The U.S. Department of Education (ED) Private Collection Agency (PCA) program remains an opportunity for small businesses despite recent wrangling over five contractor suspensions in March and a bid process for large (“unrestricted”) contractors still incomplete after two years. Goals have gone up over the last two years, with ED’s prime and subcontracting goals now at 20% and 33%, respectively.
To date, over the 57-year history of the Perkins Loan Program, more than 30 million students with need have benefited from this important source of funds. This proven and longstanding loan program is in jeopardy. In order for the Program to continue, Congress must reauthorize the program or extend the September 30, 2015 sunset date. You can help.
Yesterday Encore Capital Group (ECPG), an international specialty finance company with operations in eight countries, reported its financial results for the second quarter of 2015 ending June 30, 2015. Second Quarter Highlights Gross collections from the portfolio purchasing and recovery business grew 7% to a record $437 million, compared to $409 million in the same period […]
Encore Capital Group, Inc. (NASDAQ:ECPG) announced yesterday that it has collaborated with U.S. Reps. Scott Peters (CA-52) and Duncan Hunter (CA-50) to create a bill that would exempt up to $2,500 worth of forgiven personal and household debt from federal taxation. The bill (H.R. 2640) was recently introduced as the “Consumer Debt Forgiveness Tax Relief Act of 2015.” This re-raises the 1099-C debate for the collection industry.
Earlier this month The New York Times ran an Opinion piece by Lee Siegel, who tells his story of committing to expensive student loans for two degrees and what it did to his family. When faced with the choice of what to do, he decided to default on his loans rather than pursue a job/career in a field that was not his passion. His story is not a unique one at all.
Our society’s attitude towards consumer financial products has fundamentally changed since the mortgage meltdown. A key component of this change is a role for the federal government to actively regulate industries where it feels consumers can be easily harmed. While it may not have appeared to the ARM industry that it was being ignored by […]
After a run of fantastic job reports for the U.S. economy in late 2014, the latest employment report from the Labor Department cemented what was a lackluster first quarter of 2015. In March, hiring bottomed out, with just 126,000 jobs added last month, and another 69,000 subtracted from previously reported totals in January and February. March was the slowest single month for job growth since 2013.
After the recession, ARM firms who adapted their business practices are capitalizing on new opportunities as the economy improves.
After a blockbuster employment report to begin 2015, the Labor Department reported early Friday that the labor market corrected itself a bit in February. While job growth was robust last month, 295,000 added, and the unemployment rate dropped to 5.5 percent, wage growth was very slow and the labor participation rate fell slightly.
New research studies from Experian, the leading global information services company, found that by adding on-time alternative payment data to credit report files, millions of consumers could gain access to basic financial services such as loans and credit cards