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.
APPEALS COURT UPHOLDS LOWER COURT DISCLOSURE RULING IN TAYLOR v. FINANCIAL RECOVERY SERVICES
- Everyone in the industry is toasting a decision from the Second Circuit Court of Appeals, which ruled yesterday in Taylor v. Financial Recovery Services. The Appeals Court upheld a lower court ruling which said that if interest and fees are not accruing on an unpaid debt, then there does not need to be an interest fee disclosure in a collection letter and is not a violation of the Fair Debt Collection Practices Act.
- AccountsRecovery.net will be hosting a webinar, sponsored by Maurice Wutscher, on Monday about the ruling and its impact on the ARM industry. There are a lot of lawsuits out there that will be affected by this ruling. Register for the free webinar here.
NEW JERSEY NAMES HEAD OF STATE-LEVEL CFPB
- New Jersey has become the latest state to bolster its consumer protection efforts in the wake of what is perceived to be a less-active Consumer Financial Protection Bureau. The state has announced that it will nominate Paul Rodriguez to run the state’s Division of Consumer Affairs. Rodriguez is currently serving as acting counsel to Bill de Blasio, the mayor of New York City.
FEDERAL RESERVE COMMISSIONS STUDY TO ANALYZE PAYMENT FRAUD
- The Federal Reserve Board has announced it will conduct a study that seeks to quantify the amount of payment fraud in the United States and what that fraud costs companies and consumers, the agency announced yesterday. Boston Consulting Group has been hired to conduct the study, which should take up to six months before results are released.
RACIAL WEALTH GAP ‘EXPLAINS’ DIFFERENCES IN STUDENT LOAN DEBT: RESEARCHER
- A visiting scholar at the Federal Reserve Bank of St. Louis has posited an interesting hypothesis: that student loans are helping contribute to the racial wealth gap that exists in the United States. Since student loans are largely based on income, the income disparities that already exist between African-American and Caucasian families will only widen because African-American families need to borrow more money to send their kids to college or university, according to the report.
WORTH NOTING: Voting in the 2016 election got this woman five years in prison … Coffee companies selling in California now need to include a cancer warning on their labels … The hottest real estate listing in every state … More retirees are coming back to work … How Google improved new worker productivity by 25% with one email … Under Armour has announced a data breach affecting 150 million MyFitnessPal users … The mistakes people make when buying, ordering, and drinking coffee … What’s open and what’s closed today … How to fold a record-setting paper airplane … Taco Bell is doing something cool for employees who want to go to college.
A day in the life of a Roman soldier
Inside the most expensive room in America
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.