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UPDATED: CFPB RULEMAKING TIMELINE LIKELY IMPACTED BY LEADERSHIP TRANSITION
- After publishing an article yesterday that said the Consumer Financial Protection Bureau was still aiming to release its proposed debt collection rule by February, Joann Needleman from Clark Hill reached out to me and correctly pointed out that the timeline supplied by the CFPB was submitted prior to the change in leadership that occurred at the end of last month. Taking that into consideration, as well as reading remarks from Acting Director Mick Mulvaney, it appears as though the original timeline has likely changed. Thanks to Joann for reaching out. Here is a link to the updated article.
ACA INTERNATIONAL RELEASES THIRD-PARTY INDUSTRY SURVEY DATA
- ACA International has released a survey, conducted by the firm of Ernst & Young, on the impact of third-party collections on the national and state economies. The survey found that third-party agencies recovered more than $67 billion in 2016 and returned that money over to creditors. Agencies kept more than $10 billion in commissions and fees for that effort.
LAWYERS SHARE STRATEGIES FOR FIGHTING MERITLESS LAWSUITS
- Showing professionalism, effective networking, and knowing the ins and outs of a particular case have never been more important for collection agencies as they seek to fight the rising tide of lawsuits filed by consumers, many of which can be deemed as meritless. That advice came from a trio of experienced outside legal counsels, as they discussed strategies and cases that can help agencies more effectively fight against meritless lawsuits.
CFPB WHISTLEBOWER ALLEGES INVESTIGATION DOCUMENTS WERE FALSIFIED
- A former examiner at the Consumer Financial Protection Bureau has come forward with claims that she was told by higher-ups at the bureau to falsify and fabricate information related to an investigation of a payday lending company. The former examiner, Cassandra Jackson, said she refused to falsify the requested information.
TENET TO SELL CONIFER, ITS REVENUE CYCLE MANAGEMENT UNIT
- Tenet Healthcare has announced it is looking to sell its Conifer unit, a revenue cycle management company. Tenet said it has hired Goldman Sachs to help advise it on a sale price for Conifer, which manages debt collection processes for nearly 800 hospitals across the country, including the 77 owned and operated by Tenet.
CEDAR RAPIDS HIRES COLLECTION AGENCY TO RECOVER $17 MILLION IN UNPAID TRAFFIC TICKETS
- The city of Cedar Rapids, Iowa, has hired Municipal Collections of America to help it recover $17 million in unpaid traffic camera tickets. The $17 million represents more than 220,000 tickets.
WORTH NOTING: The House of Representatives and Senate both approved tax reform legislation yesterday. Here is what it means for you … An election for a seat in the Virginia state legislature was decided by one vote … President Trump has joined the Hall of Presidents attraction at Disney World … Cole Hamels, a Major League Baseball player, and his wife are donating a mansion and 100 acres of land to become a camp for special needs children … A technique from Tony Robbins to help you keep your New Year’s resolutions … Eight ways to help your resume stand out … Higher avocado prices led Qdoba to being sold for $300 million … Ten states that people are moving to “in droves” … A hotel in Indiana has charged a couple $350 for leaving a bad review of the facility … My daughter is going to go nuts when she hears that there is a unicorn cereal now available … Drones and racetracks are coming to a cruise ship near you … Ten fabulous last-minute gift ideas … Beware of porch pirates.
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Our cashless future
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.
