Daily Digest – October 16. Six Ways To Reform Collections Industry; CFPB Needs More Leadership

Some quick links to start your Friday. Bank of America is pushing auto loans to borrowers with higher credit scores … The Dodge Viper is being phased out … Banks are having a hard time finding experts in cyber security … Daily fantasy sports may be in trouble … Things that separate good bosses from great bosses … How to protect yourself from identity theft … The best thing to eat in every state … Binge drinking costs the U.S. $250 billion every year … How to master the art of listening … Is “The Customer Is Always Right” the wrong strategy?

NEWS 

• As a follow up to an article that was published last week that said black families are being unfairly targeted in collections lawsuits, there is a companion article that lists six ways the debt collection industry should be reformed so that it is more fair. Among those suggestions: reduce the amount that can be taken from paychecks and bank accounts, do a better job of informing consumers of their rights, limit attorneys fees, and cut the interest rate on judgments. It should be noted that all of those are weighted heavily in the direction of consumers.

• Are robocalls the answer to the student loan industry’s problems? This article makes it seem like they are. One servicer said that borrowers who are auto-dialed are less likely to fall behind on their payments.

• The Consumer Financial Protection Bureau needs bipartisan leadership in the form of a multi-person commission instead of a single executive director, wrote one Democrat and one Republican in an op-ed in the Wall Street Journal earlier this week.

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