The Eighth Circuit Court of Appeals recently affirmed a decision made by its Bankruptcy Appellate Panel last year that may grant a student loan borrower discharges on 15 separate private student loans totaling more than $118,000. The bankruptcy panel relied on a unique treatment of ability to repay that is not used in any other circuit.
For-profit higher education firm Corinthian Colleges revealed in a recent SEC filing that the CFPB has initiated settlement talks relating to an enforcement action over the company’s debt collection tactics and treatment of certain loans.
The U.S. Department of Education (ED), which hires Private Collection Agencies (PCAs), incentivizes those PCAs to subcontract to small businesses, and remains the largest Federal buyer of collection agency services, received an “A” grade for FY2013, with room for improvement in a few areas.
The student loan market is the second-largest debt pool in the U.S.; and since it’s also the fastest-growing collections market, it may soon become the biggest pool nationwide. This means that if your collection agency isn’t involved in the student loan market, then you’re missing out on your share of a $1 trillion pot.
ConServe employees, along with the company’s “Matching Gift Program,” donated a combined $8,540 through its “Jeans for Charity” program in July to Honor Flight Rochester and Honor Flight Buffalo.
The Higher Education Affordability Act, proposed by Sen. Tom Harkin (D-Iowa), would require the Department of Education to terminate contracts with private collection agencies if they violate the FDCPA or UDAAP.
The third-party debt collection industry returned some $45 billion to creditors and other clients in 2013, according to a study released today by ACA International. The report, based on a survey and other statistical analysis by Ernst & Young, is the latest in a series of comprehensive industry studies.
Coast Professional, Inc. (Coast) has promoted David Den Houten to Chief Compliance Officer. Mr. Den Houten has served as Coast’s Vice President of Compliance and General Counsel since late 2013.
Account Control Technology, Inc. (ACT), a national leader in delivering debt recovery and business process outsourcing solutions, is pleased to announce that Valerie LaBarba has joined the company as Director of Project Management.
A joint study from the think tank Urban Institute and debt buyer Encore Capital Group released today reported that more than 35 percent of U.S. adults with a credit report have accounts that qualify to be in some stage of the debt collection system. The average balance of those accounts is $5,178.