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SENATE PASSES MEASURE TO BLOCK CFPB’S ARBITRATION RULE
- The Senate yesterday voted 51-50 to block the Consumer Financial Protection Bureau from implanting its arbitration rule, with Vice President Mike Pence casting the tie-breaking vote. The House of Representatives had already passed a similar measure, which now heads to President Trump for his approval. The CFPB had issued a rule that would block mandatory arbitration in many consumer finance contracts.
STUDENT LENDERS ASK FEDERAL GOV’T TO HELP STOP STATE PROBES
- Student lending trade groups are fighting to derail investigations by at least two dozen states which are looking into possible abusive lending tactics toward individuals. The groups are asking the Department of Education to notify the states that federal law should preempt any activity by a state. The states are arguing that the investigations have returned millions of dollars to individuals by uncovering and penalizing deceptive and abusive actions by student lenders.
BLACK AMERICANS FILING FOR BANKRUPTCY ARE LESS LIKEY TO COMPLETE PROCESS THAN WHITE AMERICANS: REPORT
- Black Americans are far less likely to complete the bankruptcy reorganization process than white Americans, according to a study from proPublica. Most debtors are even unable to complete one year of payments, let alone all five years that are required as part of the reorganization process. Debts can be wiped off a debtors’ record after five years of repayments are made. For residents of Memphis, for example, half of the bankruptcy filings from black Americans had an average of $1,100 in unpaid utility debts on their records.
HEALTHCARE PROVIDERS WANT MORE AUTOMATION IN COLLECTIONS PROCESS
- A survey of more than 2,500 healthcare providers and nearly 1,000 patients revealed that out-of-pocket medical costs have increased by nearly 30% in the past two years and that more providers plan to “jettison time-intensive, error-prone, manual efforts to back end processes and reconcile bills” due to negative financial effects of traditional collection solutions.
SCAMMER SHARES INNER WORKINGS OF HOW SCHEMES ARE SUCCESSFUL
- A news reporter in Charlotte, North Carolina, spoke with someone who was involved in a multi-million debt collection scam who shared how the scam works and how individuals can spot frauds while on the phone with someone.
FICO ANNOUNCES DATES FOR NEXT CONFERENCE
- FICO has announced the dates for its next FICOWorld conference. The event will be held April 16-19, 2018 in Miami Beach, Florida. The company has put out a call for speakers. You can submit a topic for presentation or discussion here.
WORTH NOTING: The Justice Department under former President Barack Obama blocked settlement funds from being distributed to conservative groups … The cost of college increased about 3% this year, the eighth straight annual increase … Sen. Jeff Flake [R-Ariz.] said yesterday that he won’t run for re-election and had some negative comments about the president … The most generous Americans … Taco Bell has developed a Kit Kat quesadilla … Meanwhile, a fast food price war has McDonald’s relaunching its dollar menu … Reading your phone while walking across the street could now cost you a $35 fine in Honolulu … Here are nine phrases bosses should say more often to motivate and inspire employees … Learning how to listen is the first step toward being a better communicator … Many are criticizing the food FEMA is sending to Puerto Rico, but maybe there is a method to their madness … The best-selling toys of 2017 so far … It’s been five years since Hurricane Sandy landed on the East Coast. Here are some photos … Employers are frequently requiring candidates to have more experience and education than the people currently in the job that, according to a new study from Harvard.
How to tell if you’re sick or just have allergies
A Canadian man got a ticket for singing too loudly in his car
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.
