FTC TO HOST DEBT SETTLEMENT WORKSHOP
The Federal Trade Commission staff will host a workshop on September 25, 2008, to learn about the growth of for-profit debt relief entities and examine how the for-profit debt relief model is affecting consumers and businesses. Consumer advocates, industry representatives, and state and federal regulators will discuss a range of issues, including the history and expansion of the industry, the advertising and marketing of debt relief services, the role of third-party lead generators and other service providers, legal developments in the regulation of the industry, and ways to address consumer protection issues and education needs.
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NATIONAL CITY REPORTEDLY FACES REGULATORY SCRUTINY
Shares of pressured regional bank National City Corp. were down early Friday after a published report that it's working with regulators in an effort to tackle its financial and credit troubles.
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FED CLEARS BOFA'S COUNTRYWIDE PURCHASE
The Federal Reserve board has approved Bank of America's planned purchase of mortgage lender Countrywide Financial.
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U.S. STOCKS DROP AS UNEMPLOYMENT RATE JUMPS; AIG SHARES TUMBLE
U.S. stocks fell, erasing a weekly advance, after the biggest jump in unemployment since 1986 and a $6-a-barrel rise in oil prices heightened concern that the economy will sink into a recession.
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RATINGS AGENCIES REACH SETTLEMENT OVER FEES
The New York attorney general, Andrew M. Cuomo, on Thursday reached agreements with the three major ratings agencies - Moody's Investors Service, Standard & Poor's and Fitch Ratings - that will change the way credit rating agencies are paid by investment banks for reviewing mortgage-backed securities.
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MORTGAGE RELIEF INITIATIVE EXPANDS AND EVOLVES
BOSTON - The Federal Reserve Bank of Boston and the Massachusetts Bankers Association (MBA) announced today that the Mortgage Relief initiative introduced in December is growing - from an initial five banks to more than 50 banks of every size, with branches throughout Massachusetts and much of New England. The expansion comes as community banks affiliated with the MBA join the effort.
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DEFENDANTS IN DEBT COLLECTION SCHEME AIMED AT HISPANICS AGREE TO SETTLE FTC CHARGES
Two defendants have agreed to settle Federal Trade Commission charges for allegedly victimizing Spanish-speaking consumers nationwide by posing as debt collectors seeking money the consumers did not owe. They and the corporate defendants they controlled have been barred from further violations of federal law involving debt collection.
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IDT REPORTS RESULTS FOR THIRD QUARTER FISCAL 2008
IDT Corporation announces operating results for the third quarter of fiscal 2008, the three months ended April 30, 2008.
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PENNCRO ASSOCIATES RECEIVES 'TECHNOLOGY INNOVATOR AWARD' FOR CONTACT CENTER TECHNOLOGY FROM NOBLE SYSTEMS
Atlanta, GA - Noble Systems Corporation, a global leader in contact center technology solutions, recently presented the 'Technology Innovator Award' to Penncro Associates. The award was announced at the SNUG 2008 Conference - a gathering of the Select Noble Users Group - held last month in Atlanta, Georgia.
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LEXICON UNITED SUBSIDIARY ACQUIRES DEBT PORTFOLIO
Lexicon United Inc. (OTCBB: LXUN), a financial services holding company specializing in collections and credit recovery, announced that its subsidiary, ATN Capital e Participacoes Ltd. ("ATN"), a Brazilian company which specializes in debt recovery, has acquired from Ativos S/A Securitizadora, for an undisclosed amount, a portfolio of distressed debt assets of Banco do Brasil SA with a face value of R$ 498,685,303.94 (approximately US$ 305 million).
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U.S. BANKS NOT OUT OF THE WOODS, REGULATORS SAY
WASHINGTON - U.S. banks remain vulnerable to turmoil in the financial markets despite some improvement in conditions, top financial regulators told a Senate panel Thursday.
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GROWTH IN THE CARDS FOR AMERICAN EXPRESS
NEW YORK (CNNMoney.com) -- American Express CEO Kenneth Chenault said Wednesday he still expected the credit card company to deliver earnings growth of 4% to 6% this year, even amid rising credit losses.
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HOUSEHOLD NET WORTH DROPS BY $1.7 TRILLION
Americans saw their net worth decline by $1.7 trillion in the first quarter, as declines in home values and the stock market ravaged their holdings.
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HOMES IN FORECLOSURE TOP 1 MILLION
NEW YORK (CNNMoney.com) -- More than one million homes are now in foreclosure, the highest rate ever recorded, according to a trade group which warned Thursday that the crisis will continue to worsen.
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VICE CHAIRMAN DONALD L. KOHN
Chairman Dodd, Ranking Member Shelby and members of the Committee, it is my pleasure to appear today to discuss the condition of the U.S. banking system, as a follow-up to the testimony I gave at a hearing held by your Committee in early March. In my remarks today, I will provide an updated view of the health of the U.S. banking system, discuss some key lessons learned from recent events, and then outline a few important areas in which the Federal Reserve is responding in its role as banking supervisor.
