George Mason University Foundation Professor of Law and Senior Scholar of the Mercatus Center Todd J. Zywicki has published a Working Paper entitled “The Law and Economics of Consumer Debt Collection and Its Regulation.” The 69-page paper concludes that new government restrictions on debt collection may very well burden consumers. Zywicki starts with the premise […]
The FTC held its second of three debt collection dialogues in Dallas, Texas yesterday. Kelly Knepper Stephens, General Counsel & Chief Compliance Officer at Stoneleigh Recovery Associates, was at the session and offers her take-aways as a member of the industry. Top of the list? Don’t wait for CFPB rulemaking; review your practices now.
SACRAMENTO, Calif. – A new study conducted by Professor Todd Zywicki of the Mercatus Center at George Mason University indicated that careful evaluation of the current regulatory environment was necessary to ensure that the debt collection and debt buying industries continued to fulfill their critical role in the economy. The study also found as the […]
Encore Capital Group announced today that it is entering into an agreement to buy 50.25 percent of Baycorp, a leading debt resolution specialist in Australia and New Zealand. The current owners, Oceania Capital Partners and SAS Trustee Corporation, have reduced their ownership levels but will remain as shareholders and directors of the company. As the […]
SAN DIEGO — Encore Capital Group, Inc. (Encore), an international specialty finance company (NASDAQ: ECPG), today announced it has entered into a settlement agreement with the Consumer Financial Protection Bureau (CFPB). The settlement includes a civil payment and consumer refunds connected to two isolated issues, which are not current practice and were changed some time ago. […]
The CFPB announced today that it has taken action against two of the biggest debt buyers in the U.S., Encore Capital Group and Portfolio Recovery Associates (PRA). The Bureau cited both buyers for what it termed illegal debt collection activities, including purchasing debts they should have known were inaccurate and/or not legally enforceable and attempting to collect on that debt through unlawful means. Both firms say they disagreed with how the CFPB characterized their practices, but agreed to settlements in order to put the matter behind them.
How do you identify which accounts have a higher likelihood to pay? Every collections firm wants to get better at answering this question. TransUnion claims that firms can – with better, fresher account data. Scoring accounts with a broader data set and more historical data can help firms better separate the uncollectable accounts from those […]
In the ongoing process of implementing recently adopted NYDFS debt collection rules, yesterday the Department released two additional FAQs and posted amendments to the rule that have been adopted and will take effect on September 9, 2015.
Attorney Helen Mac Murray of Mac Murray, Petersen & Shuster LLP (MPS) and Attorney General Consultant to DBA International, has once again been selected for inclusion in The Best Lawyers in America® in the field of Government Relations Practice. This is Mac Murray’s second year in a row receiving this distinctive recognition. Since it was […]
Earlier this week, Reilly Dolan, Associate Director, Division of Financial Practices at the Federal Trade Commission posted a blog about the debt buying industry and its efforts to self-regulate. Click here to read the full text of the piece, which offers insight into the regulator’s expectations. Also of interest is the link to the 75 bad apples recently banned from the debt collection business.