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 CFPB and FTC this week said in a court brief that “actual or threatened litigation is not a necessary predicate for an FDCPA violation in the context of time-barred debt.” The brief argues that under certain circumstances, a settlement offer — and other collection activity — on an out-of-statute account can mislead the consumer and could be a violation of the FDCPA.
“As a species, we’re vulnerable to hype – whether it’s diet fads or celebrity news or late night advertisements for juicers or exercise equipment. I’m sure we don’t mean to be so credulous; and yet it’s easy to be swayed, often, by the loudest voice in the room.” Maria Wacker, Vice President of New Business Development […]
The student loan market is often framed in terms of the Next Big Thing for the ARM industry. Unpaid student loans make up the highest-growth collections market in the country, topping $1 trillion in 2013. However, the market segment remains confusing for those that want a chance to work student loan paper.
Knock knock. Who’s there? CFPB. CFPB who? CFPB auditors. May we please see your account records and compliance policies? Once you’ve picked yourself up off the floor from laughing so hard at the punch line, check out our latest homepage poll to let us know where your compliance policies stand. At the most recent insideCompliance […]
We asked readers, in a poll last week, how much it costs to train a new collector. There was an equal split between $2,500-$5,000 and $5,000-$7,500. Should new employees feel like they’re wearing a price tag? “Well, of course, no, not exactly,” said one anonymous hiring manager. “But it’s important that everyone involved understands the […]
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.
Colorado Attorney General John Suthers announced this week that his office has filed a civil lawsuit against collection agency Apollo Credit Agency, Inc. and General Manager James P. Saddoris. The lawsuit was filed after Apollo’s clients contacted the Consumer Protection Section of the Office claiming they had not been paid on accounts placed with Apollo for collection.
Many don’t realize that the fractured nature of the student loan market presents challenges for even seasoned ARM industry vets that many are, at least as of yet, unprepared to handle.
Continental Service Group, Inc., d/b/a ConServe, launched a Jeans for Charity Program in 2008, and has consecutively given back to the local community by participating in a monthly campaign benefiting a diverse group of non-profit organizations. ConServe has been inspired by the generosity of their employees and will be offering a “ConServe Matching Gift Program.”