Home / Daily Digest / Daily Digest – November 15. Second Circuit Overturns Verdict in Favor of Debt Collector; TrueAccord Raises $22 Million

Daily Digest – November 15. Second Circuit Overturns Verdict in Favor of Debt Collector; TrueAccord Raises $22 Million

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. 

SECOND CIRCUIT OVERTURNS VERDICT IN FAVOR OF DEBT COLLECTOR

  • The Second Circuit Court of Appeals has overturned a verdict in favor of a collection law firm that had garnished the bank account of an individual whose sole source of income was from Social Security. A district court had granted summary judgment in favor of GMBS, but Arias appealed to the Second Circuit, which ruled in favor of Arias and remanded the case back to the district court.

 

 

TRUEACCORD RAISES $22 MILLION TO HELP FUND GROWTH

  • TrueAccord has announced that it has raised $22 million in funding to help the company grow and expand its technology-driven debt collection platform. The money will be spent in the areas of product development, enhancing its compliance and auditing functionality, and expanding into new markets.

 

TOTAL AMOUNT OF HOUSEHOLD DEBT INCREASES; CREDIT CARDS A SPECIFIC SORE SPOT

  • More credit card debt is heading into delinquency status while debt on auto loans, mortgages and other types of household debts remain largely the same, according to data released today by the Federal Reserve Board of New York. The number of people with debts placed with third-party collection agencies declined slightly, as did the average amount of debt in collection per person.

 

DEAL INTEREST IN ARM SECTOR REMAINS HIGH

  • The number of merger & acquisition deals in the third quarter of 2017 in the Outsourced Business Services category, which includes collection agencies and revenue cycle management firms, was lower in the third quarter, compared with the second quarter of 2017 and the third quarter of last year, according to data released by Corporate Advisory Solutions.

 

GROUP CHARGED IN DEBT COLLECTION SCHEME

  • A handful of individuals have had charges filed against them for allegedly collecting debts from individuals but not remitting those payments to the agency’s clients.

 

CITY EXPANDS CONTRACT WITH AGENCY TO GO AFTER UNPAID WATER BILLS

  • The city of Tuscaloosa, Ala., is expanding its contract with Municipal Collections of America to go after unpaid water bills, in addition to parking ticket fines and red light camera violations. A change in state law, which now allows the state income tax refunds of individuals to be targeted for these types of violations was a primary reason to expand the contract, according to an attorney for the city.

 

LARGE BANKS GROUP TO FORM SEPARATE COMPANY TO VET SERVICE PROVIDERS

  • Four of the nation’s largest financial services organizations have created a separate company that will standardize vetting of third-party service providers. The financial services firms — Bank of America, JPMorgan Chase, Wells Fargo, and American Express — have created a company called TruSight.

 

WORTH NOTING: A cheating scandal nets one of the world’s top Scrabble players … Roy Moore shows no signs of backing out of his Senate race … The U.S. Postal Service has lost money for 11 years in a row … The one interview question that will reveal everything about a candidate … How you should design your home to maximize happiness … Seven tips to help you fulfill your dream of joining a corporate board … How to flatter your way to the top … Just 3% of Americans own more than 133 million guns … Five underwater hotels and restaurants … The Consumer Financial Protection Bureau is looking for information about offering free credit scores … Making baseball games faster is on the agenda for next season.

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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. 

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