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.
Yesterday the CFPB released its first monthly report on consumer complaints. The Report provides a high-level snapshot of trends, including the most complained about companies regarding debt collection.
Local Law 15 was adopted in 2009 and among other things included law firms that do debt collection and asset buyers to the list of entities regulated by the city. Two law firms, Eric M. Berman PC and Lacy Katzen LLP, sued the city over the law, arguing it encroached on the state’s authority to […]
ST. LOUIS, MO – JH Capital Group, LLC, a diversified specialty finance company, announced today the appointment of a key position within their organization. Garon Robinett will be joining as Vice President of Business Development. Robinett will be responsible for determining new purchase and revenue opportunities, including evaluating current strategies and re‐creating risk assessment and […]
According to an exclusive Reuters report, JPMorgan Chase will be paying $125 million to settle investigations by state and federal authorities, some dating back to 2013, related to the improper sale and collection of consumer credit card debt.
Come October, Maine’s FDCPA language will be amended/updated via House Bill 753 (LD 1092). Specifically: These changes will be of especial interest to any agency collecting debt from consumers who reside in Maine. Per DBA International, Specifically, the new law: Requires written payment schedules or settlement agreements be provided to the consumer, Reaffirms the six year […]
This morning the New York Department of Financial Services released 12 additional FAQs – bringing the total to 28 – to provide guidance to industry on the November 14, 2014 regulation governing debt collectors and debt buyers. These new FAQs offer some measure of clarity sought by industry representatives.
The following is an excerpt from Kaulkin Ginsberg’s latest bi-annual industry report, The Accounts Receivable Management Review: Opportunities Abound (2015). Kaulkin Ginsberg is the foremost M&A and strategic advisor to the accounts receivable management industry, and this article covers some of the underlying causes for the burst in M&A activity our team observed during 2014. […]
Icon Equities Managing Partners, Rob Knight and George Terzi, are pleased to announce the appointment of Mike Cushing as Icon Equities Chief Operating Officer. Icon Equities is a national debt buyer of consumer debts and a leader in the field of purchasing and servicing debt settlement accounts. With offices in Minnesota and Southern California, Mike […]
Toronto-Dominion Bank (NYSE:TD) on Tuesday announced that it would acquire Nordstrom Inc.’s. (NYSE:JWN), U.S VISA® and private-label consumer credit card portfolio. The transaction is part of a long-term deal to become the retailer’s exclusive U.S. credit card issuer. The retailer’s existing portfolio totaled about $2.2 billion in receivables. Terms of the purchase were not disclosed. […]