From Our Desk to Yours Leadership Series for ARM Execs Part IV January 22, 2015
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1 From Our Desk to Yours Leadership Series for ARM Execs Part IV January 22, 2015 Powered by
2 Disclaimer This information is not intended as legal or business advice and may not be used as such. Legal and business advice must be tailored to the specific circumstances of each case. Every effort has been made to assure this information is up-to-date as of the date of this presentation. It is not intended to be a full and exhaustive explanation of the law in any area, nor may you use the information to replace the advice of your own legal counsel. The presenters, Kaulkin Ginsberg and Ontario Systems, assume no liability for typographical or other errors contained in the presentation and materials, or for changes in the law affecting anything discussed therein. 2
3 Meet the Speakers Mike Ginsberg President & CEO Kaulkin Ginsberg Rozanne Andersen Chief Compliance Officer Ontario Systems 3
4 Questions? If you have any specific questions for our speakers, submit them at any time via the Q&A box or ask when the phone lines are unmuted. 4
5 Discussion Topics I Recap of Events Shaping ARM II. Regulatory and Compliance Changes and Updates III. Major M&A Events IV. Economic Indicators V. Closing Comments 5
6 6 I Recap of Events Shaping ARM
7 2014 Recap of Events Shaping ARM 1. Student loan market catapulted into the largest growth market for U.S. ARM companies but not without uncertainty 2. Subprime credit card borrowing rebounds 3. Major M&A transactions begins to reshape industry Percentage of Total Loan Amount Days Delinquency Rate: Student vs. All Loan Types Student Loans All Loan Types 7
8 2014 Recap of Events Shaping ARM (cont.) 4. CFPB files lawsuit against major collection law firm 5. NCLC goes on the offensive 6. The 2014 midterm elections set the stage for changes in ARM 7. The federal government focuses on health care market segment, impacting ARM 8
9 9 II. Regulatory and Compliance Changes and Updates
10 Top 5 Compliance Issues of New call restrictions based on consumer preference, state and federal law, and client restrictions 2. Voic messaging to Foti or not to Foti? Zortman? 3. Electronic payments 4. Credit reporting health care and non-health care debt 5. TCPA 10
11 State Regulatory and Legislative Highlights 2014 West Virginia Effective June 6, 2014, new disclosures are required when collecting out-of-statute debt and debt that can no longer be reported to credit reporting agencies New York State Amendments to collection law requirements regarding the collection of out-of-statute debt passed. Preliminary requirements: October 1, Secondary effective date: July 2015 California Effective January 1, 2014, prohibits suit on out-ofstatute debt and requires certain disclaimers in the first written communication 11
12 Consumer Finance Protection Bureau (CFPB) CFPB 2014 Guidance bulletins abound o UDAAP o FCRA o Service provider oversight o Self-reporting Rule-making ANPRM Medical debt collection takes center stage New mandatory dispute reporting by CRAs Appointment of Enforcement Chief 12
13 Consumer Finance Protection Bureau (CFPB) CFPB 2015 Guidance bulletins Examinations Notice of proposed rulemaking Medical debt collection and the LMP definition Enforcement actions 13
14 Case Law Update #1 Haddad v. Alexander, Zelmanski, Danner & Fioritto, PLLC #2 Crawford v. LVNV Funding, LLC, et al. #3 Daniel Bock, Jr. v. Pressler & Pressler #4 Buchanan v. Northland Group Inc. 14
15 Case Law Update #5 David Tourgeman v. Collins Financial Services Inc., et al. #6 Hudson v. Sharp Health Care #7 Lardner v. Diversified Consultants, Inc. #8 Mais v. Gulf Coast Collections Bureau 15
16 Political Uncertainty for 2015 Health Care The 2014 midterm election results will likely lead to challenges against the ACA, but there is little risk of actual change. However, legislation such as a repeal of the medical device tax is possible, but this would only affect the ACA indirectly The 2016 presidential election will be a larger determinant of the future of the law. That being said, Jeb Bush and Hillary Clinton have strong ties to interest groups that want to see the law stay in place The greatest threat to the ACA comes from House v. Burwell and King v. Burwell (aka Obamacare vs. Scaliacare) Regardless of the outcome, ARM and RCM services will not be damaged 16
