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APPEALS COURT RULING SHOULD NOT SWAY ANYONE TO GO BACK AND RE-OPEN CASES WITH CFPB: LEGAL EXPERTS
- This question has been swirling around the industry ever since the Appeals Court ruling earlier this week that declared the leadership structure of the Consumer Financial Protection Bureau was unconstitutional and the agency violated due process: Should companies that have been reached settlements or agreed to consent orders with the agency go back and see if they can be re-opened so they could reap the possible rewards of this court ruling? The short answer? No. “It would be challenging for an institution to take the position that a settlement with the bureau, which it entered into voluntarily, should be reopened on the grounds that the bureau did not have the jurisdiction or was not constitutional at the time,” said one lawyer, a former deputy assistant director at the CFPB.
MANY ASKING QUESTIONS ABOUT CFPB SETTLEMENT WITH NAVY FCU
- People are asking a lot of questions about the $28.5 million settlement that the CFPB announced with Navy Federal Credit Union earlier this week, after accusing the financial institution of engaging in illegal debt collection tactics.
DETROIT RESIDENTS HAVE LOTS OF DEBT, POOR CREDIT SCORES: STUDY
- People living in Detroit are suffering, according to a newly published study. Two out of three Detroit residents have at least one debt that is more than six months past due and the average amount in collections is 20% higher than the national average. Fewer than one in five residents have a prime credit score.
CFPB CONSUMER ADVISORY BOARD TO DISCUSS DEBT COLLECTION
- The Consumer Financial Protection Bureau’s Consumer Advisory Board plans to discuss student lending and debt collection at its next meeting later this month. John McNamara, the assistant director in markets, and a CFPB Senior Counsel will lead a discussion on debt collection and the recently conducted SBREFA hearing.
WORTH NOTING: The dangers of dishing out negative feedback … Why funny people are more successful, according to science … Nobody believed a young black woman that she was a doctor when she tried to help a man on a flight last weekend … Stop procrastinating by reading this article, right now … Sales of orange juice are falling as people question the nutritional value of the drink … The most expensive streets in the United States … HP plans to lay off as many as 4,000 workers during the next three years … Minors die from gun accidents every other day, according to a published report … A Mexican billionaire is the man behind allegations of Donald Trump inappropriately touching women, the candidate claims … The presidential election is a major source of stress for Americans , according to a poll.
Trailer for the new “Star Wars: Rogue One” movie
As a 10-year old Tigers fan, I remember this moment. It’s also probably the last time a World Series ended at 7:41pm
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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.