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NEW ORBITZ VISA CREDIT CARD BY CAPITAL ONE
Orbitz Worldwide has introduced the Orbitz Visa Credit Card, powered by Capital One No Hassle Rewards, a new credit card that allows travelers to earn triple Capital One No Hassle Rewards points by booking airfare, hotel accommodations and vacation packages on Orbitz.com.
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SMALL COLLECTION AGENCY GROWS WITH HELP OF HOSTED PREDICTIVE DIALING
Salt Lake City, UT - DETEX Agency & Associates opened two satellite offices this past May, a feat aided by IAT, a hosted dialing company willing to change and grow along with them.
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CONVERGYS APPOINTS MIKE BETZER AS SENIOR VICE PRESIDENT, RELATIONSHIP TECHNOLOGY MANAGEMENT
Convergys Corporation (NYSE: CVG), a global leader in relationship management, announces the appointment of Mike Betzer as Senior Vice President, Relationship Technology Management (RTM). He will report to Dave Dougherty, president and CEO of Convergys.
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DISCOVER(R) U.S. SPENDING MONITOR(SM) RISES 1.4 POINTS IN MAY AS HIGH GAS AND FOOD PRICES EAT AWAY AT DISCRETIONARY SPENDING
RIVERWOODS, Ill.- The Discover U.S. Spending Monitor rose 1.4 points in May to 86.8 as consumers braced for higher spending in the wake of record gas and food prices. The Monitor posted record high percentages of consumers who said they spent more in May than April (56 percent) and who expect to spend more next month (46 percent), both up by six points respectively. The upturns reflect a nation of consumers who are seeing spending for necessities grow and budgets for discretionary spending shrink.
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FIRST TENNESSEE BANK NATIONAL ASSOCIATION AGREES TO SELL MORTGAGE BUSINESS OUTSIDE TENNESSEE TO METLIFE BANK, N.A.
MEMPHIS, Tenn., Jun 4, 2008 - First Tennessee Bank National Association, a subsidiary of First Horizon National Corp. (NYSE:FHN), has agreed to sell to MetLife Bank, N.A., a wholly owned subsidiary of MetLife, Inc. (NYSE:MET), more than 230 retail and wholesale offices nationwide and its loan origination and servicing platform. The transaction is expected to close in the third quarter. First Horizon will retain its 21 mortgage offices in and around Tennessee and associated employees, continuing to originate home loans for customers in its banking market footprint.
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ACXIOM NAMED AS FINALIST IN 2008 AMERICAN BUSINESS AWARDS
LITTLE ROCK, Ark. - Leading global interactive marketing services company Acxiom® Corporation (Nasdaq: ACXM) has been named a finalist to six categories in the 2008 American Business Awards.
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FDIC TO SPONSOR FORUM ON MORTGAGE LENDING FOR LOW - AND MODERATE-INCOME HOUSEHOLDS
The FDIC today announced that it will sponsor a Forum on Mortgage Lending for Low- and Moderate-Income (LMI) Households on July 8, 2008. The purpose of the LMI Mortgage Forum is to explore a framework for LMI mortgage lending in the future, including identifying market and regulatory incentives for encouraging responsible LMI mortgage lending.
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HOME BUYING CONSULTING BUSINESS PENALIZED FOR CREDIT REPAIR VIOLATIONS
Under a federal court order entered on May 29, a home-buying consulting business that offers credit repair and home-buying consulting services will pay $10,000 to settle Federal Trade Commission charges, including illegally charging an advance fee for credit repair and falsely claiming that it can remove negative information from consumers' credit reports, even if the information is accurate and timely. Home Buyers Consulting Network, Inc. d/b/a Home Buyers Network, Good Credit Company, GoodCredit.com, and 0downhomebuyers.com, and Douglas Andersen Moore a/k/a Douglas A. Moore are barred from further violations of the Credit Repair Organizations Act and the FTC Act. The order contains a $573,000 civil penalty that will be suspended, and, for consumer restitution, a $40,000 judgment that will be suspended upon payment of $10,000. The full civil penalty and judgment amounts will be imposed if the defendants are found to have misrepresented their financial condition.
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BB&T STRENGTHENS CUSTOMER EXPERIENCE WITH INTERCONNECT
ATLANTA, - Equifax (NYSE: EFX) today announced that Branch Banking and Trust (BB&T) has selected InterConnect(TM) to streamline its bank card opening process and enhance the customer experience. The new solution gives BB&T access to world-class data, analytics and decisioning -- resulting in more profitable risk management for this leading financial institution.
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GMAC FINANCIAL SERVICES CLOSING NORTH OLMSTED CENTER, ELIMINATING 42 JOBS
GMAC Financial Services will cut 42 jobs and close its Cleveland Business Center in North Olmsted by Aug. 1.
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TOUCHSTAR, A WORLD CLASS CALL CENTER TECHNOLOGY DEVELOPER, ANNOUNCES ITS 2008 USER GROUP CONFERENCE IN VAIL
Denver, CO - TouchStar, a world class call center technology developer, today announces that its Annual User Group Conference will be held in Vail, Colorado, September 15th through 17th, 2008. At the conference, TouchStar will publicly reveal innovative call center solutions that will continue to change the call center industry.
