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Daily Digest – November 8. CFPB Audit Could Have Major Ramifications For Collectors; Capital One to Close Call Center in Texas

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. 

CFPB AUDIT COULD HAVE MAJOR RAMIFICATIONS FOR COLLECTORS, WALL STREET

  • Shoddy loan documentation. Allegedly aggressive debt collection. A regulator intent on reform. It has the perfect ingredients for a huge settlement and it’s one that was worked out between the Consumer Financial Protection Bureau and Vantage Capital Group, which controls the National Collegiate Student Loan Trust. But the real story is not so straightforward. An audit that Vantage agreed to, but may not have had the authority to negotiate, could cause ripple effects through the collections and student lending industries. It may be a long read, but it’s definitely a worthwhile one.

 

 

HOUSE PASSES BILL AIMED AT IMPROVING DEBT NOTICES TO VETERANS

  • The House of of Representatives has passed a bill that would require the Department of Veterans Affairs to provide better notification to individuals with unpaid debts. The bill, H.R. 3705, was sponsored by Rep. Chellie Pingree [D-Maine].

 

CAPITAL ONE TO CLOSE CALL CENTER IN TEXAS

  • Capital One announced yesterday that it will exit the mortgage and home equity lending business and close its call center in Plano, Texas. The move is expected to affect 950 employees of the company. The call center handled inquiries from retail bank customers, according to a published report.

 

CFPB NAMES NEW HEAD OF ENFORCEMENT

  • Kristen Donoghue is likely to be named the next head of enforcement at the Consumer Financial Protection Bureau, according to a published report. She would replace Anthony Alexis, whose last day will be Nov. 17. Donoghue has worked at the CFPB since 2011 and was Alexis’s top deputy in the enforcement division.

 

SCHOOL DISTRICT TO HIRE AGENCY TO GO AFTER UNPAID LUNCHES

  • A Maryland school district has approved the hiring of an outside collection agency to go after $45,000 in unpaid school lunches. The measure was controversial and received much opposition.

 

INDIANA CITY USING FIRM TO RECOVER UNPAID SEWER BILLS

  • An Indiana city will be using a collection law firm to go after unpaid sewer bills. The total amount of unpaid debt is more than $440,000. The law firm, Sacopulos, Johnson, Sacopulos, has been hired to collect the debts. The firm will be allowed to add its collection fees to the unpaid balances on the accounts.

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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. 

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