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WERE CONGRESSIONAL WORRIES WHY CFPB OPTED TO CHANGE COURSE ON DEBT COLLECTIONS?
- A little-known law called the Congressional Review Act may be a reason why the Consumer Financial Protection Bureau has opted to change course on its debt collection rulemaking efforts, according to a lawyer who specializes in the financial services industry. The law allows Congress to “reject” a rule promulgated by a federal agency and once “rejected,” the rule can not be resurrected. The lawyer wonders if concerns from the CFPB about Congress thinking that the agency would have been over-reaching had it moved to create a first-party collection rule is the reason why it decided to tackle first- and third-party collections together instead of separately.
CONGRESS CHOOSING BANKS OVER CONSUMERS: EDITORIAL
- In the meantime, the only problem that CFPB Director Richard Cordray and his agency have had is that “they have done their job too well,” and that is why Congressional Republicans are out to strip away the CFPB’s powers, according to an editorial in USA Today. Banks and their trade associations are donating too much money to Republicans and that is why the party is choosing banks over consumers, the editorial alleges.
HOW CONSUMERS ARE AFFECTED BY COLLECTION EFFORTS GOING DIGITAL
- I opted not to link to this when the article was originally published, largely because it mis-spelled the name of Ohad Samet, the CEO of TrueAccord, and any article that mis-spells the name of a source loses a lot of credibility in my eyes, but now that USA Today has picked it up and the article has gone mainstream, I feel as though I have to link to it. The article talks about the growing use of technology in collections and how that evolution will affect consumers.
WORTH NOTING: Nine ways to tell if someone is lying to you … Car sales are having a tough 2017 … Simply being near your phone can reduce your cognitive ability, or, in layman’s terms, make you dumber … Volvo is phasing out gas cars from its production line … People are bracing for a layoff announcement from Microsoft … Seven ways to become a better business leader … A 60-year journey to design the perfect office chair (sounds like 59 years too long to me, as I sit in a folding chair) … Breaking down who doesn’t use all of their vacation days every year and why … The sudden evolution in smart luggage is creating some interesting opportunities.
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The Daily Digest is sponsored by T-Max Dialer & Communications, the leader in hosted inbound and outbound dialer technology.
