The US Securities and Exchange Commission has filed legal action against a hedge fund and its owners for defrauding customers.
Investors have lost millions as the hedge fund run by a former debt collector who had no experience in hedge fund management.
Source : Inside ARM, Patrick Lunsford
The New York Department of Financial Services has issued new regulations on consumer debt collection practices on 3rd of December 2014.
The state has rolled out tough regulations to protect borrowers from illegitimate debt collection practices who are deceiving and abusing consumers to make a quick buck.
Source: Mondaq, Travis P. Nelson
The Australian Competition and Consumer Commission (ACCC) and the Australian Securities and Investments Commission (ASIC) have launched an investigation into the debt collection industry to learn how the industry functions. Both regulators are concerned about the dodgy practices of debt collectors in Australia. The ACCC will report its findings mid-2015. Read more.. Source: Government News,…
There are three forces shaping the gaming environment in South America : evolution of the gaming legislation, Emotional momentum of sporting fans and technology adoption. Gambling in Latin America is growing, mostly owing to the change of preferences and massive access where the demand has moved from a push supply to a pull demand. Read…
The popular car sharing company, Uber is being sued by a former driver on violations of the Fair Credit Reporting Act in the US. Uber only recently updated its policy on employee background checks. The complainant claims he was rejected by Uber after the company had run his profile through a consumer credit report check.…
All major banks in the UAE have decided against using credit reports from Al Ethihad Credit Bureau due to confusion over liability of inaccurate data. The credit bureau was established to strengthen the banking system in the UAE, but the Chairman of the UAE Bank Federation has said the reports will not be used until…
The Al Ethihad Credit Bureau, has started issuing Credit Reports in the UAE for Dh110. Financial institutions and residents can have access to these credit reports which have a data accuracy rating of 99.5% which is above the international standard of credit data quality and accuracy. Read More.. Source: The National Business – Mahmoud Kassem…
The Australian Tax Office (ATO) has come under fire from a union official for expressing interest in sourcing private debt collection agencies. The ATO is seeking to reduce Commonwealth debts, strategies to prevent future debts and deliver services nation wide. The union official has been quoted saying these private collection companies will not be covered…
It is a common trait for creditors eg.financial instituions to hire third parties to collect debts. The rapid growth of the debt collection industry has caused several issues due to lack of guidelines on the procedures and ethics. The Financial Consumer Protection Centre in Thailand has received numerous complaints of unethical and illegal debt collection…
It is four years since the U.S. Federal Trade Commission (FTC) implemented new rules regulating the debt relief industry. This helped consumers find more trustworthy companies to resolve financial problems. Many Americans still need help with debts close to $11.63 trillion. Consumers then turn to debt relief services to help them dig themselves out of…
