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CORDRAY DEFENDS CFPB’s REGULATION BY ENFORCEMENT
- Richard Cordray, the director of the Consumer Financial Protection Bureau, defended the practice of “regulation by enforcement,” especially when it comes to protecting military servicemembers, during testimony before the Senate Banking Committee yesterday. Cordray provided the specific example of a debt collector contacting the commanding officer of a servicemember with an outstanding debt, which threatens security clearances and the ability to remain in the military. “Everyone should be on notice in this marketplace,” Cordray said. Republicans on the committee, meanwhile, turned Cordray into a piñata.
SHOULD THE GOVERNMENT FORCE COLLECTORS TO BE NICER?
- Should the federal government be pushing private collection agencies working on its behalf to collect student loans to be more friendly and direct consumers toward rehabilitation? Everyone hears the horror stories about collectors calling family members and ex-girlfriends to track people down, and then be less-than-sunny when actually getting a consumer on the phone. The industry is still waiting for direction from the Department of Education.
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A question my seven-year-old is likely to ask me: Why is Mt. Everest so tall?
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The Daily Digest is sponsored by TCN, a leading provider of cloud-based call center technology for enterprises, contact centers, BPOs, and collection agencies worldwide.
