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.
PAYDAY LENDING RULE PROPOSAL RAISES QUESTIONS, POTENTIAL PROBLEMS
- The ink on the CFPB’s proposed rule regarding payday lending is still wet, but the initial reactions are starting to filter in. One article, using a two-year ban on payday loans in Georgia and North Carolina a decade ago as an example, concludes that low-income individuals suffer more without payday loans than they do with them. During the ban, individuals bounced more checks, and had more problems with debt collection. Another potential problem is the proposed limit on the number of withdrawals that can be made before new authorization from consumers is required. Payment processors and financial institutions may not be aware that are processing payday loan requests and instead opt not to work with those types of companies.
BANKRUPTCY FILINGS DECLINE 6% IN MAY
- That total number of bankruptcy filings in May decreased 5% compared with the same month a year ago, according to data from the American Bankruptcy Institute. Commercial filings increased 32% while personal filings decreased by an unspecified amount. May marked the seventh consecutive month where the number of commercial bankruptcy filings increased from the previous month. Businesses in the energy and retail sector are filing more for bankruptcy protection.
WHICH STATES ARE STILL OPERATING “DEBTORS’ PRISONS”
- Seven states are still operating what the American Civil Liberties Union calls “debtors’ prisons.” Those states are Texas, California, Alabama, Arkansas, Georgia, Florida, and Illinois. In those states, individuals who are not able to pay court fines or fees are put in jail. Opponents of the practice say that this unfairly targets low-income individuals who often do not have the financial means to pay fines from such violations as traffic tickets or small claims court rulings.
WORTH NOTING: Chrysler is trying really hard to make the minivan cool … Walmart is going to test grocery delivery using Uber and Lyft … Why playing poker can make you a better CEO … Why you’re not too busy … The life of the world’s youngest billionaire, who is 19 … What to expect from today’s jobs report … Two demonstration Air Force jets crashed yesterday and a Blue Angels pilot died … An interesting dilemma – how to teach self-driving cars to honk their horns … Has Hillary Clinton figured out how to beat Donald Trump? … Employers are not hiring as fast as they used to … A Utah landlord threatens eviction for tenants who don’t like it on Facebook.
Tips from a world champion public speaker
How your phone is changing you
If you have a tip or item you would like to share, or are interested in sponsoring the Daily Digest, please contact me at mike@canvasbusinessmedia.com.
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.
