Archives for May 2015

2 Days, 6 Webinars: ARM-U is a Free Online Event for Compliance and Operations Professionals

May 30, 2015 By Leave a Comment

ARM-U 2015 starts next Wednesday, June 3, at 11.00 a.m. with a Keynote Webinar Presentation on Regulation E, presented by John Bedard. These educational presentations have been generously underwritten by our sponsors, BillingTree and LexisNexis (both of whom are presenting).

Registration to this free event is still open, and is a perfect opportunity for anyone in a compliance or operations role in your agency.

[REGISTRATION LINK]

“It’s going to be two days, six webinars, and probably more of my voice than anyone wanted to hear — but the speakers we’ve lined up and the topics being presented are just top-notch,” Mike Bevel, an editor and insideARM and the Director of Education for the Compliance Professionals Forum, said.

Registrants can attend as many of the webinars as they want (“Ignore that message that says ‘You’re expected to attend all the sessions,’” Bevel assured attendees. “While I believe all six sessions are can’t-miss, we also recognize that people have jobs, responsibilities, and lunch.”). And for those who have to miss one of the presentations, they’re all being recorded and will be made available afterwards.

The full schedule of presentations follows:

3 June 2015

11.00 a.m. – 12.30 p.m. EDT: A Deep Dive into Reg E
Presenter: John Bedard, Bedard Law Group
Join John Bedard for an in-depth look at Regulation E that specifically focuses on the pitfalls and danger zones (and confusions) faced by debt collectors.

1.00 p.m. – 2.30 p.m. EDT: Managing Compliance Risk Associated with Third Party Vendor Relationships
Presenters: Terri Haley, Compliance Professionals Forum & Tim Bauer, The iA Institute
Most organizations utilize third-party vendors for everything from mailing advertising and invoices to outsourcing entire service and product lines from the initial sale to the final payment. But how well do organizations manage risk related to third-party services? This presentation focuses on best practices in managing third-party service providers and vendors and key practices and considerations internal auditors should consider when evaluating Company management practices over these vital service partners.

3.00 p.m. – 4.30 p.m. EDT: CFPB Exam Prep Workshop
Presenters: Kim Phan, Stefanie Jackman, Amy Wall-Monte, Ballard Spahr
CFPB views an effective, up-to-date compliance management system to be the cornerstone of any effective compliance program. Our co-presenters, Stefanie Jackman and Kim Phan, will identify, analyze, and address a variety of trouble spots in debt collection and provide customized advice relating to what each attendee’s compliance management system should look like. Attendees will leave with a checklist of practical tips and strategies for implementing an effective compliance management system that reflects the needs of their individual debt collection companies. This is program is designed to share and develop operational strategies for complying with legal and regulatory issues currently impacting debt collections.

4 June 2015

11.00 a.m. – 12.30 p.m. EDT: How to create and implement a data integrity plan
Presenter: David Mertz, Global Debt Registry
In many of the consent decrees that the FTC has signed with ARM industry members since the 2009 there is a requirement for a data integrity program. What is a data integrity program? Is this something that I should be implementing in my business? Why is data integrity important? Am I required to set up a data integrity Program? How does this differ from my Compliance Management System? When I set up and implement a data integrity program, what benefits should I expect to realize? What are the risks if I don’t?

1.00 p.m. – 2.30 p.m. EDT: Consumer Disputes and your Compliance Management System
Presenters: Linda Straub-Jones and Annette Gaines, LexisNexis
A large part of your Compliance Management System (CMS) is consumer disputes. Properly detailing, tracking and handling disputes is a must. But were you aware that there are actually two types of consumer disputes you need to handle, and each has a slightly different process. In this session we will talk about consumer disputes that are originated from data you have received from your data providers.

3.00 – 4.30 p.m. EDT: The ABC’s of EFTA, Regulation E. and ESIGN
Presenters: Dave Yohe, BillingTree & David Kaminski, Carlson & Messer LLP
Understanding the context of the laws, regulations, staff interpretations and operating guidelines that shape your payment and collections policies can help you simplify operations and anticipate change. This discussion looks at scenarios and simple ways to maintain compliance, related case law and risk management for electronic payment collection. This presentation is appropriate for any industry collecting regular payments from consumers.

