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Wednesday, May 10, 2017
Mid Week Articles:
CFPB EXPLORES WAYS TO ASSESS THE AVAILABILITY OF CREDIT FOR SMALL BUSINESS
WASHINGTON, D.C. - The Consumer Financial Protection Bureau today launched an inquiry into ways to gather and use new and existing information to identify the financing needs of small businesses, especially those owned by women and minorities. Small businesses typically need access to credit to take advantage of growth opportunities, yet public information on this lending market is inconsistent and incomplete. The Request for Information asks for public feedback to help the Bureau better understand how to bridge this information gap. The Dodd-Frank Wall Street Reform and Consumer Protection Act requires the CFPB to collect data about small business lending to help identify needs and opportunities in the market and to facilitate enforcement of fair lending laws.
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WEST VIRGINIA AMENDS DEBT COLLECTION LAWS, EXEMPTING ATTORNEYS AND LEGAL PLEADINGS FROM CONSUMER PROTECTIONS
West Virginia recently enacted Senate Bill 536, which makes some important changes to the state's debt collection laws. One key provision is an amendment to the definition of "debt collector," which exempts attorneys representing creditors, provided that the attorneys are licensed in West Virginia or otherwise authorized to practice law in the state and are handling claims and collections in their own name as an employee, partner, member, shareholder or owner of a law firm and not operating a collection agency under the management of a person who is not a licensed attorney.
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CONSUMER ACCESS TO CREDIT CARDS GROWS TO HIGHEST LEVEL SINCE 2005 AS MIX OF CARD ISSUERS CHANGES
The number of consumers with access to a credit card at the end of Q1 2017 reached the highest level since 2005, according to TransUnion's (NYSE:TRU) Q1 2017 Industry Insights Report. The report, powered by PramaSM analytics, was released today at Card Forum, a leading conference for card and payment executives.
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DELINQUENCIES, FORECLOSURES FALL OVER YEAR
Delinquencies and foreclosures are both down over the year, according to the February 2017 Loan Performance Insights Report released by CoreLogic on Tuesday. February saw 30-day delinquencies, 90-day delinquencies, and foreclosure inventory drop over 2016's numbers.
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PHILADELPHIA FEDERAL CREDIT UNION (PFCU) IMPROVES AUTO LOAN COLLECTIONS AND RECOVERY WITH DRNSIGHTS, REDUCES REPOS AND CHARGE-OFFS
FORT WORTH, Texas, May 10, 2017 /PRNewswire/ -- Philadelphia Federal Credit Union (PFCU), an early adopter of DRN's enterprise subscription for auto finance, DRNsights, reports more cured loans and fewer charge-offs resulting from improved auto debt collection and recoveries. PFCU uses DRNsights in early stage delinquency to find new locations for making right party contact to collect and cure loans, and also uses the data and analytics at repossession for faster recoveries, saving time and money.
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ATTORNEY GENERAL MADIGAN URGES ILLINOIS SENATE TO PASS STUDENT LOAN BILL OF RIGHTS
Chicago - Attorney General Lisa Madigan today was joined by Senator Daniel Biss, Illinois students and consumer advocates to urge the Illinois Senate to reject pressure from student loan servicers and their lobbyists and pass legislation to help student loan borrowers repay their loans.
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AUSTRALIAN FEDERAL BUDGET 2017: BIG BANKS ANGER AT NEW $6.2 BILLION LEVY
The banking industry has lashed out at the federal government's new multi-billion dollar levy, saying the charge is a direct attack on the economy that will hurt all Australians.
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KEEPING FINTECHS LITIGATION-FREE
In a paper published on Bloomberg BNA on Monday, Buckley Sandler LLP Partner Elizabeth McGinn, Firm Counsel Antonio Reynolds, and Associate Jessica Shannon analyze what fintech firms should be cautious of.
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FEDERAL RESERVE CONSUMER CREDIT
Consumer credit increased at a seasonally adjusted annual rate of 4-1/4 percent during the first quarter. Revolving credit was little changed, while nonrevolving credit increased at an annual rate of 5-3/4 percent. In March, consumer credit increased at an annual rate of 5-1/4 percent.
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NEW FTC WEBSITE HELPS SMALL BUSINESSES AVOID SCAMS AND CYBER ATTACKS
At the direction of Acting Chairman Maureen Ohlhausen, the Federal Trade Commission has launched a new website - ftc.gov/SmallBusiness - with articles, videos, and other information aimed at helping small business owners avoid scams and protect their computers and networks from cyberattacks and other threats.
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HOW THE STUDENT LOAN COLLECTION SYSTEM GROUND TO A HALT
For more than a week, calls to student loan debt collectors have gone unanswered across the country, and pleading, confused voicemails have been ignored. Work shifts have been cancelled, and money slated to pay off loan balances sits in borrowers' bank accounts, untouched.
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DISCOVER NAMED ONE OF THE 2017 BEST COMPANIES IN ARIZONA FOR 2017
PHOENIX--(BUSINESS WIRE)-- Discover has been named one of the 100 Best Arizona Companies by BestCompaniesAZ for 2017. The organization also is recognizing Discover in the "Best of Trailblazers" category, which honors companies that have pioneered and sustained exceptional performance over the past 15 years and represent the best of Arizona businesses.
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REMARKS OF FCC COMMISSIONER MICHAEL O'RIELLY ACA INTERNATIONAL'S WASHINGTON INSIGHTS CONFERENCE
Thank you for inviting me to join you today to discuss the Telephone Consumer Protection Act of 1991, or TCPA. You have been kind enough to invite me before, and looking back on how I ultimately arrived here today, I had to smile because it seemed relevant to the topic at hand and your industry's operations. The first time I was called upon to speak, I turned it down. When I was contacted a second time, I was interested but it wasn't the right time to discuss these issues, so I said no again. The third time, I was both interested and ready, but it didn't fit my schedule, so I had to decline. Finally, on this fourth time, the stars aligned, and I was able to accept. But imagine if you had only been allowed to contact me three times. Perseverance can make all the difference and ultimately benefit everyone involved. I am certainly glad that you kept calling, because this an interesting time to talk about TCPA.
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CONVOKE NAMED ONE OF VIRGINIA'S FANTASTIC 50 COMPANIES FOR 2017
ARLINGTON, Va.--(BUSINESS WIRE)--Convoke, a leader in SaaS solutions for the debt collection market, has been named one of Virginia's Fantastic 50 Companies by the Virginia Chamber of Commerce. The company's continued success over the course of the last four years has propelled it to be one of the Commonwealth's fastest growing organizations.
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THIS IS THE NO. 1 REASON AMERICANS FILE FOR BANKRUPTCY
When we think about consumer debt, we tend to point a finger at folks for whom shopping sprees are a way of life. But the real reason a large number of Americans wind up in financial trouble has nothing to do with self-indulgence or an inability to resist temptation. Rather, it's a matter of medical debt.
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UNDERWATER MORTGAGES ON DECLINE
The number of seriously underwater properties is on the decline, according to the Q1 2017 Home Equity and Underwater Report released by ATTOM Data Solutions on Thursday. Approximately 5.5 million U.S. homes were seriously underwater for the quarter-a drop from last year's 6.7 million. As a percentage of all mortgages, seriously underwater loans also dropped, accounting for 9.7 percent of all loans versus the 12 percent of Q1 2016.
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ASHISH MASIH TO BECOME PRESIDENT AND CEO OF ENCORE CAPITAL GROUP
SAN DIEGO, May 04, 2017 (GLOBE NEWSWIRE) -- Encore Capital Group (NASDAQ:ECPG) today announced that President and Chief Executive Officer (CEO) Ken Vecchione will be leaving the company to become the President of Western Alliance Bancorporation. Following Encore's long-established succession plan, Ashish Masih will become Encore's President and CEO, which follows his recent appointment as President of the company's subsidiary Midland Credit Management. Mr. Vecchione will remain in his role at Encore until the 2017 annual stockholders meeting on June 15, 2017, to ensure a smooth transition of his duties to Mr. Masih. At the upcoming 2017 stockholders meeting, Mr. Vecchione will not stand for re-election to the Board of Encore, and Mr. Masih will be appointed as a director following the meeting. In connection with the transition, Paul Grinberg will be appointed as President, International, and will become the Chairman of the Board of Cabot Credit Management, Encore's U.K. subsidiary.
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CFPB: WE ARE SEEKING COMMENT ON OUR PLAN FOR ASSESSING THE MORTGAGE SERVICING RULE
Today, we've released our plan to assess the effectiveness of the Real Estate Settlement Procedures Act (RESPA) mortgage servicing rule. We are asking the public to comment on our plan, to suggest sources of data, and generally to provide other information that would help with the assessment.
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FTC ANNOUNCES FINAL AGENDA FOR IDENTITY THEFT CONFERENCE
The Federal Trade Commission has announced the final agenda for a conference that will examine the state of identity theft now and how it may evolve in the future. The event will take place on May 24, 2017, in Washington, D.C.
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TRANSUNION PLANS TO ADD MORE EMPLOYEES AT BOCA LOCATION
TransUnion's Boca Raton office is growing.
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DebtConnection.com is a searchable database of collection products and services.
The following Updates and New Entries occured since the last At A Glance was sent:
Portfolios For Sale
$627,072.00     Consumer Loans
Capital Asset Management Inc
http://www.debtconnection.com/portfolio.asp?7833  
More information about this company can be found here:
http://www.debtconnection.com/moreinfo.asp?7689  

