Daily Digest – March 16. Analyzing Citi’s Debt-Buying Consent Order; Lawmakers Get Pass on Following TCPA

NEW WRINKLES IN CFPB’S CONSENT ORDER AGAINST CITI

• Debt buying industry experts pulled no punches in assessing the impact and ramifications of the Consumer Financial Protection Bureau’s consent order with Citigroup. One lawyer went as far as to say that the agency is developing yet another template to regulate an industry via enforcement, similar to templates that have been built against creditors and law firms.

HENSARLING VOWS DODD-FRANK OVERHAUL

• Rep. Jeb Hensarling [R-Texas], chairman of the House Financial Services Committee, vowed yesterday to introduce legislation that would end the “regulatory waterboarding” of the Dodd-Frank consumer protection law and throw the legislation on the “trash heap of history.”

FCC UNIT HIRES CHIEF OF STAFF; WILL OVERSEE TCPA ENFORCEMENT 

• The Federal Communications Commission’s Enforcement Division has hired Lisa Gelb as its new Chief of Staff. One of her primary roles will be enforcement of the Telephone Consumer Protection Act. She was formerly the deputy bureau chief of the FCC’s Wireline Competition Bureau.

LAWMAKERS IMMUNE FROM ANTI-AUTODIALER PROVISIONS OF TCPA 

• Legislators are largely immune from restrictions included in the Telephone Consumer Protection Act, including when it comes to using autodialers to make calls to constituents. The Federal Communications Commission yesterday clarified that the technology can be used to host tele-town halls.

RUSSIA PASSES COLLECTION LEGISLATION

• The Russian cabinet has reportedly approved  legislation that would affect the debt collections industry there. Psychological pressure from debt collectors on consumers would be prohibited under the proposed law, as would disclosing information about a debtor to a third party.

WORTH NOTING: One in three Americans has nothing saved for retirement … Experts try to warn lawmakers about the perils of self-driving cars …  First-time homebuyers are losing out this Spring … States with high unemployment rates are voting for Hillary Clinton … Consumers are reluctant to spend on anything other than their homes … Harrison Ford to come back as Indiana Jones … The likely candidates to be the nominee for the Supreme Court … Six tricks to make you more productive … Will the Federal Reserve do anything today? … How to network effectively at events … Moneyball for book publishers … The life-changing magic of sending shorter emails.

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