The Daily Digest is sponsored by Beam Software. A Microsoft Gold Certified Partner, Beam is a thought leader in portfolio management and collection software. They offer both cloud-based and on-premise solutions to accommodate the entire collection continuum. For more information, please visit www.beamsoftware.com or call (800) 212-2326.
FACEBOOK NO LONGER ALLOWS SEARCHES USING PHONE NUMBERS, EMAIL ADDRESSES
- In what will be a blow to skiptracers everywhere, including the ARM industry, Facebook has announced that users will no longer be able to use phone numbers or email addresses to search for profiles of its users. Facebook made the announcement yesterday in a blog post.
- Said one collection agency executive: “The only reason we allowed agents to access Facebook was to look up people by phone number. I guess we’ll have to block it now. Who knows. Maybe it will help with productivity.”
CFPB PAYING TOP DOLLAR TO NEW HIRES, EVEN AS MULVANEY CRITICIZES AGENCY’S SPENDING
- Mick Mulvaney, the acting director of the Consumer Financial Protection Bureau, is not stingy with the money when it comes to paying the people he hires. Kristen Sutton, who joined the CFPB earlier this year from the House Financial Services Committee, is making $259,500, the maximum amount allowed under the CFPB’s payscale, according to a published report. The salary is more than 50% higher than what she was earning when she worked as staff director for the House Financial Services Committee.
SIXTH CIRCUIT DENIES EN BANC HEARING REQUEST IN DISMISSAL OF FDCPA SUIT
- The Court of Appeals for the Sixth Circuit has denied a request for an en banc hearing and instead chosen to uphold a ruling issued in February by a three-judge panel that said an error in a letter sent by a law firm to a married couple letting them know that they did not have to pay the balance on a loan and that no other remedies would be pursed did not rise to meet the necessary standard of a concrete injury and upheld a lower court’s dismissal of the suit.
STUDENT LOAN SERVICER FILES LAWSUIT TO SETTLE DEBATE BETWEEN STATE, ED. DEPT.
- A student loan servicer has filed a lawsuit in federal court seeking to help resolve a conflict between the Department of Education and the state of Connecticut. The servicer needs a license from the Connecticut Department of Banking in order to service and collect on student loans from individuals in the Nutmeg State and is having a problem because the Department of Education refuses to allow submission of a document that is required to obtain the license.
MORE SUBPRIME AUTO LENDERS GOING OUT OF BUSINESS
- More and more subprime auto lenders are going out of business, driven there by increasing loan losses and shrinking profit margins, according to a published report. The article mentions the bankruptcy filing of Summit Financial Corp., and Spring Tree Lending, as well as the winding down of Pelican Auto Finance. For some analysts, the trend is comparable to what happened before the Great Recession a decade ago.
WORTH NOTING: The strongest earthquake to hit Southern California in three decades happened this morning … Flight attendants share 15 of their best travel hacks … President Trump is ramping up a trade war with China … The hashtags that could hurt your kids … What Deep Purple can teach you about success … Apple is rumored to be working on a phone you can control without tapping or swiping … Dunkin’ Donuts just unveiled donut fries … Sergio Garcia went ‘Tin Cup’ at The Masters yesterday … How to protect yourself as more cybercriminals attack online retailers … Workplace kitchen nightmare stories.
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The Daily Digest is sponsored by Beam Software. A Microsoft Gold Certified Partner, Beam is a thought leader in portfolio management and collection software. They offer both cloud-based and on-premise solutions to accommodate the entire collection continuum. For more information, please visit www.beamsoftware.com or call (800) 212-2326.
