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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.
MASSACHUSETTS SENATE PASSES BILL THAT RESTRICTS DEBT COLLECTION ACTIVITIES
- The Massachusetts state senate has passed a bill that would lower the statute of limitations on collections to four years, from six, and would prohibit individuals from being sued after the statute has expired. If a payment is received after the statute of limitations, the clock would not re-start the four-year window, according to the bill. The bill would also limit the amount that collectors could garnish from the wages of individuals with unpaid debts. The bill was sponsored by State Sen. Jamie Eldridge, a Democrat. The bill now moves on to the state’s House of Representatives.
ANALYTICS CAN HELP RESOLVE COMPLAINTS, BUT AGENCIES FIRST NEED A PROCESS
- Tracking customer disputes and complaints has become an incredibly important process in the collections industry since the Consumer Financial Protection Bureau came into existence five years ago. And the CFPB thinks that collection agencies and other companies in the industry are not listening or are giving complaints “short shrift,” according to an industry lawyer who spoke during a webinar last week on the importance of analytics in tracking and addressing complaints and disputes.
APPEALS COURT RULES SUCCESSIVE DEBT COLLECTORS MUST SENT VALIDATION NOTICES
- The U.S. Court of Appeals for the Ninth Circuit has issued a ruling that will require each successive debt collector to send out a validation notice to individuals when attempting to collect a debt. Historically, only the first collection agency trying to collect on an unpaid debt sent a validation notice.
SIDES FIGHTING OVER HOW MANY TIMES SERVICERS CAN CONTACT MOBILE PHONES OF STUDENT LOAN BORROWERS
- Student loan servicers want to be able to autodial the mobile phones of individuals with delinquent student loans up to 10 times per month, but the Federal Communications Commission, listening to Senators and other consumer advocates, set the limit at three calls, according to a published report. The Department of Education is siding with the servicers, according to the article. “We can only help someone if we’re able to reach them,” said a spokeswoman for the Education Department. It’s nice to see a federal agency understand the value and benefits that debt collectors can bring to an individual with unpaid bills.
CFPB ANNOUNCES LEADERSHIP CHANGES
- The Consumer Financial Protection Bureau (CFPB) yesterday announced leadership changes within the Bureau. The positions being filled were: the Associate Director for Supervision, Enforcement, and Fair Lending; the Principal Deputy General Counsel; and the Deputy Chief Operating Officer.
WORTH NOTING: Amazon is now offering student loans, through a partnership with Wells Fargo … It’s the end of an era; the last VCR machines are being manufactured this month … Not all innovations are great, and even those “bad” innovations can be incredibly important … Do companies even need desk phones anymore? One company says no … I have to admit that Donald Trump’s speech was so long, it put me to sleep last night … The NBA has taken the 2017 All-Star game away from Charlotte because of the state’s ridiculous bathroom law … The cities creating the most white collar jobs in America … Mark Cuban had harsh words for Donald Trump … The companies with the best work-life balance … 14 ways to slash the time you spend on email in half.
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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.
