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CFPB PROPOSES ADDING CONSUMER SURVEY TO END OF COMPLAINT-FILING PROCESS
- The Consumer Financial Protection Bureau is going retail, proposing the addition of a consumer satisfaction survey at the end of the compliant-filing process, similar to how retail stores print survey requests on the bottom of store receipts. The CFPB’s goal is intended to get a better picture of how consumers rate the responses of the companies that are being complained about. But the CFPB did not indicate whether it would share that data with the companies, or with the public at large.
COLUMNIST ARGUES CFPB IS DOING RIGHT THING BY RESTRICTING ACCESS TO CREDIT FOR CONSUMERS
- A common comment from those in the industry when discussing the Consumer Financial Protection Bureau’s debt collection proposals is that additional consumer protections may make it more expensive and more difficult for consumers to obtain credit. One columnist thinks that’s not such a bad thing. “People want a credit card so bad, they don’t care if some of their legal rights are restrained. And they find themselves in such a financial bind, they use [payday] loans that sink them further into debt.”
BUFFALO NEWS EDITORIAL LAUDS CFPB PROPOSALS
- Western New York, which includes the city of Buffalo, is considered to be the Detroit of the debt collection industry. Many debt collectors, and collection agencies, got their start in that area of the country, so when the Buffalo News tackles the topic of collections, it’s likely to be read, seen, or discussed by most in the industry. The News published an editorial this morning, saying that the proposals released last week by the Consumer Financial Protection Bureau are a welcome update that will “significantly strengthen” the “sometimes-shady” world of collections.
PROFESSORS TACKLE PROPOSED PAYDAY LENDING RULE
- A professor of business economics and a law professor analyze the Consumer Financial Protection Bureau’s proposed payday lending rule, and the impact that it will have on debt collections. Payday lenders are “notorious” for threatening to have individuals who do not repay their loans arrested, because, in many cases, consumers provide payday lenders with a post-dated check when taking out a loan, and if that post-dated check bounces, it could be akin to passing a bad check.
FINANCIAL SERVICES INDUSTRY NEEDS A MORE POWERFUL TOOL THAN SPREADSHEETS
- The collections industry, and quite possibly the whole financial system, should be using a more comprehensive product than a spreadsheet, argues one financial technology expert. “Today’s investors lack modern analytics tools to make sense of these reams of data. You can use a free app to analyze how much you spent on Uber versus the bus in a matter of seconds, but a highly paid analyst would have to spend hours calculating how a pool of loans is performing relative to expectations.”
WORTH NOTING: A Dutch bank is allowing customers to send and receive payments via WhatsApp, the messaging application … Personal income increased $29 billion across the country in June … July sales figures are sending caution flags up in the auto industry … The cities where you will spend the most on rent … How Apple is sharing its views on gun control … A company has invented an “avocado time machine” to keep the fruit from going bad too fast … Is the economy teetering on the brink of a recession? One economist thinks so … More CEOs and Republicans are leaving Donald Trump and endorsing Hillary Clinton … Inside the most expensive homes for sale this year … A look at abandoned Olympic venues from past Games … Three habits you must drop to succeed … Seven ways to avoid making a bad first impression … Big banks are trying to soften their image.
Five ways to stay sweat free
Doesn’t Donald Trump just have to let this go?
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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.
