FTC Panel 3: A Contentious Discussion that was Actually Really Boring

With such a bland subject matter (Managing the Flow of Information: The Intersection of Collector Software, Information Systems, and Compliance), you’d think that the sparks would be light on the FTC’s third panel of the day at the Debt Collection 2.0 workshop.

But every once in a while, a hero steps in to shake things up.

Today’s hero was Michael D. Kinkley, of the law firm of the same name, who went on a rant of sorts early in the conversation. Arguing that debt buyers shouldn’t even bother purchasing accounts without complete and accurate account information, he was cut off by FTC moderator Leah Frazier around the time he was artfully yelling that “It’s because it’s CHEAP…that’s why.”

Things settled down a bit after that (except for the uncorking of the quote of the day, from Kinkley, “Banks’ legal departments are really just sales departments.” Yeah, that one got some eye rolls). We were talking about the accurate flow of information here – verification documentation (media), historical account information, and the systems that handle the data. Binary code even made an appearance.

James Adamson, from Columbia Ultimate, explained the virtues of standardized information systems while Chad Benson, from CBE Group, told of his firm’s proprietary system and why it was the awesomest. Laura Udis, from the office of the Colorado Attorney General, gave her perspective on information deserts in her state’s court system. Steven Goldman, from Automated Collection Control, gave his company’s view as an intermediary in the information flow game.

But everyone did ultimately agree that a centralized repository for account information – even one that could be accessed by consumers – is the way to go. Which was money for Gary Portney, President of Convoke Systems, a company that does just that.

All in all, it was a complicated and civil discussion after the first 10 minutes. But don’t worry…things picked up on the email panel, still underway right now.