Sentry Credit is proud to announce the expansion of their Business Development division with the addition of Bill Perrella and John Burke. Combined, the two Sentry soldiers have over 30 years with the company making them the ideal choices to lead Sentry into new collection verticals. Mr. Perrella joined the team in 1998 and has […]
The CFPB has gone live with an enhanced public-facing consumer complaint database that includes over 7,700 consumer accounts of problems they are facing with financial companies. Of those related to debt collection, 30% are assigned to an “other” category, and 25% have no assigned sub-category.
ARM industry experts were not optimistic regarding the proposed Declaratory Ruling. As it turns out, based upon the dialogue at the hearing, industry concern and pessimistic outlook was justified.
Collingswood, NJ: Fed Cetera has announced it is seeking veteran-owned, small-business collection agencies to respond to a Request for Information (RFI) to compete for new business collecting Federal student loans in 2015 and beyond. Such firms may be selected to work as Federal subcontractors on United States Department of Education (ED) Private Collection Agency (PCA) […]
This morning the New York Department of Financial Services released 12 additional FAQs – bringing the total to 28 – to provide guidance to industry on the November 14, 2014 regulation governing debt collectors and debt buyers. These new FAQs offer some measure of clarity sought by industry representatives.
Some questions had definite answers from panelists; however, many of the questions highlighted confusion within the laws and regulations themselves. While the FTC requires one thing, the CFPB may require something entirely different — and often contradictory. And because there is little cohesion among state laws, compliance suffers across the board. Still, even recognizing the areas of confusion can help an agency in their compliance plan. Better still, though, would be some kind of definitive answer.
If you are in the process of evaluating software solutions vendors to automate your first- and third-party collection requirements and whether you evaluate our DAKCS solutions or other industry competitors, we want to provide some guidance on the top 10 critical questions to ask your vendor candidates before you make the investment. In this blog post, we’ll look at the first five questions.
The OCC took the actions against the bank for violations of law and unsafe or unsound practices in connection with the bank’s compliance with the Servicemembers Civil Relief Act (SCRA), and unsafe or unsound practices in connection with debt collection litigation practices.
“It’s going to be two days, six webinars, and probably more of my voice than anyone wanted to hear — but the speakers we’ve lined up and the topics being presented are just top-notch,” Mike Bevel, an editor and insideARM and the Director of Education for the Compliance Professionals Forum, said.
While those of us in the United States have been observing Memorial Day, there has been a flurry of international debt collection stories. Australia It seems that Australian regulators, like those in the United States, are now warning businesses that they will be held accountable for the actions of their debt collectors. This was noted […]