CFPB Credit Card Late Fee Rule Tossed by Judge
- A federal judge yesterday granted a joint motion and vacated a Consumer Financial Protection Bureau rule capping credit card late fees. Judge Mark Pittman, appointed by President Trump, sided with the banking groups and the CFPB itself, both of which argued the rule violated the Credit Card Accountability Responsibility and Disclosure (CARD) Act of 2009.
- More details here
Minnesota Appeals Court Upholds Summary Judgment, Rules Individual Liable for Debt
- A Minnesota Appeals Court has affirmed a summary judgment ruling in favor of a collection operation and has ruled that the individual is liable for the debt on which the underlying collection lawsuit was based.
- More details here
More Consumers Showing Signs of Financial Stress
- New data from the Federal Reserve Bank of Philadelphia shows that 0.9% of credit card accounts in the U.S. were 90 days past due in the fourth quarter of last year, a 12-year high since the Philly Fed began tracking quarterly, while data from the Federal Reserve Bank of New York shows that consumers are more stressed about their job security and their financial situations are not improving.
- More details here
24 Companies Seeking Collection Talent
- Curious how companies out there are describing collection jobs in postings to make the position seem more attractive? Wondering what a Chief Compliance Officer in Florida can make? Is a credit union near you looking for a VP of Collections? Get the answers to those questions and more by checking out this week’s job listings summary.
- More details here
WORTH NOTING: Are you one of the many who feel that they are in a relationship rut? … You’re likely using more laundry detergent than you need … President Biden made his first public remarks since leaving office yesterday … Is artificial intelligence the future of patient care? … How more Americans are embracing a mindset of frugality … The professions most at risk of being replaced by AI … How to get your patio ready for summer … Are you part of the throngs watching moose migrate in Sweden?
Wisdom Wednesday, part I
Wisdom Wednesday, part II
The Daily Digest is sponsored by TCN. Today, contact centers need to do more with less. TCN’s cloud-based predictive dialing tools and services help clients to leverage the most sophisticated inbound, outbound, and blended calling technologies available. TCN’s award-winning platform offers multiple features to assist in compliance while improving performance with no hardware, no monthly minimums, or maintenance fees. Call 866-745-1900 or visit tcn.com today.