Debt Buyers
ASSET RECOVERY ASSOCIATES
Bruce Cohen
888-409-5060
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CHERRYWOOD ENTERPRISES, LLC
Craig M. Geisler
561-508-7650
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Debt Sellers
CHERRYWOOD ENTERPRISES, LLC
561-508-7650

Industry Events

Collection and Recovery Solutions 2017
Resource Management Services, Inc.
Four Seasons Hotel Las Vegas
Las Vegas, NV
May 10 - 12, 2017
More Information

NARCA 2017 Spring Conference
NARCA
JW Marriott Orlando Grande Lakes Orlando, FL
May 17 - 20, 2017
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ICG 2017 Annual Meeting
International Collector's Group
The Ritz Carlton
Montreal, Quebec, Canada
June 18 – 20, 2017
More Information

Collection Management Training
Resource Management Services, Inc.
Residence Inn Atlanta Airport North/Virginia Avenue
Atlanta, GA
June 21 - 22, 2017
More Information

Third Party Vendor Auditing Workshop
Resource Management Services, Inc.
Chicago Marriott Southwest
Chicago, IL
July 19 - 20, 2017
More Information

Debt Connection Symposium and Expo 2017
Resource Management Services, Inc.
JW Marriott Starr Pass
Tucson, AZ
September 11 - 13, 2017
More Information

Sponsors
This report is sponsored by Resource Management Services, Inc. Check us out at: http://www.resourcemanagement.com/

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