General News

Consistent with anecdotal reports from collection agencies across the country that individuals are interested in making payments and arrangements to pay off their debts, a report from TransUnion reveals that delinquency rates in April were in line with the rates from April 2019. More surprisingly is that delinquency rates dropped …

The Connecticut Department of Banking has extended its no-action position regarding licensed entities, including collection agencies, that are allowing employees to work from home during the coronavirus pandemic. The position will now remain in effect until June 30. A copy of the guidance can be accessed by clicking here. Provided …

Looking to expand its suite of products and services offered to the credit and collection industry, Ontario Systems announced yesterday that it had purchased SwervePay, a payment processing platform that specializes in the accounts receivable management and healthcare sectors. Terms of the deal were not disclosed. Jaeme Adams, the former …

If there is one thing that is consistent about the decision-making process and steps that will be taken by companies attempting to re-open their offices as the country recovers from the coronavirus pandemic, it is that there is no consistency. Companies will have to weigh dozens of different variables and …

A deep dive into the Consumer Financial Protection Bureau’s response to the coronavirus, or lack thereof depending on how you lean politically, showcases the difficulty in navigating a response to a situation that nobody ever thought would occur and why the calls for knee-jerk reactions sometimes cause more problems that …

The Minnesota Department of Commerce on Friday issued new guidance to collection agencies that have collectors working from home, reminding the companies that, among other things, they are responsible for supervising employees working from home to ensure that consumer information and data are being protected. A copy of the guidance …

A consumer advocacy has published an analysis of the complaints filed by consumers with the Consumer Financial Protection Bureau during the coronavirus pandemic and there are some interesting data points related to the accounts receivable management industry. For example, among the complaints that have been filed and mention coronavirus, debt …

Speaker Nancy Pelosi yesterday unveiled a $3 trillion stimulus package that would give individuals the right to obtain a forbearance on any debt simply by asking for it, while also providing debt collectors with the opportunity to obtain “long-term, low-cost” loans to cover any losses caused by the forbearances. A …

Encore Capital Group reported a net loss of $10.4 million for the first quarter of 2020, compared with profits of $49 million for the same period a year ago, and revised its collection forecast downward for the rest of the year because of the expected impact of the COVID-19 pandemic …

The former director of the Consumer Financial Protection Bureau is warning about the potential for debt collectors who are “going to become increasingly insistent and increasingly vehement” in their efforts to collect as the coronavirus pandemic continues to wreak economic havoc on the country. In an interview with CNBC, Richard …