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CHANGE IN HOW CFPB DESCRIBES ITSELF INDICATES SHIFT TOWARD DE-REGULATION
- The Consumer Financial Protection Bureau has made a couple of subtle, but possibly important, changes about how it describes itself, which could be an indicator of what President Trump has in store for the federal agency. The CFPB just enforces rules now, for example, instead of fairly enforcing them under former director Richard Cordray. But there is a more substantive change that could indicate there might not be a debt collection rule on the horizon.
LAWSUIT TOTALS YO-YO IN NOVEMBER: WEBRECON
- Some interesting trends can be noted in the litigation and complaint data provided by WebRecon for November, but whether the trends are just a blip or an indication of a larger shift in the market remains to be seen. For example, the number of debt collection complaints filed with the CFPB in November was 12% lower than the number filed in October, but the total for the first 11 months of 2017 was still nearly 20% higher than for the same period a year earlier.
NEW NAME ADDED TO CFPB DIRECTOR SHORTLIST
- Another name as surfaced and been added to the shortlist to be the next director of the CFPB, according to a published report. J. Mark McWatters, who is currently chairman of the National Credit Union Administration, is being considered for the job to replace Richard Cordray. McWatters is described as being “pragmatic” and “measured” which would help mollify Democrats who are worried that the ideology of President Trump’s replacement will be too far to the right for their liking.
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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.
