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IRS MOVING FORWARD
- The Internal Revenue Service will have its collections outsourcing program designed within the next 90 days, but it will not be implemented until later this year, once training with the chosen agencies is completed, the agency’s commissioner said yesterday. The program is receiving the “highest priority” because it was mandated by Congress, commissioner John Koskinen said. Also, the IRS is planning on hiring 1,000 customer service representatives to help improve what was labeled as “dismal” performance last year, where taxpayers routinely waited more than 30 minutes to talk to a live person.
UDAAP WATCH
- Enforcement of Unfair, Deceptive and Abusive Acts or Practices by the Consumer Financial Protection Bureau is on the rise, according to ACA International. Of the 40 or so enforcement actions that the CFPB has made public, about half have alleged UDAAP violations.
WHAT’S IN YOUR FILING CABINET?
- An Arizona man might be forced to pay back student loans he says he already paid, because he has not kept his records since he repaid the loans. The problem? He says he repaid the loans 50 years ago. The man took out $1,400 in loans in the 1960s and he says he paid them off, but he recently received a collection letter in the mail demanding repayment.
STUDENT LOAN CRITIC JOINS DOE
- Rohit Chopra, the former student loan ombudsman for the Consumer Financial Protection Bureau has joined the Department of Education. Chopra was a vocal critic of the department while at the CFPB and his hiring may signal that changes are coming to the student loan industry.
WORTH NOTING: Goldman Sachs to pay $5 billion for its handling of securities that lead to the financial crisis eight years ago … GOP candidates focus their attention on President, Hilary Clinton during debate … Technology is bringing 25 million jobs to the U.S. … Rules for robo-cars are coming … What Wall Street Journal readers chose as their “House of the Year” … How you can profit like the Kardashians … Why humans are the weak link when it comes to cyber-security … Meanwhile, Americans are willing to trade some of their privacy for utility … The best laptops to buy … Bitcoin has “failed,” according to one of its founders … Why bosses should spend less time snooping on their employees … Catchy words to make your emails pop.
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