[REGISTRATION LINK]

2 Days, 6 Webinars: ARM-U is a Free Online Event for Compliance and Operations Professionals
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Accounts Receivable Management

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After Four Years Benjamin M. Lawsky Departs NYDFS as Superintendent

May 30, 2015 By Leave a Comment

Benjamin M. Lawsky, Superintendent of Financial Services, announced today that he will depart the New York State Department of Financial Services (NYDFS) in late-June after four years serving as the newly created agency’s first superintendent. Superintendent Lawsky was unanimously confirmed to his position by the New York State Senate in May 2011.

A summary of NYDFS initiatives and enforcement actions is contained in its Annual Report, which can be viewed,here.

Superintendent Lawsky said: “I am deeply proud of the work our team has done building this new agency and helping strengthen oversight of the financial markets. We have assembled a great team at NYDFS and I have full confidence that the critical work of this agency will continue seamlessly moving forward. I also want to thank Governor Cuomo for the trust he showed in appointing me to this position and for providing us with the opportunity to serve the people of New York. On a personal level, I am deeply grateful to the Governor, who has been an incredible mentor and amazing friend to me over the past eight years.”

After Four Years Benjamin M. Lawsky Departs NYDFS as Superintendent
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Accounts Receivable Management

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Patrick D. Newman Joins Moss & Barnett

May 30, 2015 By Leave a Comment

Moss & Barnett is pleased to announce that Patrick D. Newman has joined the firm’s creditors’ remedies and bankruptcy team, focusing on all facets of creditors’ rights, including defense of debt buyers and collection agencies, debt collection, secured transactions, bankruptcy litigation and judgment enforcement.

Newman received his juris doctorate from William Mitchell College of Law and his bachelor’s degree from the University of Wisconsin-Madison.

“Patrick is a rapidly rising talent in the areas of FDCPA defense and creditors’ remedies law,” said John K. Rossman, chair of the Creditors’ Remedies and Bankruptcy Practice Group at Moss & Barnett. “His extremely intelligent and thoughtful approach to the practice of law will be an asset to our firm and its clients.”

Patrick D. Newman Joins Moss & Barnett

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BillingTree, David Kaminski, to Present on EFTA, Reg E and ESIGN at ARM-U 2015

May 30, 2015 By Leave a Comment

BillingTree is presenting at ARM-U on June 4th at 3:00 p.m. Eastern. Their presentation focuses on electronic payment compliance. The event is included as part of the series of webinars at the ARM-U Virtual Conference June 3rd – 4th.  The discussion will address the impact, requirements and best practices around EFTA, Reg E and ESIGN. Complimentary attendance is open to operations, compliance and ARM industry training professionals as well as collection attorneys.

ARM professionals ranked Reg E and ESIGN as the biggest compliance concerns in BillingTree’s 2015 ARM Operations and Technology Industry Survey. With this in mind, Dave Yohe, Head of Corporate Marketing at BillingTree, and David Kaminski, litigation defense and compliance attorney and Partner at Carlson & Messer LLP, will use the ARM-U session to discuss the regulatory landscape associated with the capture, storage and authorization of electronic payments.

The webinar will take place on June 4th at 3:00 p.m. ET – the second day of the ARM-U Virtual Conference which features numerous compliance-centric educational presentations and panel discussions. ARM-U runs from June 3rd-4th follow this link to register for the BillingTree discussion and more.

“BillingTree is pleased to contribute to ARM-U which is a fantastic virtual forum for key compliance debate.  Our presentation has evolved from results of the ARM Operations and Technology Survey, which shows electronic payment compliance is at the forefront of the minds of industry professionals,” said Dave Yohe, Head of Corporate Marketing at BillingTree. “The concerns voiced in the survey results validate the need for innovative technology and services to help remove compliance pain for agencies navigating this regulatory landscape.”

“With the industry seeking clarification on regulatory guidelines, knowledge becomes a key factor in forming a best-practice approach to compliance,” said David Kaminski, Partner at Carlson & Messer LLP. “Events such as ARM-U bring together industry experts, peers and vendors who are vital for information sharing around compliance – no agency wants to be the test-case for litigation from the Consumer Financial Protection Bureau, the Federal Trade Commission or any other regulatory bodies.”

About BillingTree
BillingTree® is the leading, technology focused payment solutions company providing innovative Accounts Receivables products and services that enable organizations to increase efficiency and decrease costs of processing payments while adhering to compliance regulations. For over a decade, BillingTree has committed itself to understanding the marketplace and growing payments with technology, helping merchants accept multiple payment channels while offering comprehensive value their clients have come to rely on. BillingTree has a reputation for dependable solutions and extraordinary customer service, processing billions of dollars of payments annually through a suite of solutions and services that integrate with your company’s needs. Visit MyBillingTree.com or call 877.4.BILLTREE for payment technology that works.