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HEALTH CARE MARKETPLACE | SOME HOSPITALS AUCTION PATIENT DEBT ONLINE TO COLLECTION AGENCIES TO HELP RECOUP UNPAID MEDICAL BILLS
Some U.S. hospitals have begun "trying out a new tactic to recoup patients' debts" -- "auctioning the debt online" -- a "move that consumer groups say could increase pressure on people with unpaid medical bills," the Wall Street Journal reports.
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GMAC MORTGAGE LENDER SAYS IT NEEDS MORE LIQUIDITY
NEW YORK - Residential Capital LLC, the mortgage lending unit of GMAC LLC, said today it needs more than three times more cash to stay in business than it estimated just weeks ago.
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THE FED PREPARES TO HIT PAUSE
Federal Reserve chairman Ben Bernanke all but closed the door on the chances of any more rate cuts during the next few months.
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FORTUNE TOP 50 INDUSTRIAL MANUFACTURER RENEWS CONTRACT WITH CONVERGYS FOR CUSTOMER MANAGEMENT SOLUTIONS
Convergys Corporation (NYSE: CVG), a global leader in relationship management, announced today that a Fortune Top 50 industrial manufacturer has renewed its contract for Convergys' industry-leading Customer Management solutions. Under the terms of the three-year agreement, Convergys will continue to provide top-tier customer service, sales, and technical assistance to the client's millions of customers across its multiple lines of business.
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CHAIRMAN BEN S. BERNANKE
As you know, financial markets in the United States and in a number of other industrialized countries have been under considerable strain since late last summer. Financial market conditions have in turn affected economic prospects, most notably by affecting the cost and availability of new credit.
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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 | $1,222,439.00 Credit Cards
MATTIA & ASSOCIATES
http://www.debtconnection.com/portfolio.asp?562
More information about this company can be found here:
http://www.debtconnection.com/moreinfo.asp?2999
$12,536,953.00 Consumer Loans
WorldWide Debt Exchange
http://www.debtconnection.com/portfolio.asp?561
More information about this company can be found here:
http://www.debtconnection.com/moreinfo.asp?1690
$260,000.00 Consumer Loans
International Credit Services, LLC
http://www.debtconnection.com/portfolio.asp?558
More information about this company can be found here:
http://www.debtconnection.com/moreinfo.asp?2773
$1,900,000.00 Credit Cards
International Credit Services, LLC
http://www.debtconnection.com/portfolio.asp?557
More information about this company can be found here:
http://www.debtconnection.com/moreinfo.asp?2773
$8,600,000.00 Credit Cards
International Credit Services, LLC
http://www.debtconnection.com/portfolio.asp?556
More information about this company can be found here:
http://www.debtconnection.com/moreinfo.asp?2773
$468,900.00 Credit Cards
International Credit Services, LLC
http://www.debtconnection.com/portfolio.asp?555
More information about this company can be found here:
http://www.debtconnection.com/moreinfo.asp?2773
$3,073,947.00 Credit Cards
International Credit Services, LLC
http://www.debtconnection.com/portfolio.asp?554
More information about this company can be found here:
http://www.debtconnection.com/moreinfo.asp?2773
$12,975,869.00 Credit Cards
International Credit Services, LLC
http://www.debtconnection.com/portfolio.asp?553
More information about this company can be found here:
http://www.debtconnection.com/moreinfo.asp?2773
$8,473,836.00 Auto Deficiencies
MATTIA & ASSOCIATES
http://www.debtconnection.com/portfolio.asp?552
More information about this company can be found here:
http://www.debtconnection.com/moreinfo.asp?2999
| | Agency | AIS SERVICES, LLC
Sergio Seplovich
415-373-6990
More Information
CREDIT SERVICE
435-752-2660
| | Attorney | STEINBERG LEGAL SERVICES PC
800-713-9090
| | Contact Solutions/Dialers | TOUCHSTAR
Chris Rieple
303-338-0678
More Information
| | Debt Buyers | APPLIED INCOME SCIENCES, LLC
Peter Bennett
415-373-6981
More Information
SEPLOVICH CONSULTING
650-244-9999
GREENS FINANCIAL LLC
402-291-8900
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Industry Events
|
DBA International Executive Retreat
DBA International
Charleston Place
Charleston, South Carolina
June 17 - 19, 2008
More Information
HFMA's 2008 ANI: The Healthcare Finance Conference
Healthcare Financial Management Association Annual National Institute
Mandalay Bay Resort and Casino
Las Vegas, Nevada
June 23 - 26, 2008
More Information
America's Credit Union Conference & Expo
Credit Union National Association
Hilton New York
New York, NY
June 29 - July 2, 2008
More Information
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| At A Glance - Friday, February 29, 2008 |
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| At A Glance - Wednesday, January 30, 2008 |
| At A Glance - Friday, January 25, 2008 |
| At A Glance - Tuesday, January 22, 2008 |
| At A Glance - Friday, January 18, 2008 |
| At A Glance - Wednesday, January 16, 2008 |
| At A Glance - Friday, January 11, 2008 |
| At A Glance - Wednesday, January 09, 2008 |
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