I read an article last week on The Hill website that concerned me. It was by Chi Chi Wu, a staff attorney for NCLC, and argues that Congress should (again) dismiss the idea of the IRS using private debt collectors. I suspect this publication is widely read by those House members and staffers who will influence this vote. They are clearly getting only one side of the story.
The utilities industry is not nearly as “sexy” as the healthcare or student loans segments, which always seem to be in the news. Despite the lack of publicity, the utilities industry deserves some attention because it presents opportunities for first- and third-party collection work as well as payment processing. In 2015, the utilities industry is […]
The CFPB announced this afternoon an enforcement action against an indirect auto finance company and its auto title lending subsidiary for pressuring borrowers using illegal debt collection tactics. The following is the full text of the CFPB press release on the matter. If these allegations are true, this is your textbook example of “bad apple.”
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 […]
We’ve all heard of car insurance, home insurance, renter’s insurance, health and dental insurance, business insurance, malpractice insurance and yes, even pet insurance! But how about data insurance? Our customers have stated that 15-20 percent of a collection agency’s bottom-line goes toward the cost of compliance. Here’s something new to think about: If you currently […]
Stellar Recovery, Inc. has been awarded the prestigious Jacksonville Business Journal’s 2015 BizTech Award for Collaboration. This award honors those who have set the bar in developing, utilizing and leading when it comes to the use of technology in their own company and with their business partners. A total of 17 honorees are being lauded for their […]
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. […]