BillingTree, David Kaminski, to Present on EFTA, Reg E and ESIGN at ARM-U 2015
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Rob Nichols Named New ABA President and CEO

May 30, 2015 By Leave a Comment

The American Bankers Association (ABA) Board of Directors announced today that it has unanimously selected Rob Nichols as the ABA’s new President and CEO. Nichols, a former Senate confirmed Treasury Department official, currently heads the Financial Services Forum.

“Rob Nichols will be a superb leader of the ABA,” said Board Chairman John Ikard. “The banking industry is undergoing a great deal of change. We sought a visionary, strategic leader with demonstrated public policy acumen, a keen understanding of the entirety of the banking and financial system, and a strong track record of both strategic management and bipartisan advocacy. Rob Nichols hits the mark on all counts, and we are delighted that he will be leading our organization.”  Ikard is also president and CEO of the FirstBank Holding Co., Lakewood, Colo.

Nichols said, “I am deeply honored to take on the responsibility of leading the ABA. The nation’s economic growth prospects depend on banks of all sizes and models in order to effectively serve the needs of local communities, clients and customers.  Community banks, mid-size, regional, and large banks all play a critically important role as part of a diverse and interdependent financial ecosystem that both supports and depends on a thriving U.S. economy.

“The ABA is uniquely positioned to rigorously make this case to legislative, regulatory, and administration audiences. I look forward to the opportunity of serving the ABA and will work tirelessly with members and the state bankers associations to improve the public policy environment in which all banks operate.”

Nichols will succeed former Oklahoma Gov. Frank Keating, who has headed the ABA since January 2011. Keating announced early this year that he would be stepping down. The transition will begin in late summer.

Board Chairman Ikard commented, “Frank Keating accepted this position during very difficult and trying economic times for our nation and for our nation’s banks. Frank stepped right up and did a superb job of rallying our members, celebrating the key role they play in the vitality of their communities and the economy as a whole. The Board, the organization and the industry owe him a tremendous debt of gratitude.”

Keating commented, “It has been my honor to lead the ABA. The splendid men and women who make up America’s banking industry are some of the finest individuals it has ever been my pleasure to know. I took on my ABA leadership role during one of the most challenging times in banking history and I am very proud of the many accomplishments, achieved by us all working together, to help right America’s financial ship. I wish Rob Nichols well. He will be working with a superb group of people and I am confident that, working together, they will do great things for the industry and the economy at large.”

Two members of the ABA’s Succession Planning Committee commented on today’s announcement:

Betsy Duke, former ABA chairman: “In my past roles as a community banker, in the leadership of the ABA and as a member of the Board of Governors of the Federal Reserve, I have repeatedly seen the power of uniting the banking industry to achieve important objectives. I was privileged to serve on the Succession Planning Committee that selected Rob Nichols, and I am certain that he will be a superb leader of all of the financial institutions represented by the ABA – small, medium and large. He is a strategic leader with a strong vision of where the ABA needs to be positioned in the future, and has an impressive track record as someone who is both highly knowledgeable about the banking industry and highly effective as a Washington advocate.”

Howard Boyle, President and CEO, Hometown Bank, Kent, Ohio: “There were a number of excellent candidates for the position. In the interview process, Rob’s extensive knowledge of and passion for banking came through loud and clear. We were looking to take our already strong organization and build on that, enhance what we have. His work on Capitol Hill – both in the Senate and House – along with his key role at the Treasury Department and extensive trade association experience, really appealed to us. Rob has a vision for the future of the ABA, and I was particularly impressed with his keen recognition of the value of community institutions to the banking industry. It’s clear to me that he will be a superb spokesman and advocate for our industry.”

Currently President and CEO of the Financial Services Forum, Nichols joined the Financial Services Forum in June 2005 following four-and-a-half years of service in the Treasury Department, including as Assistant Secretary of the Treasury for Public Affairs, in the President George W. Bush Administration. Nichols oversaw all Treasury public affairs efforts and played a leading role in educating the American people about a wide range of financial issues.

