NCB Management Services, Inc. (NCB) was recently recognized at the 14th Annual M&A Advisor Awards Gala, in the category of Financial Services Deal of the Year (from 10MM to 100MM). This type of transaction is a positive news for the ARM sector and should be reviewed by other owners.
Yesterday, the FTC announced that it had stopped illegal debt collection tactics of several debt collection operations. The announcement highlighted four separate actions that are a continuation of “Operation Collection Protection.”
The Federal Trade Commission has approved amending language in its Rules of Practice that applies to the collection of outstanding debts owed under FTC orders and judgments. Wouldn’t it be ironic if the FTC used third party debt collectors to collect debts owed the Commission, and learned of the many obstacles to collections created by its own rulings?
Yesterday the FTC announced an agreement with two payday lenders to settle charges that they illegally charged consumers across the country undisclosed and inflated fees. The two companies, Red Cedar Services Inc. and SFS Inc., have each paid $2.2 million and collectively waived $68 million in fees to consumers that were not collected.
The series provides accounts receivable management business owners with an in-depth analysis of the healthcare industry. As the whitepaper makes clear, healthcare is a very diverse sector; however, most ARM companies only focus their efforts on hospitals – the largest segment of the healthcare industry. The end result is often a lot of money on the table — opportunities that could be very lucrative, especially for operations looking to diversify and avoid concentration risk.
The United States District Court for the Western District of Missouri recently granted a debt collector’s motion for judgment on the pleadings, holding an internal account number displayed on the envelope of a demand letter did not violate the Fair Debt Collection Practices Act (FDCPA) because it did not reveal the plaintiff was a debtor.
Today the CFPB filed a proposed consent order in federal court that would end its lawsuit that began in July 2014 against Frederick J. Hanna & Associates. Both the Hanna firm and NARCA have issued statements. This is an incredibly significant case for the ARM industry, as it has the potential to be the only CFPB direction on the subject unless and until formal rulemaking begins.
Last month Congress passed a budget deal that includes a provision to allow those collecting federal student loans to call consumer cell phones using an autodialer. In an article I wrote about it at the time, I noted that some were determined to get the provision rolled back. This week, several Senators sent a letter to the Department of Education (ED) urging the department not to allow “unsolicited robocalling by debt collectors.” This has been picked up in many newspapers – I think their argument does a disservice to students and taxpayers.
Last week the FTC announced that they had entered into a $100 Million Settlement with LifeLock to settle charges that it had violated a 2010 Court Order. At first blush one would think that this case has no applicability to the ARM industry. LifeLock isn’t a credit grantor. Lifelock isn’t a debt collector. But, in the words of ESPN’s College Football Analyst, Lee Corso: “Not so fast my friend!” Sometimes all is not what it seems.
A U.S. District Judge in California ordered a break in the action on a TCPA suit against Time Warner Cable. Inc., stating, “…it is prudent to stay this case pending resolution of the Court of Appeals review of the FCC’s Declaratory Ruling.”