New York AG to Make Announcement on Debt Collection Probe

Andrew Cuomo, New York Attorney General, will be making an announcement Tuesday concerning a “new development” in his statewide probe of the debt collection industry.

insideARM confirmed that Cuomo is scheduled to give a press conference in Buffalo, N.Y. to discuss the development at 11:45am Eastern time.

But the attorney general’s press office did not return calls seeking further information in time for publication Tuesday.

The office of the attorney general announced in May that it had shut down two collection agencies and subpoenaed 20 others in what it called a “statewide inquiry into debt collection companies.” (“NY Attorney General Shuts Down Collection Agencies; Subpoenas 20 Others,” May 28) Less than a week later, the office said that it had settled with three more collection agencies under investigation (“NY Attorney General Settles with Three Collection Agencies for $245,000 Total,” June 3).

In the June announcement, Cuomo said that his office will “continue to investigate the myriad deceptive practices that debt collection companies, debt settlement companies and others employ as a means to exploit consumers who are already down on their luck.”

Be sure to check back with insideARM.com for developments arising from the press conference.