FREE WEBINAR: New Guidance From The CFPB on Credit Reporting. Sign up now to hear from compliance experts John Bedard, Nicole Strickler, and Lexi Knight talk about important changes in how collection agencies should navigate the tricky road of credit reporting. The webinar will take place Thursday, May 25 at 1pm EDT and is sponsored by The Bedard Law Group.
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VOTERS IN BATTLEGROUND STATES WANT CFPB LEADERSHIP STRUCTURE CHANGED
- Registered voters in eight battleground states would prefer the leadership structure of the Consumer Financial Protection Bureau be changed to a multi-person commission from a single director, according to a newly issued poll. Only 14% of those polled said the current leadership structure should be left the way it is. More than 60% of those surveyed, which included Democrats and Republicans, believed that a commission would make the CFPB more accountable, more transparent, more fair, and more representative.
- In that same area of the industry, the CFPB, along with PHH Mortgage and the U.S. government, will head to court today to make their arguments before the entire D.C. Court of Appeals about the agency’s leadership structure. A three-judge panel ruled last October that a single director who can only be fired for cause is unconstitutional. The CFPB asked for a hearing in front of the entire court. That hearing will take place this morning.
DENTAL PRACTICES LOSING COLLECTIONS BATTLE
- The average amount owed to a dental practice by its patients has increased 36% during the past five years, to $116,000. Dentists and other employees in the practice are either not trained or not willing to engage in financial conversations with patients, which is causing the amount the practices are owed to skyrocket. Perhaps this is an opportunity for collection agencies to come in and educate dental practices about how to have those conversations.
LAW FIRM WITHDRAWS FROM CASE AFTER FACING CONFLICT OF INTEREST ALLEGATIONS
- A law firm which helped Apollo Enterprise Solutions gain patents on its TrueCollect technology platform subsequently was hired by a lender to fight to have those very patents invalidated. Apollo sued the law firm, Greenberg Traurig, which recused itself from the original suit.
WORTH NOTING: The 10 highest-paid CEOs in America … Tom Cruise has said it so it must be true: There is a “Top Gun” sequel in the works … The first images of the man suspected to be the bomber in Monday night’s attack in Manchester, England … Analyzing President Trump’s first budget proposal … Target will pay nearly $19 million to settle charges stemming from a data breach in 2013 … U.S. workers leave $66 billion of vacation time on the table … It takes women two years longer, on average, to pay off student loans than it does for men … Mark Cuban’s best financial advice, summed up in one sentence … Google has analyzed billions of credit card transactions to identify when people go out to retail stores and buy products they saw advertised online.
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