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.
CFPB MEETS WITH COMMUNITY BANKERS TO DISCUSS DEBT COLLECTION PROPOSALS
- Representatives from the Consumer Financial Protection Bureau met with the agency’s Community Bank Advisory Council last week to share details of its published debt collection proposals and those from the CFPB emphasized that a proposed rule is “coming soon.” And while most of those community banks handle their collections in-house and are not necessarily going to be subjected to comply with the new rule, the CFPB acknowledged that the “access and flow of information” will be a key driver of any proposed rule.
FTC OBTAINS $1.3 BILLION JUDGMENT AGAINST PAYDAY LENDING OPERATION
- A former race car driver and his cohorts have been ordered to pay $1.3 billion by a federal court after the Federal Trade Commission sued the group for a payday lending scheme that bilked individuals nationwide. The $1.3 billion represents the amount that was illegally taken from customers of the payday lenders. The defendants were accused of claiming they would charge borrowers the loan amount plus a one-time finance fee, when instead they charged a finance fee every time they took money from an individual’s bank account.
INCREASED ATTENTION ON COMPLIANCE COMES AT A COST FOR COLLECTION AGENCIES
- In the collections industry, it can be easy to overlook simple decisions that ultimately lead to bigger problems down the line. In collections, there has been such an intense focus on compliance and making sure that everything an agent or agency does is done the right way, that other areas of the business are now being overlooked. Those areas include compensation, technology, and actual collections. As part of an article series sponsored by Vertican Technologies, executives lamented about the increased amount of time they must spend talking about compliance topics with employees; time that used to be spent talking about how to collect.
BILLINGTREE EXEC TALKS ABOUT PRIVATE EQUITY INVESTMENT
- BillingTree announced a private equity investment this morning. AccountsRecovery.net sent five questions to Dave Yohe, the Vice President of Marketing for BillingTree. He was kind enough to send back answers. Click here to read that exchange.
NORTHSTAR ANNOUNCES ACQUISITION
- Northstar Location Services has announced the acquisition of Collection Management Solutions, LLC. Terms of the deal were not disclosed.
WORTH NOTING: The Consumer Financial Protection Bureau announced a proposed rule regulating prepaid debit cards … Why wealthy drivers with DUIs pay less for car insurance than low-income drivers … Seven tasks that employees engage in every day that hurt a business’s bottom line … Republican Mike Pence won the vice presidential debate by pretending Donald Trump did not exist … The average out-of-network ATM fee has climbed to $4.57, according to Bankrate … Ratings for “Monday Night Football” are cratering … Hurricane Matthew is coming … Yahoo secretly monitored emails for the U.S. government.
What Hurricane Matthew looked like as it hit Haiti
Google announced new hardware yesterday, including a new phone
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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.
