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Debt Collection, Compliance Recognized as Top Jobs

U.S. News and World Report released its 2014 list of the 100 Best Jobs in America, and both debt collectors and compliance officers made the list. Debt collection was listed as the 57th best job to have, while compliance officers came in at number 54. What’s more, when looking at the top jobs to have in business, compliance officers made the top 10. Collectors came in just behind at number 11.


Appeals Decision Supports CFPB-FTC View on Out-of-Statute Debt Collection

Last week the Seventh Circuit Court of Appeals issued its opinion in the consolidated appeals of McMahon v. LVNV Funding and Delgado v. Capital Management Services concerning the collection of time-barred debt without the threat of litigation. The result is not good for the credit and collections industry, principally because it further confuses application of the FDCPA across the nation.


FTC Gets Court to Shut Down Debt Collection Agency, Freeze Assets

At the request of the Federal Trade Commission, a U.S. district court halted a debt collection operation that the agency charged with violating the Federal Trade Commission Act and the Fair Debt Collection Practices Act (FDCPA) by misrepresenting that they were with the government, falsely accusing consumers of committing check fraud, and then threatening consumers with arrest.


FTC Becoming Increasingly Reliant on Phone App for Collection Complaints

Since July 2013, the CFPB has been the main federal agency tasked with accepting, compiling, and resolving consumer complaints about debt collection. But the FTC still collects those complaints through a variety of other sources. According to FTC data on consumer complaints, the share of debt collection complaints originating in a particular smartphone app has risen dramatically.


CFPB to Mail Debt Collection Surveys to Consumers

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.