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DISBARRED COLLECTION ATTORNEY PLEADS GUILTY TO STEALING $1.2 MILLION FROM CLIENT
- A Kansas City attorney who stole $1.2 million in collection payments that were meant to go to his client, a local hospital, has been disbarred and has pleaded guilty to mail fraud. Rather than placing the payments in a trust account for the hospital, the lawyer, Alan Gallas, told employees to place the funds in a “hold” account, and then transferred the money to the law firm’s trust account. The $1.2 million was stolen over a period of six years, dating back to 2009.
HOUSE COMMITTEE PASSES BILL DIRECTLY AIMED AT CONTROLLING CFPB’S BUDGET
- The House Financial Services Committee yesterday passed a bill that would subject the Consumer Financial Protection Bureau to Congressional approval of the agency’s budget, and move the CFPB from out under the Federal Reserve. Congress currently has no say or control over the CFPB’s budget, a sticking point for Republicans who would like to exercise more control over the agency. By not requiring the agency’s budget to be approved by Congress, a lack of transparency is created, according to advocates of the bill. This is not the first time Congress has attempted this type of legislation. The current bill, HR 1486, now goes to the full House of Representatives for consideration.
MARYLAND PASSES BILL THAT RE-DEFINES STATUTE OF LIMITATIONS
- The Maryland legislature has passed a bill that will codify the statute of limitations on unpaid debts in the state and further impress the importance of debt buyers maintaining proper documentation when collecting or litigating. ACA International and the Mid-Atlantic Collectors Association supported the legislation with the aim of defining what constitutes a debt buyer and how to properly document a consumer’s debt.
WORTH NOTING: Car leasing has increased 78% in the past eight years … Companies are going wild adding benefits and perks to employee reward packages … Kobe Bryant scored 60 points in his last game … Taco Bell’s two-year quest to perfect ‘The Cheese Pull’ … Banks are not prepared for another financial crisis … The Golden State Warriors set a record for wins in a season with their 73rd last night … The cities that college graduates are flocking to … The most generous tipper in America … This is incredibly troubling … How to master the art of the first impression … 11 words never to use in an email …
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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.
