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FTC’s Reilly Dolan Lists Those Banned From Debt Collection, and Discusses Industry Self-Regulation

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.

dental

CFPB Takes Action against Springstone Financial, LLC; Collectors Should Take Note

The CFPB has ordered Springstone Financial to provide $700,000 in relief to victims of deceptive credit enrollment tactics, stating that many consumers who signed up for Springstone’s deferred-interest loan product at dental offices to pay for dental work were led to believe that the product was interest free. In fact, interest accrued from the date of the consumer’s purchase and was charged if the balance was not paid in full before the promotional period ended. Turns out this is a lesson in training, monitoring, and UDAAP violations.

Economic Data

How Healthcare ARM Companies Can Take Advantage of Regional Economic Data

Kaulkin Ginsberg recommends ARM companies focused on the healthcare vertical take a regional approach to their analyses. Most healthcare providers are strongly linked to the communities they serve, and the state-level unemployment rate is one of the best indicators of whether individuals in a certain region are likely to have health insurance. Studying this data allows you to examine the local labor force, providing insight into the types of consumers you’ll be working with and their propensity to pay.