$167 Million Restitution and Penalty Award Ordered In CFPB V. Cashcall, Inc. Et Al.

A judge in the U.S. District Court for the Central District of California recently ordered the defendants in CashCall, Inc. (which included CashCall Inc.’s CEO Paul Reddman) to pay $134 million in restitution and $33 million in civil penalties. The decision comes after the Ninth Circuit affirmed the district court’s 2016 award of summary judgment to the CFPB, finding the defendants had violated the Consumer Financial Protection Act [CFPA].

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RMAI Expands National Certification Program to Include Commercial Debt

SACRAMENTO, Calif. --he RMAI Certification Council announces the adoption of version 11.0 of the Receivables Management Certification Program (RMCP) after a lengthy development and review process. Several significant enhancements were added to the program in version 11.0, including:

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Second Circuit Affirms Judgment in Favor of Law Firm in Meaningful-Attorney-Involvement FDCPA Class Action

On February 13, the Second Circuit Court of Appeals affirmed the decision of an Eastern District of New York court and found that the defendant law firm, Mandarich Law Group, LLC (Mandarich), had conducted a meaningful attorney review of the plaintiff debtor’s account prior to mailing her a debt collection letter on the firm’s letterhead. The three-judge panel set forth the decision in a summary order, which does not have precedential effect.

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TSI Training Program Ranked Second Globally by Training Magazine

LAKE FOREST, Ill. -- Transworld Systems Inc. (TSI), the largest provider of analytics and technology-enabled Accounts Receivable Management (ARM) and Customer Experience/Business Process Outsourcing (CX-BPO) in the United States and Canada, announced today that it has received a Training APEX Award from Training Magazine for the third consecutive year. The Training Apex Award recognizes organizations with the most successful learning and development programs worldwide.

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State Raises Nearly $15,000 for Special Olympics

MADISON, Wis. -- On a recent Saturday morning, with the weather wind chill registering a balmy 7 degrees, 15 members of the State team jumped in a Madison, Wis., lake. The team was once again “Freezin’ for a Reason,” raising money for Special Olympics!

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The Credit Risk Trends that Matter Now.

Whether the US economy is currently in a recession or is rapidly approaching one continues to be a debate for economists. Some speculate that we are already in a recession that will end quickly, and in a soft landing. Others think there are much rougher waters ahead.

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TREND ANALYSIS: Is the Economic Alarm Bell Ringing?

5 April 2023 at 02:00 p.m.

Consumers have been contending with high interest rates and inflation for about two years now, but delinquency trends have been steady. Now, they’re edging up past pre-pandemic levels. Is the economic alarm bell ringing? 

Join host Erin Kerr and panelists Andrew Domino (COO and Managing Partner, Bridgeforce), Aleks Whitchurch (CEO at Quanta Credit Services), and Russ Kotlicky (Senior Director, Ops Delivery at Auriemma Roundtables) as they discuss the macroeconomic trends that affect collections & recovery professionals, and how to use those trends to prepare for what might be an economic crisis.

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