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COLLECTION AGENCY VALUATIONS EXPECTED TO INCREASE
- The shifting political landscape will likely have a positive effect on the valuation of collection agencies, hopefully easing the burden that has increased expenses and making smaller agencies less interested in getting out of the business, said Michael Lamm, the managing partner of Corporate Advisory Solutions, during a webinar held earlier this month. The webinar aimed to help executives better understand the economic, political, and regulatory undercurrents that will affect the valuation of collection agencies.
COLLECTION AGENCY FOUNDER PLEADS GUILTY TO TWO FELONIES
- Todd Wolfe, the founder of Deca Financial Services, has agreed to plead guilty to a pair of felony charges against him, and the other two charges will be dismissed. Wolfe has agreed to plead guilty to one count of bank fraud and one count of bankruptcy fraud. Two charges of wire fraud will be dismissed.
APPEALS COURT RULES IN FAVOR OF PLAINTIFF IN FCRA DISCLOSURE CASE
- While not directly related to the business of collections, executives at agencies that require credit checks as part of the hiring process would do well to look at a decision released earlier this month by the Ninth Circuit Court of Appeals. The case, Syed v. M-I, LLC, centers around the disclosure that was presented to the individual seeking employment, the plaintiff in this case. Because the disclosure did not explicitly follow the language included in the Fair Credit Reporting Act, the Ninth Circuit has ruled that the defendant’s use of the disclosure form was a “willful violation” of the FCRA.
PATIENT SATISFACTION STRONGLY INFLUENCES PAYMENT BEHAVIOR
- For collection agencies collecting on unpaid medical debts, learning whether the individual was satisfied could go a long way toward knowing whether the debt will ever be paid. A study reveals that 74% of satisfied patients paid their medical bills in full, compared to 33% who were not satisfied.
EXECUTIVE ORDER SIGNALS INTENT TO DRAMATICALLY REDUCE NUMBER OF REGULATIONS
- President Trump yesterday signed an executive order that will require federal agencies to abolish two regulations for every one new rule they wish to roll out. As well, the total cost of any changes in regulations, including adding new rules or repealing old ones, must be less than zero dollars, for the balance of 2017. Although, it may appear that some financial regulators, including the Consumer Financial Protection Bureau, could possibly be exempt from those rulings.
WORTH NOTING: President Trump has no patience for people who apparently choose not to follow his lead … CEOs wonder what to say publicly about President Trump’s immigration ban … Google employees walked out of work yesterday in protest of the immigration ban … Wall Street reacted poorly to the immigration ban … It didn’t take long for President Obama to speak out about his successor’s decisions … How to help your company adopt new technology tools … Eight tips to become a millionaire this year … 100 movies on Netflix that everyone should watch in their lifetime … Wal-Mart rolls out free shipping to compete with Amazon.
How to figure out the odds of winning your Super Bowl pool
I don’t know who is more excited about this: my wife or my 6-year-old daughter
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The Daily Digest is sponsored by TCN, a leading provider of cloud-based call center technology for enterprises, contact centers, BPOs, and collection agencies worldwide.
