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CHARITY THAT RECEIVED “LAST WEEK TONIGHT” PORTFOLIO TALKS ABOUT THEIR DESIRE TO BE AN INDUSTRY PARTNER
- The charity that received the $15 million portfolio of medical debt purchased by the company that was set up by HBO’s “Last Week Tonight” has received a tremendous uptick in donations since the episode aired on Sunday, and the two collection industry professionals behind the organization, RIP Medical Debt, want the industry to know their intention is to be a partner for debt buyers and collectors, not an adversary. As well a publication that focuses on the healthcare industry has some harsh words for the hospitals and healthcare organizations that originated the debts for the 9,000 Texas individuals that were included in the portfolio that was ultimately purchased by Oliver’s company, saying that hospitals could strengthen the bonds with patients by ceasing such tactics as selling unpaid debts to companies that will “hound” those individuals for years.
CFPB DEBT COLLECTION RULE APPEARS TO BE MOVED TO BACK-BURNER
- The Consumer Financial Protection Bureau released an updated priority list for its rulemaking agenda yesterday, and the agency’s proposed rule on debt collection appears to be sliding down the list. The proposed rule is not likely to be issued before the end of 2016, some in the industry estimate. A proposed rule governing prepaid and reloadable debit cards, a re-working of Privacy Notices under Gramm-Leach-Bliley, and a proposed rule on overdraft products will be tackled first, according to the agency’s filing.
HOUSE COMMITTEE MOVES TO UNDO CFPB PAYDAY LENDING PROPOSAL
- The House Appropriations Committee yesterday came to the aid of the payday lending industry, likely to the dismay of the Consumer Financial Protection Bureau. The Committee voted 30-18 yesterday to block the proposed rule issued by the CFPB that would require payday lenders to ensure that borrowers are able to repay the loan prior to originating it, and limit the number of times borrowers can take out successive loans to keep individuals from falling into what the CFPB calls a “spiral of debt.” A Republican member of the committee, from rural Mississippi, attached a proposal that would require reports before the rules could take effect and have the CFPB identify products that could replace payday loans.
WORTH NOTING: The median household income for every state … The cities with the most homes that are under water, where the borrowers owe more than the value of the house … A new form of identity theft is taking the banking industry by storm … Rising home prices are making Americans wealthier than ever … The best and worst states to be unemployed … Hillary Clinton and Donald Trump got into a war on Twitter yesterday … An interview with the hacker who is probably selling your password right now … 76 million Americans say they are struggling financially or are just getting by … Why you should never trust the photos that hotels post on their websites … Starbucks is giving away free tea today … This productivity method is something I’m going to try … The reason your meetings are so unproductive.
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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.
