EDITOR’S NOTE: AccountsRecovery.net launched its first-ever Compliance Survey yesterday. You can participate by clicking here. The survey is sponsored by WebRecon, TECH LOCK, LiveVox, Interprose, and Applied Innovation.
CONGRESS STARTS PROCESS TO OVERTURN CFPB ARBITRATION RULE
- Rep. Keith Rothfus [R-Pa.] yesterday introduced a resolution in the House of Representatives to repeal the CFPB’s proposed arbitration rule, which would ban class-action waivers in financial services products. The resolution seeks to utilize the Congressional Review Act to overturn the rule. It was cosponsored by all 34 Republican members of the House Financial Services Committee.
FLOCK FINANCE OFFERS NEW PRODUCT FOR SMALLER DEBT PURCHASES
- In debt-buying, as in clothes shopping, one size does not fit all. Realizing that it was leaving a portion of the debt buying market uncovered, Flock Finance last month launched a new product which is aimed at smaller portfolio purchases. The new product offers a new funding and profit-sharing structure that is different from Flock’s core capital product.
CORDRAY TO LEAVE CFPB FOR RUN AT OHIO GOVERNOR: REPORT
- Richard Cordray will leave his post as director of the Consumer Financial Protection Bureau to run for governor in Ohio, according to a published report, which cited an Ohio Supreme Court Judge as the source of the news. Rumors have been swirling for months that Cordray was planning to leave his post to mount a gubernatorial campaign. Cordray’s term as director of the CFPB expires next year.
COLLECTION EXECUTIVE TURNED CONSUMER ATTORNEY PUBLICIZES TOOL TO KEEP COLLECTORS AWAY
- Mike Cardoza, an attorney who spent seven years working at a collection agency, according to his LinkedIn profile and is now a consumer right’s attorney, is publicizing what he calls “one of the most powerful tools” that individuals can use against debt collectors. Cardoza calls himself a “Consumer Financial Protection Attorney,” a title that likely seeks to confuse individuals into thinking he’s associated with the CFPB.
WORTH NOTING: Elon Musk thinks he can cut a four-hour drive from New York to Washington, D.C. down to 29 minutes … OJ Simpson was granted parole after spending nine years in prison for armed robbery … Clearly this guy didn’t get the memo about not using your company phone to dial escort services. You wouldn’t think he’d need that memo, but never underestimate how dumb some people can be … The perks of being a CEO aren’t what they used to be … Since 2000, nearly 300 people have fallen overboard while on a cruise … A president-by-president look at pets in the White House. President Trump is the first not to have one … An Excel tip to save time and impress your boss … It may not be ironic, but Alanis Morrissette would definitely sing about it: During “Made in America” week, the president’s club in Florida has applied to hire 70 foreign workers … Astronauts explain why you need more sleep.
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