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CFPB ISSUES ANPR THAT SEEKS TO BAN MANY TYPES OF ARBITRATION CLAUSES
- Labeling mandatory arbitration clauses as “gotchas,” the Consumer Financial Protection Bureau has issued an advanced notice of proposed rulemaking that would do away with arbitration clauses and “give consumers their day in court.” Financial services organizations would be barred from using pre-dispute arbitration to block class-action lawsuits, and those that use pre-dispute arbitration would be required to submit records of arbitration proceedings to the CFPB. The proposed rule would include any debt collector as defined by the FDCPA. A copy of the ANPR is available here.
KANSAS COUNTY SEEKS SOLUTIONS TO HELP RECOVER $3 MILLION IN UNPAID FEES
- Wichita County, Kansas is owed nearly $3 million in unpaid court costs and fines and is examining if it is possible to implement more aggressive collection tactics. Currently, about one or two out of 100 people come in and make their payments, the county clerk said. The county clerk is prohibited from retaining the identifying information of a delinquent debtors after a citation is drawn up and served to the defendant.
BILLING TREE SURVEY YIELDS INSIGHTS INTO EXPLOSIVE GROWTH OF VIRTUAL DEBT NEGOTIATION
- BillingTree released the results of its annual collection industry survey yesterday, and agencies are very interested in virtual debt negotiation and interactive voice response. Virtual debt negotiation has grown sevenfold in the past two years and nearly half of the agencies that participated in the survey are planning on using IVR in their operations.
WORTH NOTING: How marketing and promotion can change the game for small businesses … The number of new jobs added last month was the least in three years … Inside Criss Angel’s $70 million a year magic machine … Walmart brings back the greeters … Tesla has a lot of customers, but is losing money … How to find out everything that Google knows about you … I’ll admit this has bugged me for years: Why iced coffee costs more than regular coffee … Five ways to start your morning strong … Why focus is critical when running your own business … Five things to know about Donald Trump and small business.
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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.
