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.
TAYLOR RULING IS GOOD FOR ARM INDUSTRY, BUT AGENCIES SHOULD STILL BE REVIEWING LETTER LANGUAGE, LEGAL EXPERTS WARN
- The ARM industry has spent a lot of money in the past couple of years defending and settling cases involving what they are and are not disclosing in their letters sent to individuals, especially with respect to any interest or fees that may or may not be accruing. A case that the Second Circuit Court of Appeals ruled on last week shows that the efforts of collection agencies that stand up and fight is not wasted and the ruling will go a long way toward stemming the tide of plaintiff’s attorneys filing these kinds of lawsuits, according to a panel of legal experts who spoke about the case during a webinar yesterday.
MULVANEY CALLS CFPB ‘TOO POWERFUL,’ CALLS ON CONGRESS TO LIMIT AGENCY’S REACH
- In advance of testifying before the House Financial Services Committee and the Senate Banking Committee next week, Mick Mulvaney, the acting director of the Consumer Financial Protection Bureau released his semiannual report to Congress yesterday, and he made some strong suggestions that would severely affect his own job security and responsibilities. Calling the CFPB “far too powerful, and with precious little oversight of its activities,” Mulvaney stopped short of calling on Congress to change the leadership structure of the CFPB from a single director to a must-person commission, but did make other suggestions that would rein in the CFPB.
CFPB PASSES 1 MILLION PUBLISHED COMPLAINT MILESTONE
- For those of you keeping score at home, the Consumer Financial Protection Bureau passed a milestone 10 days ago, surpassing the 1 millionth published complaint it has received since it started accepting them nearly seven years ago.
CFPB UNVEILS NEW SEAL, WHICH IS PANNED BY LAW PROFESSOR
- The Consumer Financial Protection Bureau may not have taken any enforcement or supervisory actions during the four months that acting director Mick Mulvaney has been at the helm of the agency, but the agency did make one announcement yesterday: it has its first-ever seal. At least one agency critic had some harsh words for the design and timing of the seal’s release.
WORTH NOTING: Not going to lie, I really thought Michigan was going to win … There are probably better ways to wake your kid up, especially if it’s for church … The Internet is going crazy for a 10-year old who yodeled at Walmart … Speaking of Walmart; the company unveiled a global money transfer business … GreenSky, an online lender that specializes in home renovation loans, has filed to go public … How ordinary people become extraordinary … Why you won’t ever make money flipping houses … Police opted not to chase a car going 140 mph on a highway in Colorado … Under $50 fixes for everyday household problems … How accurate are at-home DNA testing kits? … The colleges that give you the best value for your money (can I get a holler for St. Clair College in Windsor, Ontario where tuition was $540 a semester 20 years ago?) … Teachers are striking across the country because their salaries aren’t keeping up with rising healthcare costs.
The most successful pirate of all-time
Seven ways the world is getting better
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.