Last week at DCS 2014, I presented on the topic “Where is the ARM Industry Heading” during the Fast Tracks segment. Living up to its name, Fast Tracks is intended to provide the audience with quick bursts of information on specific topics.
DBA International is offering a webinar, The Due Diligence Process for Debt Buyers, on Wednesday, September 24, 2014 at 9:00 a.m. PDT/12:00 p.m. EDT.
The FTC and the CFPB both announced enforcement actions Wednesday against separate payday lenders for very similar behavior, namely funding unapproved loans for consumers who did not request them and then taking payments directly from checking accounts, also without approval. And for questionable debt sales and collection practices, of course.
ARMing Heroes, the collection industry’s charity for military veterans, today announced that a handful of accounts receivable management companies have already pledged or donated amounts totaling nearly $20,000 in just the first few days of the organization’s fifth annual No Debts for Vets Charity Fundraising Drive, which runs from September 11th through Veterans Day, November 11th, every year.
The Consumer Financial Protection Bureau (CFPB) said Tuesday that it has sued for-profit college operator Corinthian Colleges, Inc. for creating a loan program that was so complicated in structure, it actually exposed Corinthian to liability under the FDCPA as a collection agency. The company is also accused of a host of other financial violations.
New York State Courts Chief Judge Jonathan Lippman Tuesday announced the formal adoption of new rules aimed at preventing default judgments in credit card debt collection cases. Lippman claimed that the reforms “reflect the most comprehensive effort by a court system nationally to ensure a fair legal process in consumer debt litigation.”
The Arkansas Supreme Court late last week ruled that an out-of-state debt buyer that “retains a licensed Arkansas lawyer to collect on the delinquent accounts and file lawsuits on its behalf in Arkansas” meets the definition of “collection agency” in the state and must be properly licensed as such.
ARMing Heroes, the collection industry’s charity for military veterans, today announced the start of the organization’s fifth annual No Debts for Vets Charity Fundraising Drive, which runs from September 11th through Veterans Day, November 11th, every year.
At a collection conference in Las Vegas, regulators shared some insight into how they view out-of-statute debt. They called for fuller disclosures to consumers, both on legal action (agencies can’t take any) and responsibility to pay (the consumer, in an out-of-stat-debt situation, has none). Will the insight make it into the Policies and Procedures of collection agencies, though?
U.S. Representative Maxine Waters (D-Calif.) will propose a bill Wednesday that changes many key provisions of the Fair Credit Reporting Act (FCRA) including a reduction in the time negative information can stay on credit reports and the removal of accounts in collection once paid off.