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Debt Collection

Debt collection refers to the work done to recover balances from credit accounts that are past due. Most commonly, debt collection specifically references third party debt collectors whose clients include banks, credit card issuers and other credit grantors, debt buyers, governments, and any organization that extends credit or owns an account where a balance is due. Collection methods traditionally include phone calls from call center agents, e-mails, and letters, and increasingly, SMS text. If an account remains in arrears after these efforts, the collection agency may contract with a collection attorney to file suit to recover the debt, if the collection agency is not positioned to do so.


Easing Of The Chokepoint? FDIC Clarifies That Banks Can Offer Services to Non-Bank Payday Lenders

Last week the Federal Deposit Insurance Corporation (FDIC) reissued FIL-14-2005 “Payday Lending Programs: Revised Examination Guidance” and its attachment, “Revised Guidelines for Payday Lending,” to clarify that bankers and others are aware that it does not apply to banks offering products and services, such as deposit accounts and extensions of credit, to non-bank payday lenders. […]


Illinois Bill Provides Welcome Fix to Illinois Collection Agency Act

A recent Illinois bill provides a welcome fix to the Illinois Collection Agency Act (ICAA). The legislation, SB 1369, corrects amendments made to the ICAA this past August.  Those amendments potentially expanded sections of the ICAA to commercial debt and would require disclosures contrary to (and possibly in violation of) the federal Fair Debt Collection Practices Act. The […]

signed agreement settlement

Judge Accepts $59 Million Settlement in Sykes vs. Mel S. Harris and Associates, Pending Fairness Hearing

Court documents were filed yesterday, preliminarily approving the class action settlements in Monique Sykes, et al., vs. Mel S. Harris and Associates, LLC, et al. A Fairness Hearing has been scheduled for May 11, 2016, in the U.S. District Court for the Southern District of New York. The case is a class-action lawsuit originally certified […]

Debt Relief

$95.5 Million Settlement In Second Instance of Massive For-Profit Student Loan Forgiveness This Year

Yesterday, U.S. Attorney General Loretta E. Lynch announced a major settlement with Education Management Corp., the second-largest for-profit education company in the United States. Under the deal announced yesterday, EDMC has agreed to pay a $95.5 million civil settlement to resolve claims that it falsely obtained federal and state education funds, and forgive about 80,000 student loans.


Getting to Know the Utilities Industry

The utilities industry is a highly-regulated market with tremendous regional fragmentation despite its maturity. However, it presents excellent opportunities for ARM companies. Utilities collections accounted for $550 billion in revenue for the ARM industry in 2014. This market segment is comprised of three broad sectors – electricity, gas, and water – but electricity and gas […]