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CAVALRY PAYS $20M FINE TO COVER LACK OF LICENSE IN WEST VIRGINIA
- Debt collector Cavalry Investments and Cavalry Portfolio will stop collecting nearly $20 million of debt from 2,800 West Virginia consumers as part of a settlement with that state’s attorney general. Cavalry agreed to the settlement after it was accused of collecting in the state despite not having a license or a surety bond.
STUDENT LOAN COLLECTORS GARNISHED $176M IN WAGES
- Private debt collectors garnished $176 million in wages from American individuals during the fourth quarter of 2015, to recoup defaulted student loan balances, according to new data. The amount garnished was described as “horrifying” by one consumer advocate. Making matters potentially worse is that the number of consumers who are defaulting on their student loan payments is at its highest level in three years.
SANTA FE, N.M., LOOKS TO DEBT COLLECTION TO COVER REVENUE SHORTFALL
- The city of Santa Fe, New Mexico is looking to increase its debt collection efforts to help cover a $4 million revenue shortfall for the new fiscal year, which starts July 1. If the city is not successful at finding additional revenue sources, it is also considering cutting a number of services, including closing the public library on Sunday, and reducing hours at public pools and community centers.
PUSH TO CHANGE CFPB LEADERSHIP TO COMMISSION STRUCTURE INTENSIFIES
- The drumbeat advocating a change in the leadership structure of the Consumer Financial Protection Bureau to a multi-person commission from a single director leadership is increasing. Legislation from a Republican member of the House Financial Services Committee has been introduced to change the structure to a five-person commission, and now that the agency has been up and running for several years, it has less of a need for a singular person to be in charge.
OSHA ISSUES FINAL RULES PROTECTING FINANCIAL WHISTLEBLOWERS
- The Occupational Safety and Healthy Administration has issued final rules protecting whistleblowers who disclose fraud related to consumer financial protection services. Debt collection is part of the definition for a consumer financial protection service and whistleblowers are covered if they report on any regulation or law covered by the Consumer Financial Protection Bureau.
WORTH NOTING: Why NFL stars are using LinkedIn to find work … The judge in charge of the case between Apple and the FBI once had a plane crash into her house … Amazon has spent nearly $10 million lobbying for approval to deliver packages via drones … DraftKings and FanDuel are going to stop taking bets in New York … One in four people have almost nothing saved for retirement … The government of Atlantic City will shut down next month unless it is bailed out by the state government … Terrorist attacks in Brussels killed nearly two dozen people this morning … How to sharpen your leadership skills … The five cars to see at the New York Auto Show … You can buy the house from TV’s “Webster” for $10 million … The dark side to workplace happiness.
The feasibility of building a wall on the U.S.-Mexico border
Why Marines are being encouraged to disobey the rules
The Daily Digest is sponsored by TCN, a leading provider of cloud-based call center technology for enterprises, contact centers, BPOs, and collection agencies worldwide.