17 Political Uncertainty for 2015 Marketplace Fairness Act The 113 th Congress failed to pass the Marketplace Fairness Act, which would grant states the authority to make businesses collect taxes when products are sold to their residents Targets online retailers like Amazon and ebay Right now, states only collect sales tax on transactions that occur in states where the company has a physical presence Many states facing budget crises are seeking sales tax 24 have already passed like legislation By burdening online retailers with sales tax on all purchase, this legislation could remove a significant portion of the cost saved by operating online Small and midsize e-commerce operators would need to hire tax specialists 17
18 Questions? Do you have any questions? 18
19 19 III. Major M&A Events
20 Semi-Annual M&A Deal Tracking Deals 33 Deals Deals st half nd half st half nd half st half nd half 2014 M&A Activity 20
21 Major Moves Among the Large ARM Companies West sells ARM business to Alorica Expert Global Solutions divests Collection Business to Platinum Equity ACT buys Convergent Resources Encore buys Atlantic Credit, Marlin Financial and the rest of Cabot Portfolio Recovery Associates acquires Aktiv Kapital 21
22 Midsize Deals Abound Northland Group, CBE Companies, United Recovery, Affinity Global and other midsize ARM companies expand through acquisition MRS BPO expands into commercial segment through partnership with American Capital Recovery Collection law firms merge operations Technology vendors make moves to keep up with client demands 22
23 Large Transactions Outside the U.S. Intrum Justitia acquired Advis A/S, a leading debt collector in Denmark UK debt buyer and ARM firm Arrow Global Group bought smaller rival Capquest from a private equity fund Lindorff purchased the debt recovery unit of Spanish bank Sabadell Intrum Justitia acquired Profidebt s.r.o., a market leader in purchased debt in the Czech Republic National Recovery Service (NRS) and First Collection Bureau (FCB) Russia s leaders in collection services outsourcing and debt purchase form a strategic partnership at the shareholder level 23
24 What to Watch for in 2015 More cross border and international transactions Accelerated debt buyer consolidation Increase in number of collection agency transactions More mergers among collection law firms Additional alliances among major ARM associations More M&A transactions involving healthcare providers and service providers Increased interest in ARM transactions from financial and strategic buyers 24
25 Questions? Do you have any questions? 25
26 26 IV. Economic Indicators To Pay Attention To
27 Economic Indicators 30.0 Unemployment Metrics U3 Rate U6 Rate 27
28 Economic Indicators Real Disposable Income Real Disposable Income 6.00% 5.00% 4.00% 3.00% 2.00% 1.00% 0.00% -1.00% Comparing Inflation to Income % Change in CPI % Change in RDI 28
29 Economic Indicators Year Treasury Rate Year Treasury Rate 29
30 Economic Indicators Third Party Collections Returning Assets Gross Revenue Commission Net Revenue $55.2 B $10.4 B $44.9 B $54.9 B $10.3 B $44.6 B $51.9 B $11.5 B $40.4 B $51.4 B $12.1 B $39.3 B Providing Jobs Direct Jobs Total Jobs 136, , , , , ,000 - Making Payroll Direct Payroll Total Payroll $6.4 B $12.4 B $5 B $10 B $6 B - $5 B - Paying Taxes Direct State/Local Total State/Local Direct Federal Total Federal Philanthropy Co. Volunteer Hours Ind. Volunteer Hours Giving $687 M $1.3 B $724 M $1.3 B 571, M $130.5 M $509 M $1 B $495 M $970 M 652,300 - $85.2 M Third-Party Collections is: Generating greater returns to clients than ever before Making a difference through donations of cash and time A member of your local community and economy 30
31 31 VI. Conclusion
32 Putting it all together Do you have any additional questions? 32
33 Thank You! For additional information or consultation, please contact: Mike Ginsberg M&A Advisory Services Market Intelligence & Analysis Valuations Rozanne M. Andersen CFPB Consulting [Pre and post closing] CFPB Gap Assessment Compliance Outsourcing Complaint Management 33
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