As Assistant Secretary, Nichols established policies for administering public affairs, business affairs, consumer affairs, and intergovernmental affairs programs in the Treasury Department and its bureaus. He also oversaw the Office of Public Liaison, which conducts outreach to business, advocacy, and financial communities. Nichols gained a rich understanding of the financial markets, the financial services industry, and a wide breadth of economic matters. He is a recipient of the Alexander Hamilton Award, Treasury’s highest honor.

Prior to his Treasury appointment, Nichols was the communications director for the Electronics Industries Alliance, a trade organization representing more than 1,300 high-tech U.S. manufacturers, and before that was a senior aide to Senator Slade Gorton and Congresswoman Jennifer Dunn. He was also an aide to the Chief of Staff in the President George H.W. Bush Administration. Starting in 2009, Nichols has for five successive years been recognized by The Hill as one of Washington’s most effective trade association leaders. CEO UPDATE has also named him as one of the top trade association leaders.

Rob Nichols Named New ABA President and CEO
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FCC Issues Fact Sheet Rather Than Clarity on TCPA Proposals

May 30, 2015 By Leave a Comment

Yesterday, the Federal Communications Commission Chairman, Tom Wheeler, released a fact sheet on a proposal related to clarifications of the Telephone Consumer Protection Act (TCPA).

The proposal theoretically addresses two dozen petitions that sought clarity on how the Commission enforces the TCPA. These petitions include requests from collection industry association ACA International as well as the American Bankers Association and the Consumer Bankers Association.

The Chairman believes he is proposing a set of actions that, if adopted, will close loopholes and strengthen consumer protections already on the books.

The fact sheet references proposed rulings that Mr. Wheeler has circulated to the other commissioner, but the complete proposals were not available for review.

The TCPA explicitly empowers the FCC to enforce and interpret its consumer protection provisions. There are two main ways the commission may do this:

  • Through a formal rulemaking process where notice and public comment period would be required, or
  • Through declaratory rulings.

In this instance Chairman Wheeler has chosen to act through declaratory rulings. He has circulated his proposed declaratory rulings to the other commissioners, thus bypassing the notice and public comment period required under the formal rulemaking process. The proposals will be voted on as a single omnibus item. The vote is scheduled to take place at the next FCC Open Meeting on June 18, 2015. If approved, these rulings would be considered final upon their release.

The two page a fact sheet is heavy on rhetoric and light on specific details. Based on our review of document, it does not appear that the proposed rulings are favorable to the ARM industry, nor do they respond favorably to issues raised by ACA or the CBA in their petitions to the FCC. A review of the complete proposals may provide better guidance.

Highlights from the proposed rules are:

  1. Consumers would have the right to revoke their consent to receive robocalls and robotexts in any reasonable way at any time.
  2. If a phone number has been reassigned, callers must stop calling the number after one call.
  3. Defines an “autodialer” as any technology with the capacity to dial random or sequential numbers. The rulings would ensure robocallers cannot skirt consumer consent requirements through changes in calling technology design or by calling from a list of numbers.
  4. Allow for very limited and specific exceptions for urgent circumstances (such as calls from a pharmacy regarding a prescription or calls from a bank or credit card issuer regarding possible fraud activity).

insideARM will continue to monitor this story and provide updates when available.

FCC Issues Fact Sheet Rather Than Clarity on TCPA Proposals
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FTC Joins NY and GA in Action Against 3 Collection Agencies

May 23, 2015 By Leave a Comment

[Editor’s Note: It is insideARM’s policy to report on news in the ARM industry — both the good and the bad. However, insideARM also feels its important to point out that the actions of the companies listed below are not the actions of legitimate, law-abiding agencies; but, instead, appear to be the actions of criminals using collection agencies as a front to defraud consumers. We see a difference between the two; a difference not often reported in other media outlets.]

The FTC announced on May 21, 2015, through a partnership with the States of New York and Georgia, that they were able to effect a temporary halt of three debt collection operations, alleging violations of federal law by threats and deceptive text messages, emails and calls.

The FTC’s complaints, filed in the United States District Court, Western District of New York, along with the United States District for the Northern District of Georgia, name several companies through which the defendants operated.  The named companies include United Global Group LLC., ARM Wyn LLC, Audubon Financial Bureau LLC, Premier Debt Acquistions LLC, PRIZM Debt Solutions LLC, and Samuel Sole and Associates LLC. Additionally, the complaint named Domenico D/Angelo, Anthony Coppola, Charles Glander and Jacob E. Kirbis individually.

The companies were a focus of a law enforcement sweep dubbed “Messaging for Money.”

