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I've been in the collections industry for some time. But I've never seen the amount of changes that we've seen during the past three years. There are all kinds of changes coming out of government that are affecting consumer collections. In some instances lawsuits have set precedents. We have a new United States Department of Justice agency specifically designed to oversee collections. So, at conferences I often get approached by people who simply want to know what's going on.

How skilled are you at analyzing data and making predictions? What does the future hold for collections agencies, debt buyers, receiving attorneys and law lists? Where will we all be in the next 10 or 15 years?

If you think you know, would you like to write an article for this newsletter?

I will edit your text where necessary, publish it and give you proper credit and thanks. If you're interested, dust off that crystal ball and send your prediction to so we can discuss particulars.


Thomas W. Hamilton

 Industry News

Director Cordray remarks at the CFPB Debt Collection Field Hearing
Consumer Financial Protection Bureau
This topic has long been a source of frustration for many consumers, generating a heavy volume of consumer complaints at all levels of government. This subject is also the focus of considerable enforcement activity by the Federal Trade Commission, by state attorneys general and most recently now by the new Consumer Financial Protection Bureau. We are all determined to make steady progress, together, to protect consumers in this area.
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New California debt-collection safeguards signed into law
Los Angeles Times
Gov. Jerry Brown has signed legislation giving California consumers more protection from unfair debt-collection practices. The Fair Debt Buying Practices Act, authored by Sen. Mark Leno, D-San Francisco, requires debt collectors to verify that an obligation is real before going after consumers. Similar protections already exist at the federal level, but the state bill is more specific in its requirement that collectors go the extra mile in making sure money is owed.
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Following call to rein in debt collection industry, Brown holds hearing on efforts to end consumer abuses
Offices of Senator Sherrod Brown
Following his call recently to rein in the debt collection industry, U.S. Sen. Sherrod Brown, D-Ohio, examined efforts to end consumer abuses during a hearing of the Senate Banking Subcommittee on Financial Institutions and Consumer Protection entitled, "Shining a Light on the Consumer Debt Industry." Brown urged the Consumer Financial Protection Bureau to examine practices of both creditors and third-party actors in the industry and suggested a number of rules that would reform the debt collection industry.
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Credit reporting agency hired to verify incomes for insurance subsidies
The New York Times
The Obama administration has hired a credit reporting agency to help verify the incomes of people who apply for federal subsidies to buy insurance under the new health care law. The company, Equifax Workforce Solutions, a unit of Equifax Inc., will provide information that is more current than what is available on federal income tax returns.
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Managing your workforce amid intense uncertainty
When the financial markets collapsed in 2008, executives were forced to focus on survival. But the unsettling slow-growth period that followed the collapse presents its own problems. Companies can get through a catastrophe on pure adrenaline, but it takes resiliency and adaptability to navigate relentless uncertainty. Gallup has found that leaders should focus on these three things: clarity, agility and perspective.
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Collection agencies keep credit system working
Mark Neeb writes: "Bill collecting is one of the most maligned and misunderstood jobs around. As a bill collector based in Rochester, I've learned to live with this difficult but understandable truth. That said, the recovery of rightfully owed consumer debts is necessary and vital to our local, state and national economies."
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Upcoming Events

Aug. 8-11, 2013
National Association of Bankruptcy Trustees
The Greenbrier — White Sulphur Springs, W.Va.

Aug. 23, 2013
CLLA Southern Regional Event
Charlotte, N.C.

Sept. 20, 2013
CLLA Western District Educational Conference
Universal City, Calif.

Complete schedule of events

Missed last week's issue? See which articles your colleagues read most.

    6 steps in the US collection suit process what to expect (by Robert M. Tharnish, Vice President, Corporate Quality and International)
Updates on the TCPA along with court interpretation (by Sara M. Donnersbach, Esq.)
Debt collection starts with a credit application! (Steve Harms — Credit and Collections)
How to take advantage of face-to-face networking opportunities (COSE Update)
Where to find great talent: 5 contrarian ideas (Inc.)

Don't be left behind. Click here to see what else you missed.


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