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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.
WORTH NOTING: The reasons why Americans don’t vote … Too many executives are willfully ignorant when it comes to cybersecurity problems … Americans are in worse shape financially because incomes are shrinking and spending is rising, according to a new study … Six things to quit now if you want to be more successful … You’ll be hearing a lot about the “Panama Papers” scandal. Here is what you need to know … With the baseball season starting – the best parks for catching home run balls … How to accomplish more on your most important goals … An NFL player who lost $2 million in 90 days … The worst 20 shows on TV this year … More states are being lobbied to increase the minimum wage to $15 per hour … Alaska Air is buying Virgin Airlines … The first three months of 2016 are over; how to achieve success in the last nine months of the year.
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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.