The Primary Group is alleged to have sent consumers multiple text messages, and, in most cases, failing to disclose the company as a debt collector.  Primary also allegedly threatened consumers with false statements such as “I’m a process server with Primary Solutions, appointed to serve you papers for case [eight-digit number]. . .” and “Please have proper ID and a witness present who can provide a signature. If there’s no reply I’ll have to bring the document to your employer.”

Per the FTC, Unified Global sent texts designed to entice consumers to call telling them that payments had been declined by their card carrier when no payment arrangements were in place.  Calls made to third parties and co-workers of consumers are some of the ways the FTC alleged the defendants violated the FTC Act and The Fair Debt Collection Practices Act.   The complaint also alleged deceptive emails and robocalls.

In the complaint against Premier Debt Acquisitions, the FTC alleged that the defendants impersonated law enforcement officials, falsely threatened consumers with a lawsuit or arrest, and even falsely threatened to charge some consumers with criminal fraud, garnish their wages, or seize property. In texts, Premier made threats to sue the consumers, as well as threats of seizure of their possessions unless they paid. Voicemails left include claims that a “uniformed officer” was on the way to the consumers’ home, and asked them to “secure any large animals or firearms” before the “officer” arrived.

Premier Debt Acquisitions also allegedly made email claims that making a payment would help a consumer’s credit score.  However, the FTC believes that Premier had no ability to make good on that claim. The complaint also alleges that Premiere continued collection efforts after a notification of consumer dispute without the required investigation.  In a particularly egregious example, the FTC claims that Premiere threatened to send someone to a consumer’s husband’s workplace in order to serve him in front of his co-workers and then “place [him] under arrest” for “obstructing justice” and “defraudment [sic] of a bank.” In other instance, the defendants told the consumer that if she did not pay the debt, she would have to spend 10 to 14 days in jail in order for the debt to be considered paid.

Per Jessica Rich, Director of the FTC’s Bureau of Consumer Protection: “[Debt collectors] can’t harass or lie to you, whether they send a text, email, or call you.”  She also stated that “legitimate debt collectors know the rules.”  The FTC seeks to permanently end the unlawful actions of the defendants.

FTC Joins NY and GA in Action Against 3 Collection Agencies
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Honor a Vet in Your Life on ARMing Heroes’ Facebook Page

May 23, 2015 By Leave a Comment

With Memorial Day quickly approaching, ARMing Heroes (www.armingheroes.org), the collection industry’s charity for military veterans, invites you to publicly honor the dedicated service of a veteran on its Facebook page now until midnight this Monday, Memorial Day. This open invitation may include mentioning a veteran on the page who is still with us, or sharing a heartfelt memory of a veteran who may have given their life while on active duty or who may have passed on after concluding their military service.

To participate, just go to the ARMing Heroes Facebook page, like the page, and post a name or photo, and any story or memory you would like to share about yourself (if you are a veteran), a loved one, or someone else who has been in your life.

Stelling, Carter 250

This simple act will raise public awareness of this worthy cause and help ARMing Heroes fulfill its ongoing mission of helping vets struggling with the financial hardships associated with returning to civilian life.

Military vets like Carter Stelling define what the ARMing Heroes charity is all about. Sergeant Stelling served two tours of duty in Iraq until service-connected injuries prompted his discharge from service.  He returned home to his wife and children, and, despite his best efforts to work and support his family, those injuries prevented him from doing so. He ultimately lost his job. Unemployed with disabilities making finding new employment more difficult, he chose to take advantage of the GI Bill and enrolled in school, but still struggled to meet the everyday demands of supporting his family. Looking for any help to improve his financial situation, Mr. Stelling applied for a grant from ARMing Heroes. When he heard his grant was approved, this is what he had so say.

“I would like to thank ARMing Heroes and the donors for such a powerful hand up during a time when it was greatly needed. This grant is going to resolve a great burden so I can pursue a degree and hopefully land a job that will help me support my family. Once again, thank you for this opportunity. I was surprised to learn that the debt collection industry had a charity for veterans, and I hope that the many other veterans in similar need can soon receive the same hand up as well.”

ARMing Heroes hopes to increase the number of its Facebook followers and develop a more extensive social media following to draw even more attention to this worthy cause. Publicly sharing stories of a family member, friend, neighbor, or anyone who served is the perfect way to commemorate the holiday and honor America’s military veterans who have given so much of themselves. Some, like Kevin Hardin, gave the ultimate sacrifice. Mr. Hardin was a first recipient of any kind of aid from ARMing Heroes in 2010, and since his untimely passing in 2012, his family has been through so much. Read their story here: http://armingheroes.org/veterans-pages/debt-collectors-help-gold-star-military-mom-keep-family-home.

