors. These leaders bring significant experience from across all sectors of the retail industry as retail executives, investment bankers, financial advisors, digital e-commerce experts and retail talent management experts.
Colorado Attorney General John Suthers announced Tuesday that his office has filed a civil lawsuit against Florida debt buyer United Credit Recovery (UCR) for allegedly passing off fraudulent bank documents in debt collection lawsuits. It is the latest legal action from a state AG against UCR.
China based Cinda Asset Management (Cinda) began trading on the Hong Kong Stock Exchange this week, underscoring a significant market change that has seen this company emerge as one of the fastest-expanding independent companies in China’s financial sector.
Together with Make-A-Wish Arizona, a Phoenix debt collection agency has made a dream come true for Dorothy and Bryce, two young Arizona children undergoing chemotherapy, with a trip to Disneyworld with their parents on December 9, 2013.
The CFPB showed its support for the Consumer Federation of America (CFA) at last week’s CFA’s 2013 Financial Services Conference entitled, “The Consumer in the Financial Services Revolution.” CFPB Director Richard Cordray delivered the keynote address and CFPB staff was strongly represented on a number of the panel discussions, including Tom Pahl who rejected the notion of a “crisis” in debt collection.
The entire credit and collection world will more than likely be turned upside down starting in 2014. If you’re a creditor in any industry from banking to healthcare, pay close attention. New rules on how you do business are coming your way, and soon.
The investment firms that own Norway-based debt collection firm Lindorff have hired prominent banks to run the company’s listing on a stock exchange.
The trade associations representing the debt collection industry are working on the possibility of creating a unified response to the Consumer Financial Protection Bureau’s (CFPB) proposal to adopt new rules for the ARM industry.
John Schanck, Chairman for Stellar Recovery Inc today announced that the company has earned the designation of Certified Professional Receivables Company (CFRC) after completing the prescribed educational requirements of DBA International’s Debt Buyer certification program.