Daily Digest – April 4. Wisconsin Debt Buying Law Called Into Question; Sen. Warren Calls For Collection Reforms To Student Lending

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. 

WISCONSIN DEBT BUYING LAW CRITICIZED 

• A pair of articles from an investigative reporter take a deep dive into a new debt buying and collections law in Wisconsin, going as far as to say that the strips away and falls short of many of the federal protections provided to consumers. The law, said one consumer attorney, moves the state in “the wrong direction” away from consumer protection and favors debt buyers who sue consumers for defaulted payments.

SEN. WARREN CALLS FOR REFORMS TO STUDENT LOAN COLLECTIONS 

• Collecting on student loans should not be a profit opportunity for private companies, according to Sen. Elizabeth Warren [D-Mass.], who also called for collection and default rates of collection agencies working federal student loans to be made public. The Senator also calls for a “complaint resolution” process, failing to remember that she helped create the Consumer Financial Protection Bureau, which accepts complaints from consumers about student loans, among other financial products.

CORDRAY TO TESTIFY BEFORE SENATE COMMITTEE THIS WEEK

• Richard Cordray, Director of the Consumer Financial Protection Bureau, will testify before the Senate Banking Committee later this week. He will likely face the same type of partisan good-cop, bad-cop routine he encountered three weeks ago when he testified before the House Financial Services Committee. It will be interesting if any of the members of the Senate Banking Committee use last week’s CFPB complaint snapshot, which delved into the world of debt collections, as fodder for their questions.

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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.