The 2015 grant application process is set to begin in July. However potential donors, as well as hopeful grant applicants, are already showing interest. For those looking for a simple way to help, ARMing Heroes is registered with Amazon.com as an authorized funds recipient for the shopping giant’s AmazonSmile program. Shoppers can designate ARMing Heroes as their charity of choice, so that every purchase the person makes results in a donation of 0.5% of the purchase price to the charity in support of military veterans.  ARMing Heroes anticipates 2015 will be its biggest year since its inception in 2009.

The charity’s flagship No Debts for Vets Charity Fundraising Drive runs from September 11th through Veterans Day, November 11th every year, however tax-deductible donations are accepted at any time online at www.armingheroes.org and via mail to PO Box 353, Collingswood, NJ 08108, payable to ARMing Heroes. Pledges may be made to info@armingheroes.org.  Any amounts pledged or donated now will be applied to the 2015 drive. 

About ARMing Heroes

ARMing Heroes was founded and began operating in March, 2009.  The organization’s mission is to serve the needs of U.S. military veterans, including their spouse and children. ARMing Heroes fills a charitable niche by linking people identified with employment, credit, and financial counseling needs with the accounts receivable management industry, an industry uniquely poised to help in these areas.  Persons interested in volunteering their time and others interested in applying for benefits or pledging other forms of support are encouraged to contact the organization at www.armingheroes.org. 

What Can I Do Right Now to Help?

  • Visit www.armingheroes.org and donate now.
  • Friend us and post this article to your page on Facebook.
  • Tweet about this article on Twitter.
  • Join our group on LinkedIn, the ARMing Heroes Veterans Charity Supporter / Assistance Center.
  • Comment on this article online and ask us to contact you.
  • Forward this article via email to your key contacts.
  • Print this article and fax it to your local congressional office and ask them to post our website on theirs as a resource for vets.

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The Rising Cost of a College Education

May 23, 2015 By Leave a Comment

Mike Ginsberg

Mike Ginsberg

Today, the Wall Street Journal reported that the rising cost of a college education – and the debt some families incur to send a student to school – is emerging as an important topic in the 2016 presidential race. Finally, candidates are focusing on the real causes behind this burgeoning dilemma, and they’re not pointing fingers at the debt collector.

Republican and Democratic contenders alike recognize the issues associated with the rise in college costs, but they have different viewpoints when it comes to the culprit and solutions to this problem. According to the article, Republicans point to easy access of federal student loans for the escalating college tuitions and are campaigning to lower tuition. Sen. Rand Paul (R-Ky.) wants to enable college students to deduct the cost of their education. Sen. Marco Rubio (R-Fl.) is touting investors to cover the costs for students as a piece of their future earnings, an approach that is popular in South America. While campaigning in Iowa, Hillary Clinton said that it was critical to “move toward making college as debt-free as possible.” Other candidates are floating similar ideas, but not one has accused bill collectors of being the reason behind this mushrooming dilemma.

This topic of escalating student loan debt is not a new one and will only gain attention over the next 18 months leading up to the presidential election. A study published in May 2014 declared the graduating class of 2014 the most indebted graduating class to date. However, they were recently dethroned by the graduating class of 2015, and each of the coming graduating classes is expected to exceed their predecessors. While the delinquency rates of other loan types have been dropped, student loans continue to increase as the following chart illustrates:

Chart

Those in the U.S. accounts receivable management (ARM) industry know of the negative press that’s been placed on the Department of Education contract in recent months.  For now, the attention is off the collection agency.  Let’s hope it stays that way.

 

The Rising Cost of a College Education
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Songs for the ARM Industry: A Playlist for the Holiday Weekend

May 23, 2015 By Leave a Comment

Tim Bauer

Tim Bauer

[Editor’s Note 1: The following playlist is Tim-Bauer-specific and does NOT represent the (much better) musical tastes of almost anyone else — including a plastic case of goose eggs that can’t even hear music – in this company. THIS IS NOT OUR FAULT.]

Hello again everyone.

This is my latest blog posting for insideARM.  I never promised Hemingway-like prose. I also never promised that every single entry was going to be serious.

