Yesterday, the Consumer Financial Protection Bureau (CFPB) announced that it had agreed to a Consent Order with Wells Fargo Bank, N.A. (Wells Fargo) relating to Student Loan Servicing Practices. The Consent Order was reached after the CPFB had brought an action against Wells for illegal private student loan servicing practices that increased costs and unfairly […]
Yesterday the FCC released its Final Rules to implement an amendment passed by Congress in the Bipartisan Budget Act of 2015. Published two weeks after the CFPB published its Outline of Proposed Rules governing debt collection, we now see the possibility that rules on calls to collect government debt could be more restrictive than calls to collect other types of debt.
Last Thursday, Performant Financial Corporation (PFMT) announced financial results for second quarter ending June 30, 2016. The company also hosted a conference call to discuss the results. PFMT is one of the few publicly traded companies in the ARM space. The company has also historically been one of the Department of Education’s (ED) top performing […]
Last Friday, Tom Wheeler, Chairman of The Federal Communications Commission (FCC) published a blog entitled “Cutting off Robocalls.” The portion of the piece that has received the most media attention was this: “In regard to the Commission’s expectations that carriers respond to consumers’ blocking requests, I have sent letters to the CEOs of major wireless and […]
Yesterday the Department of Education released new policy direction for the servicing of federal student loans. The policies were outlined in a memorandum from U.S. Under Secretary of Education Ted Mitchell to Federal Student Aid (FSA), which will implement the policy directives to strengthen student loan servicing during the ongoing procurement process. According to the announcement, these policies were developed in […]
On July 12, 2016 the Court of Appeals for the Federal Circuit reviewed two U.S. Department of Education (ED) debt collector protests over their contracts not being extended in March of 2015.
On July 5, 2016 the FCC issued a Declaratory Ruling that the TCPA “does not apply to calls made by or on behalf of the federal government in the conduct of official government business, except when a call made by a contractor does not comply with the government’s instructions.” FCC Commissioner Rosenworcel subsequently issued a compelling statement…
Reveal – from The Center for Investigative Reporting, has produced a series of articles related to student debt. Who got rich off the student debt crisis – A story about how, by privatizing the student loan program, Congress created a profit center for Wall Street and a system of college finance that created a kind […]
NORTH ANDOVER, Mass. – F.H. Cann & Associates, Inc. (FHC) announced this week that it has received an Authorization to Operate (ATO) from the U. S. Department of Education (ED). In a long and competitive process, FHC was awarded an ED contract based upon its significant experience in default collections, superior performance, outstanding customer service and strong […]
Last week, ConServe, a leading private collection agency and federal contractor that provides services to the U.S. Department of Education and the U.S. Department of Treasury, filed comments to the FCC Notice of Proposed Rulemaking TCPA. The comments were thorough and well-reasoned. Unfortunately, the deck at the FCC is likely stacked against collectors.