CFPB ACTING DIRECTOR PLEDGES ‘AGGRESSIVE ACTION’ TO ENSURE COMPANIES ‘MEET THEIR OBLIGATIONS’ DURING PANDEMIC
- In his first public remarks, Dave Uejio, the acting director of the Consumer Financial Protection Bureau yesterday shared a statement he had sent to all the agency’s employees, pledging to take “aggressive action” to ensure companies regulated by the CFPB “follow the law and meet their obligations” to assist consumers during the COVID-19 pandemic. He also promised to reverse policies “of the last administration that weakened enforcement and supervision.”
N.J. JUDGE PARTIALLY DENIES MTD IN FDCPA CLASS-ACTION OVER LETTER TO DECEDENT’S ESTATE
- A District Court judge in New Jersey has partially granted a defendant’s motion to dismiss a Fair Debt Collection Practices Act class-action case, while allowing claims that a collection letter violated the statute to continue because the letter was addressed to the estate of a deceased individual instead of to the executor of the estate and because the letter failed to explain to whom it was referring when it used the word “you” in it.
OCC HITS PAUSE BUTTON ON NEW FAIR ACCESS RULE
- Just two weeks after it announced it, the Office of the Comptroller of the Currency yesterday said it was hitting the pause button on a rule intended to ensure that banks to provide fair access to services and capital — a response to Operation Choke Point — so that whomever is confirmed to be the next Comptroller can make the final decision on whether to move forward with it or not.
REPORT SPOTLIGHTS ‘ROBUST’ M&A ACTIVITY IN ARM INDUSTRY
- The accounts receivable management industry was valued at $13.4 billion at the end of 2020, and grew at a rate five times faster in 2020 than it had in the preceding five years, according to a report issued by Corporate Advisory Solutions. This year could be just as big for the industry, according to the report, largely because the amount of charged-off debt is expected to grow while the unemployment rate is expected to increase.
WORTH NOTING: Scientists have identified a new species of whale in the Gulf of Mexico … A Texas police chief resigned after his two mistresses found each other on Facebook … How Starbucks is going to speed up its drive thrus … Here’s a neat idea: make DVD commentary tracks available as podcasts … You can now get Lady Gaga-themed Oreos, if you can find them … The best smart doorbells … How to buy used gear on eBay, the smart, safe way … Fans of Grape-Nuts should be worried.
How to look good on Zoom calls for less
Funny Friday
The Daily Digest is sponsored by Prodigal. Prodigal is bringing the power of AI and machine learning to lenders, creditors and collection agencies. Prodigal’s world class speech recognition software, monitors every call for compliance and collector performance with its AI trained for optimal accuracy and actionable results. Prodigal unlocks hidden value in a collection contact centre’s vast corpus of unstructured audio data by making it searchable and enabling them to improve compliance, increase operational efficiency and win new clients.
CFPB ACTING DIRECTOR PLEDGES ‘AGGRESSIVE ACTION’ TO ENSURE COMPANIES ‘MEET THEIR OBLIGATIONS’ DURING PANDEMIC
- In his first public remarks, Dave Uejio, the acting director of the Consumer Financial Protection Bureau yesterday shared a statement he had sent to all the agency’s employees, pledging to take “aggressive action” to ensure companies regulated by the CFPB “follow the law and meet their obligations” to assist consumers during the COVID-19 pandemic. He also promised to reverse policies “of the last administration that weakened enforcement and supervision.”
N.J. JUDGE PARTIALLY DENIES MTD IN FDCPA CLASS-ACTION OVER LETTER TO DECEDENT’S ESTATE
- A District Court judge in New Jersey has partially granted a defendant’s motion to dismiss a Fair Debt Collection Practices Act class-action case, while allowing claims that a collection letter violated the statute to continue because the letter was addressed to the estate of a deceased individual instead of to the executor of the estate and because the letter failed to explain to whom it was referring when it used the word “you” in it.
OCC HITS PAUSE BUTTON ON NEW FAIR ACCESS RULE
- Just two weeks after it announced it, the Office of the Comptroller of the Currency yesterday said it was hitting the pause button on a rule intended to ensure that banks to provide fair access to services and capital — a response to Operation Choke Point — so that whomever is confirmed to be the next Comptroller can make the final decision on whether to move forward with it or not.
REPORT SPOTLIGHTS ‘ROBUST’ M&A ACTIVITY IN ARM INDUSTRY
- The accounts receivable management industry was valued at $13.4 billion at the end of 2020, and grew at a rate five times faster in 2020 than it had in the preceding five years, according to a report issued by Corporate Advisory Solutions. This year could be just as big for the industry, according to the report, largely because the amount of charged-off debt is expected to grow while the unemployment rate is expected to increase.
WORTH NOTING: Scientists have identified a new species of whale in the Gulf of Mexico … A Texas police chief resigned after his two mistresses found each other on Facebook … How Starbucks is going to speed up its drive thrus … Here’s a neat idea: make DVD commentary tracks available as podcasts … You can now get Lady Gaga-themed Oreos, if you can find them … The best smart doorbells … How to buy used gear on eBay, the smart, safe way … Fans of Grape-Nuts should be worried.
How to look good on Zoom calls for less
Funny Friday
The Daily Digest is sponsored by Prodigal. Prodigal is bringing the power of AI and machine learning to lenders, creditors and collection agencies. Prodigal’s world class speech recognition software, monitors every call for compliance and collector performance with its AI trained for optimal accuracy and actionable results. Prodigal unlocks hidden value in a collection contact centre’s vast corpus of unstructured audio data by making it searchable and enabling them to improve compliance, increase operational efficiency and win new clients.