Even in our business (maybe especially in our business), every now and then we need to step back and relax. I relax with music. As we approach the long Memorial Holiday weekend it is time to talk ARM MUSIC.

I am a music guy.  I love all kinds of music.  My iPod capacity can’t match my hard drive of music. I still have shelves of vinyl that I can’t make myself give or throw away.

I also practically invented the mix tape.  While in High School and College I made all sorts of collections of songs on a vintage Sony Reel-to-Reel tape recorder. Check this little puppy out:

Haunted Music Thing

I know….it was pretty awesome.  Clearly I was a visionary……..way ahead of my time.

As I like to tell my children, I am also a very current guy. (BTW, they laugh when I say that.)  As such, I have graduated from the mix tape to Playlists, from vinyl to tapes to CD’s to the “Cloud”.  I am one of those nerds who believes it his sworn duty to share music with friends and find music that “fits” a particular occasion or individual.

Just a couple of years ago my friend (and long-time ARM industry veteran) Greg Paulo was undergoing some difficult heart surgery.  I put together a Playlist for him of appropriate hospital music such as “How to you mend a broken heart” by the Bee Gees or that Motown classic “What becomes of the broken hearted” by Jimmy Ruffin. (Not surprising, it was pretty easy finding 20 songs about a broken heart.)

For the long Holiday weekend I decided the ARM industry needed its own playlist.  Unfortunately, this proved slightly more challenging.  You just don’t find a lot of songs about collecting money. You can find a song about working in a coal mine, but not about working in a call center.

But, I was determined.  So, here they are; 16 songs for our industry.  Maybe I had to stretch a bit, but either the title somehow fits or the lyrics somehow fit or both.

1)      Simon & Garfunkel – “Baby Driver”: The lyrics are the key here. Customer Satisfaction is the new mantra.  “Just trying to keep the customer satisfied.”

2)      Elvis Costello and The Attractions – “(You’re not) The only flame in town”:  This is the philosophy of all ARM firms that have diversified from doing only credit card work.

3)      Elvis Presley – “Return to Sender”: The King sings about all of our returned mail.

4)      Bobby Darrin – “Beyond the Sea”:  Who knew that in 1959 Mr. Darrin would foresee the trend of Off-Shore Outsourcing?

5)      Blondie – “Call Me”:  The core of our business.

6)      B.B. King – “Nobody loves me but my mother (and she could be jivin too)”.  The ARM industry is under attack from all sides.  At industry conferences everyone is singing the blues about the state of the industry.  This title says it all. R.I.P. Mr. King.

7)      Wilson Picket – “634-5789”: This song is included in honor all of the manual dialing to cell phone numbers to ensure TCPA compliance.

8)      Jackson Browne – “Call it a loan”:  The Big Bang of the ARM industry.

9)      Aretha Franklin – “R.E.S.P.E.C.T”. The Queen of soul tells our staff how to treat consumers.

10)   Frank Sinatra – “Call Me Irresponsible”: Dedicated to staff (soon to be ex-staff) that just doesn’t seem to grasp the importance of compliant behavior.

11)   Amy Winehouse – “Someone to watch over me”:  Dedicated to the FTC, CFPB, and the various State regulatory bodies that oversee the ARM industry.

12)   Chicago – “Questions 67 and 68”:  These are the two questions on the bottom of page 3 of 10 in the Agency Questionnaire you just received from a client or prospect.  It is due in 3 days. Good luck in turning out a quality product.

13)   Bap Kennedy – “The Right Stuff”:  Little known Irish singer talks about the makeup of 50% of the job applicants for those positions you need to fill for that new project.

14)   Chris Isaak – “Baby did a bad, bad, thing”. One of your collectors, Jim “Big Baby” Smith (soon to be an ex-collector), just ignored 3 provisions of the FDCPA and committed 5 UDAAP violations in the same call. On a more personal note, this is ringtone for my daughter when she calls my cell.

15)   Dean Martin – “Ain’t that a kick in the head?”: The title is a perfect description of the last 5-7 years in the ARM industry.

16)   Joe Cocker – “The Jealous Kind”: The late, great Joe Cocker describes the feelings of owners of all ARM companies that are not successful in the latest ED RFP.

I am sure there are many more songs that would fit the bill (no pun intended). Please feel free to add a comment below with your suggestions.

[Editor’s Note 2: Oh boy you guys.]

Songs for the ARM Industry: A Playlist for the Holiday Weekend
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